Independent Bank (NASDAQ:IBCP) Sets New 1-Year High – Still a Buy?

Independent Bank Co. (NASDAQ:IBCP) shares reached a new 52-week high on Monday . The company traded as high as $39.70 and last traded at $39.70, with a volume of 3891 shares traded. The stock had previously closed at $38.50.

Independent Bank Stock Performance

The company’s 50-day simple moving average is $34.44 and its 200-day simple moving average is $30.96. The stock has a market capitalization of $799.67 million, a price-to-earnings ratio of 13.02 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 0.18.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11). The company had revenue of $77.84 million during the quarter, compared to analyst estimates of $55.05 million. Independent Bank had a net margin of 19.93% and a return on equity of 15.26%. During the same quarter in the previous year, the company earned $0.83 earnings per share. On average, analysts expect that Independent Bank Co. will post 3.02 EPS for the current year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.51%. Independent Bank’s dividend payout ratio (DPR) is 32.65%.

Insider Activity at Independent Bank

In related news, Director Christina Keller sold 1,400 shares of Independent Bank stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $32.85, for a total transaction of $45,990.00. Following the completion of the transaction, the director now owns 4,163 shares of the company’s stock, valued at $136,754.55. This trade represents a 25.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Gavin A. Mohr purchased 800 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were purchased at an average cost of $36.71 per share, for a total transaction of $29,368.00. Following the transaction, the executive vice president now directly owns 18,662 shares of the company’s stock, valued at approximately $685,082.02. The trade was a 4.48 % increase in their position. The disclosure for this purchase can be found here. 5.48% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Independent Bank

Several large investors have recently added to or reduced their stakes in IBCP. National Bank of Canada FI bought a new position in shares of Independent Bank during the 3rd quarter worth approximately $26,000. nVerses Capital LLC bought a new position in Independent Bank during the third quarter worth $27,000. CWM LLC boosted its stake in Independent Bank by 1,729.2% during the second quarter. CWM LLC now owns 4,262 shares of the financial services provider’s stock worth $115,000 after acquiring an additional 4,029 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Independent Bank by 36.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider’s stock worth $125,000 after purchasing an additional 1,225 shares during the period. Finally, Comerica Bank bought a new stake in Independent Bank in the first quarter valued at $173,000. Institutional investors and hedge funds own 79.43% of the company’s stock.

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.