Christina Keller Sells 1,400 Shares of Independent Bank Co. (NASDAQ:IBCP) Stock

Independent Bank Co. (NASDAQ:IBCP) Director Christina Keller sold 1,400 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $32.85, for a total value of $45,990.00. Following the sale, the director now directly owns 4,163 shares of the company’s stock, valued at $136,754.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Christina Keller also recently made the following trade(s):

• On Friday, August 2nd, Christina Keller sold 1,000 shares of Independent Bank stock. The stock was sold at an average price of $32.76, for a total transaction of $32,760.00.

Independent Bank Trading Up 2.0 %

Shares of Independent Bank stock opened at $33.62 on Friday. The company has a 50-day moving average of $32.23 and a two-hundred day moving average of $27.33. The stock has a market cap of $702.66 million, a PE ratio of 11.44 and a beta of 0.99. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.30. Independent Bank Co. has a 12-month low of $16.90 and a 12-month high of $35.97.

Independent Bank (NASDAQ:IBCP) last issued 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 during the quarter, compared to analysts’ expectations of $53.50 million. Independent Bank had a return on equity of 16.90% and a net margin of 21.11%. During the same period in the previous year, the firm posted $0.70 earnings per share. On average, research analysts anticipate that Independent Bank Co. will post 3.13 EPS for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were paid a $0.24 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $0.96 dividend on an annualized basis and a yield of 2.86%. Independent Bank’s payout ratio is 32.65%.

Hedge Funds Weigh In On Independent Bank

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. lifted its holdings in 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 purchasing an additional 29,977 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of 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 purchasing an additional 50,681 shares during the period. Boston Partners purchased a new position in Independent Bank during the first quarter worth about $1,168,000. Bank of New York Mellon Corp boosted its stake in Independent Bank by 14.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 206,619 shares of the financial services provider’s stock worth $5,579,000 after buying an additional 26,674 shares during the last quarter. Finally, Acadian Asset Management LLC grew its holdings in Independent Bank by 27.8% in the 2nd quarter. Acadian Asset Management LLC now owns 423,631 shares of the financial services provider’s stock valued at $11,432,000 after buying an additional 92,148 shares during the period. Institutional investors and hedge funds own 79.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on IBCP. Piper Sandler increased their price target 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. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $31.00 price target (up from $26.00) on shares of Independent Bank in a research note on Monday, July 29th. Five analysts have rated the stock with a hold rating, According to MarketBeat, Independent Bank has an average rating of “Hold” and an average price target of $32.17.

Independent Bank Company Profile

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.