Independent Bank Co. (NASDAQ:IBCP) EVP Gavin A. Mohr Purchases 800 Shares

Independent Bank Co. (NASDAQ:IBCP) EVP Gavin A. Mohr purchased 800 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were acquired at an average cost of $36.71 per share, with a total value of $29,368.00. Following the completion of the transaction, the executive vice president now owns 18,662 shares in the company, valued at $685,082.02. This trade represents a 4.48 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Independent Bank Stock Up 1.8 %

Independent Bank stock traded up $0.65 during trading hours on Thursday, hitting $37.72. The stock had a trading volume of 59,494 shares, compared to its average volume of 95,738. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $787.97 million, a P/E ratio of 12.61 and a beta of 0.99. Independent Bank Co. has a 12-month low of $20.50 and a 12-month high of $39.52. The stock’s 50-day moving average price is $34.15 and its 200-day moving average price is $30.65.

Independent Bank (NASDAQ:IBCP) last issued its earnings results on Thursday, October 24th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.11). Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. The firm had revenue of $77.84 million during the quarter, compared to analysts’ expectations of $55.05 million. During the same period last year, the firm posted $0.83 earnings per share. Equities research analysts anticipate that Independent Bank Co. will post 3.02 EPS for the current fiscal year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th were paid a $0.24 dividend. 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 2.55%. Independent Bank’s dividend payout ratio is presently 32.65%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Piper Sandler lifted their price target on shares of Independent Bank from $27.00 to $37.50 and gave the company a “neutral” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $31.00 target price (up from $26.00) on shares of Independent Bank in a report on Monday, July 29th.

Institutional Trading of Independent Bank

A number of large investors have recently made changes to their positions in the stock. HighTower Advisors LLC grew its stake in shares of Independent Bank by 1.5% in the third quarter. HighTower Advisors LLC now owns 26,672 shares of the financial services provider’s stock worth $889,000 after acquiring an additional 384 shares during the period. National Bank of Canada FI bought a new stake in shares of Independent Bank in the third quarter worth approximately $26,000. nVerses Capital LLC bought a new stake in shares of Independent Bank in the third quarter worth approximately $27,000. Truist Financial Corp grew its stake in shares of Independent Bank by 8.4% in the second quarter. Truist Financial Corp now owns 14,181 shares of the financial services provider’s stock worth $383,000 after acquiring an additional 1,100 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Independent Bank by 36.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider’s stock valued at $125,000 after buying an additional 1,225 shares during the period. 79.43% of the stock is currently owned by 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.