Independent Bank (NASDAQ:IBCP) Sees Unusually-High Trading Volume

Shares of Independent Bank Co. (NASDAQ:IBCP) saw unusually-high trading volume on Wednesday . Approximately 54,003 shares traded hands during trading, a decline of 42% from the previous session’s volume of 93,267 shares.The stock last traded at $32.83 and had previously closed at $33.68.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on IBCP shares. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $31.00 price target (up from $26.00) on shares of Independent Bank in a research report on Monday, July 29th. Piper Sandler boosted their target price on shares of Independent Bank from $27.00 to $37.50 and gave the stock a “neutral” rating in a report on Monday, July 29th. Five investment analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Independent Bank has an average rating of “Hold” and an average price target of $32.17.

Independent Bank Stock Up 0.9 %

The company has a market capitalization of $688.86 million, a price-to-earnings ratio of 11.21 and a beta of 0.99. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.30. The business has a 50-day moving average price of $32.06 and a 200-day moving average price of $27.27.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.17. The firm had revenue of $81.51 million for the quarter, compared to the consensus estimate of $53.50 million. Independent Bank had a return on equity of 16.90% and a net margin of 21.11%. During the same quarter in the previous year, the company earned $0.70 EPS. As a group, equities analysts anticipate that Independent Bank Co. will post 3.13 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.91%. The ex-dividend date of this dividend was Monday, August 5th. Independent Bank’s payout ratio is 32.65%.

Insider Buying and Selling at Independent Bank

In other news, Director Christina Keller sold 1,000 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $32.76, for a total value of $32,760.00. Following the completion of the sale, the director now owns 5,563 shares of the company’s stock, valued at $182,243.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 5.45% of the company’s stock.

Hedge Funds Weigh In On Independent Bank

Several institutional investors and hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. grew its stake in shares of Independent Bank by 12.5% in the 1st quarter. Principal Financial Group Inc. now owns 270,146 shares of the financial services provider’s stock valued at $6,848,000 after buying an additional 29,977 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Independent Bank by 86.6% in the first quarter. Russell Investments Group Ltd. now owns 109,203 shares of the financial services provider’s stock valued at $2,768,000 after acquiring an additional 50,681 shares during the last quarter. Boston Partners bought a new stake in Independent Bank in the first quarter worth approximately $1,168,000. Acadian Asset Management LLC increased its stake in shares of Independent Bank by 27.8% during the 2nd quarter. Acadian Asset Management LLC now owns 423,631 shares of the financial services provider’s stock worth $11,432,000 after purchasing an additional 92,148 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in shares of Independent Bank during the 2nd quarter valued at $3,147,000. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

About Independent Bank

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides commercial banking services to individuals and businesses in rural and suburban communities in Michigan. It offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services.