Insider Selling: Independent Bank (NASDAQ:IBCP) Insider Sells $11,133.00 in Stock

Independent Bank Corporation (NASDAQ:IBCP) insider Kristopher Kreter sold 300 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $37.11, for a total transaction of $11,133.00. Following the completion of the sale, the insider directly owned 2,207 shares of the company’s stock, valued at approximately $81,901.77. The trade was a 11.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Independent Bank Trading Down 0.3%

IBCP opened at $37.13 on Friday. The stock has a market cap of $824.25 million, a price-to-earnings ratio of 10.79 and a beta of 0.71. The stock’s 50 day moving average price is $36.72 and its 200-day moving average price is $35.18. Independent Bank Corporation has a one year low of $29.83 and a one year high of $39.24. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.94 and a current ratio of 0.95.

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

Independent Bank Announces Dividend

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

Institutional Investors Weigh In On Independent Bank

A number of institutional investors and hedge funds have recently bought and sold shares of IBCP. Algebris UK Ltd. bought a new position in shares of Independent Bank during the 4th quarter worth $6,943,000. Millennium Management LLC raised its holdings in shares of Independent Bank by 60.5% in 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. Goldman Sachs Group Inc. raised its holdings in shares of Independent Bank by 25.5% in 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. Jefferies Financial Group Inc. bought a new stake in shares of Independent Bank in the fourth quarter valued at about $1,809,000. Finally, Qube Research & Technologies Ltd lifted its stake in Independent Bank by 37.0% in the third quarter. Qube Research & Technologies Ltd now owns 176,353 shares of the financial services provider’s stock worth $5,463,000 after acquiring an additional 47,652 shares during the period. 79.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on IBCP. Weiss Ratings reissued a “buy (b)” rating on shares of Independent Bank in a research note on Tuesday, June 9th. DA Davidson raised their price target on shares of Independent Bank from $36.00 to $37.00 and gave the stock a “neutral” rating in a research note on Monday, April 27th. Keefe, Bruyette & Woods lifted their price objective on shares of Independent Bank from $37.00 to $38.00 and gave the company a “market perform” rating in a report on Friday, July 24th. Piper Sandler boosted their price objective on shares of Independent Bank from $37.00 to $42.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Finally, Hovde Group upgraded shares of Independent Bank from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $36.00 to $41.00 in a research note on Friday, July 10th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Independent Bank has an average rating of “Hold” and a consensus target price of $39.50.

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.