Stefanie Kimball Sells 1,400 Shares of Independent Bank (NASDAQ:IBCP) Stock

Independent Bank Corporation (NASDAQ:IBCP) EVP Stefanie Kimball sold 1,400 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $34.41, for a total value of $48,174.00. Following the completion of the sale, the executive vice president directly owned 64,327 shares of the company’s stock, valued at approximately $2,213,492.07. This represents a 2.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.

Independent Bank Price Performance

Shares of NASDAQ IBCP opened at $34.32 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.92 and a current ratio of 0.92. The company has a market cap of $707.34 million, a PE ratio of 10.24 and a beta of 0.71. The business has a 50-day simple moving average of $33.67 and a two-hundred day simple moving average of $33.86. Independent Bank Corporation has a fifty-two week low of $29.63 and a fifty-two week high of $39.17.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.02. The business had revenue of $58.90 million during the quarter, compared to the consensus estimate of $60.36 million. Independent Bank had a return on equity of 14.15% and a net margin of 22.02%. As a group, equities analysts expect that Independent Bank Corporation will post 3.54 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Monday, May 4th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.3%. Independent Bank’s payout ratio is 33.43%.

Analysts Set New Price Targets

IBCP has been the subject of a number of research reports. DA Davidson lifted their target price on Independent Bank from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Piper Sandler decreased their target price on Independent Bank from $39.00 to $37.00 and set a “neutral” rating for the company in a report on Monday, April 27th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Independent Bank currently has a consensus rating of “Hold” and an average target price of $37.00.

Institutional Investors Weigh In On Independent Bank

A number of institutional investors and hedge funds have recently modified their holdings of IBCP. State Street Corp raised its position in Independent Bank by 4.5% during the fourth quarter. State Street Corp now owns 657,276 shares of the financial services provider’s stock valued at $21,381,000 after acquiring an additional 28,516 shares in the last quarter. American Century Companies Inc. raised its position in Independent Bank by 8.1% during the third quarter. American Century Companies Inc. now owns 643,540 shares of the financial services provider’s stock valued at $19,934,000 after acquiring an additional 48,301 shares in the last quarter. JPMorgan Chase & Co. raised its position in Independent Bank by 5.9% during the third quarter. JPMorgan Chase & Co. now owns 445,911 shares of the financial services provider’s stock valued at $13,812,000 after acquiring an additional 24,772 shares in the last quarter. Millennium Management LLC raised its position in Independent Bank by 60.5% during the third quarter. Millennium Management LLC now owns 389,220 shares of the financial services provider’s stock valued at $12,056,000 after acquiring an additional 146,646 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Independent Bank by 25.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 377,891 shares of the financial services provider’s stock valued at $12,293,000 after acquiring an additional 76,811 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Independent Bank Company Profile

Independent Bank Corporation (NASDAQ: IBCP) is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company’s offerings span traditional branch-based banking as well as digital and mobile platforms.

Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.