Independent Bank Co.(MI) Sees Unusually High Options Volume (NASDAQ:IBCP)

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Independent Bank Co.(MI) (NASDAQ:IBCP) was the recipient of unusually large options trading activity on Thursday. Traders acquired 1,881 call options on the stock. This represents an increase of 3,449% compared to the typical daily volume of 53 call options.

NASDAQ IBCP traded down $0.09 on Friday, hitting $22.37. 844 shares of the stock were exchanged, compared to its average volume of 70,704. Independent Bank Co has a 52-week low of $18.94 and a 52-week high of $23.93. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.95 and a quick ratio of 0.91. The company has a market capitalization of $497.74 million, a price-to-earnings ratio of 13.30 and a beta of 0.50. The company’s 50-day moving average price is $22.48 and its two-hundred day moving average price is $21.40.

Independent Bank Co.(MI) (NASDAQ:IBCP) last posted its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.04. Independent Bank Co.(MI) had a net margin of 22.42% and a return on equity of 12.55%. The firm had revenue of $43.15 million for the quarter, compared to analysts’ expectations of $42.73 million. Equities analysts predict that Independent Bank Co will post 1.95 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Wednesday, November 6th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.22%. The ex-dividend date of this dividend was Tuesday, November 5th. Independent Bank Co.(MI)’s dividend payout ratio is currently 42.86%.

Several equities analysts have weighed in on IBCP shares. ValuEngine cut shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research report on Wednesday, December 4th. Zacks Investment Research cut shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research report on Thursday, October 10th. DA Davidson reiterated a “buy” rating on shares of Independent Bank Co.(MI) in a research report on Monday, November 18th. Finally, BidaskClub cut shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research report on Friday, December 6th. Three analysts have rated the stock with a sell rating, one has given a hold rating and one has given a buy rating to the company’s stock. The stock presently has an average rating of “Hold”.

In other Independent Bank Co.(MI) news, EVP Robert N. Shuster sold 8,264 shares of Independent Bank Co.(MI) stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $22.39, for a total transaction of $185,030.96. Following the transaction, the executive vice president now directly owns 58,088 shares in the company, valued at approximately $1,300,590.32. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 2.22% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. Quantamental Technologies LLC grew its holdings in shares of Independent Bank Co.(MI) by 136.7% during the 2nd quarter. Quantamental Technologies LLC now owns 1,851 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 1,069 shares in the last quarter. Aperio Group LLC purchased a new position in shares of Independent Bank Co.(MI) during the 2nd quarter valued at $135,000. Meeder Asset Management Inc. grew its holdings in shares of Independent Bank Co.(MI) by 55.8% during the 2nd quarter. Meeder Asset Management Inc. now owns 7,099 shares of the financial services provider’s stock valued at $155,000 after acquiring an additional 2,542 shares in the last quarter. Gyroscope Capital Management Group LLC purchased a new position in shares of Independent Bank Co.(MI) during the 3rd quarter valued at $169,000. Finally, Algert Global LLC purchased a new position in shares of Independent Bank Co.(MI) during the 2nd quarter valued at $242,000. Institutional investors and hedge funds own 80.84% of the company’s stock.

Independent Bank Co.(MI) Company Profile

Independent Bank Corporation operates as the holding company for Independent Bank that provides various banking services to individuals and businesses in Michigan. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machines, and Internet and mobile banking services.

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