Insider Selling: Independent Bank (NASDAQ:IBCP) CEO Sells $74,560.00 in Stock

Independent Bank Corporation (NASDAQ:IBCP) CEO William Kessel sold 2,000 shares of Independent Bank stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $37.28, for a total value of $74,560.00. Following the completion of the sale, the chief executive officer owned 157,836 shares of the company’s stock, valued at $5,884,126.08. The trade was a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Independent Bank Stock Performance

IBCP traded down $0.37 during midday trading on Wednesday, hitting $36.98. 22,948 shares of the company traded hands, compared to its average volume of 173,840. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $820.92 million, a PE ratio of 10.75 and a beta of 0.70. The company’s 50-day moving average is $37.24 and its 200 day moving average is $35.25. Independent Bank Corporation has a 52 week low of $29.83 and a 52 week high of $39.24.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.06. The firm had revenue of $61.64 million during the quarter, compared to analyst estimates of $60.08 million. Independent Bank had a net margin of 22.32% and a return on equity of 14.12%. During the same period in the previous year, the business posted $0.81 earnings per share. On average, research analysts expect that Independent Bank Corporation will post 3.59 EPS for the current year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Tuesday, August 4th. Independent Bank’s dividend payout ratio (DPR) is 32.56%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Algebris UK Ltd. bought a new stake in Independent Bank during the fourth quarter valued at about $6,943,000. Jefferies Financial Group Inc. bought a new position in shares of Independent Bank during the 4th quarter worth approximately $1,809,000. Y Intercept Hong Kong Ltd increased its stake in Independent Bank by 204.6% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 64,512 shares of the financial services provider’s stock valued at $2,148,000 after purchasing an additional 43,332 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Independent Bank by 50.6% during the first quarter. Bank of America Corp DE now owns 91,106 shares of the financial services provider’s stock valued at $3,034,000 after buying an additional 30,622 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Independent Bank by 20.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 181,515 shares of the financial services provider’s stock worth $6,044,000 after acquiring an additional 30,582 shares during the period. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Analyst Upgrades and Downgrades

IBCP has been the topic of several research analyst reports. Keefe, Bruyette & Woods boosted their target price on shares of Independent Bank from $37.00 to $38.00 and gave the stock a “market perform” rating in a report on Friday, July 24th. Hovde Group raised Independent Bank from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $36.00 to $41.00 in a report on Friday, July 10th. Weiss Ratings restated a “buy (b)” rating on shares of Independent Bank in a research report on Friday, September 4th. Finally, Piper Sandler lifted their price objective on shares of Independent Bank from $37.00 to $42.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $39.50.

Independent Bank Company Profile

Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company whose principal subsidiary, Independent Bank, provides banking and financial services to individuals, families, businesses and institutions. The company operates as a community bank, emphasizing local decision-making and relationship-based service.

Independent Bank’s offerings include checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, home equity financing, commercial real estate loans and business lending.