Independent Bank Co. (NASDAQ:IBCP – Get Rating) crossed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $20.58 and traded as low as $19.64. Independent Bank shares last traded at $19.99, with a volume of 101,987 shares changing hands.
Analysts Set New Price Targets
A number of equities analysts have recently commented on the company. StockNews.com raised Independent Bank from a "hold" rating to a "buy" rating in a report on Friday, September 9th. DA Davidson reiterated a "neutral" rating on shares of Independent Bank in a research report on Wednesday, July 27th.
Get Independent Bank alerts:Independent Bank Stock Down 0.5 %
The stock has a 50-day moving average of $20.45 and a 200-day moving average of $20.58. The company has a quick ratio of 0.77, a current ratio of 0.78 and a debt-to-equity ratio of 0.32. The company has a market cap of $420.91 million, a PE ratio of 7.24 and a beta of 0.96.
Independent Bank (NASDAQ:IBCP – Get Rating) last released its quarterly earnings results on Tuesday, July 26th. The financial services provider reported $0.61 earnings per share for the quarter, beating analysts' consensus estimates of $0.56 by $0.05. Independent Bank had a return on equity of 16.01% and a net margin of 27.75%. The business had revenue of $50.69 million for the quarter, compared to the consensus estimate of $47.75 million. During the same quarter last year, the business posted $0.56 earnings per share. Sell-side analysts predict that Independent Bank Co. will post 2.67 earnings per share for the current fiscal year.Independent Bank Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 16th. Stockholders of record on Friday, August 5th were issued a $0.22 dividend. The ex-dividend date of this dividend was Thursday, August 4th. This represents a $0.88 annualized dividend and a dividend yield of 4.40%. Independent Bank's dividend payout ratio is currently 31.88%.
Insider Transactions at Independent Bank
In other news, SVP James J. Twarozynski sold 2,500 shares of Independent Bank stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $20.47, for a total value of $51,175.00. Following the transaction, the senior vice president now owns 8,409 shares in the company, valued at $172,132.23. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Independent Bank news, EVP Gavin A. Mohr bought 2,000 shares of the business's stock in a transaction that occurred on Monday, August 22nd. The shares were bought at an average cost of $21.30 per share, with a total value of $42,600.00. Following the completion of the purchase, the executive vice president now directly owns 10,055 shares of the company's stock, valued at $214,171.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP James J. Twarozynski sold 2,500 shares of the firm's stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $20.47, for a total value of $51,175.00. Following the completion of the sale, the senior vice president now directly owns 8,409 shares in the company, valued at $172,132.23. The disclosure for this sale can be found here. Company insiders own 5.20% of the company's stock.
Institutional Trading of Independent Bank
Several large investors have recently bought and sold shares of IBCP. BlackRock Inc. boosted its position in Independent Bank by 6.1% during the 1st quarter. BlackRock Inc. now owns 2,731,307 shares of the financial services provider's stock valued at $60,089,000 after acquiring an additional 156,812 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Independent Bank by 44.1% during the 2nd quarter. Goldman Sachs Group Inc. now owns 302,224 shares of the financial services provider's stock valued at $5,827,000 after acquiring an additional 92,446 shares in the last quarter. Millennium Management LLC boosted its position in Independent Bank by 123.5% during the 2nd quarter. Millennium Management LLC now owns 123,120 shares of the financial services provider's stock valued at $2,374,000 after acquiring an additional 68,045 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Independent Bank by 9.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 705,310 shares of the financial services provider's stock valued at $15,518,000 after acquiring an additional 59,782 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in Independent Bank by 38.6% during the 2nd quarter. AQR Capital Management LLC now owns 172,223 shares of the financial services provider's stock valued at $3,320,000 after acquiring an additional 47,936 shares in the last quarter. 80.25% of the stock is owned by institutional investors.
Independent Bank Company Profile
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Independent Bank Corporation operates as the bank holding company for Independent Bank that provides various banking services to individuals and businesses. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machine, and Internet and mobile banking services.
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