Independent Bank Co.(MI) (NASDAQ:IBCP) EVP Robert N. Shuster sold 8,264 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $22.39, for a total value of $185,030.96. Following the transaction, the executive vice president now owns 58,088 shares of the company’s stock, valued at $1,300,590.32. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.
IBCP stock opened at $22.51 on Friday. The firm has a market cap of $504.71 million, a price-to-earnings ratio of 13.40 and a beta of 0.51. The company has a quick ratio of 0.91, a current ratio of 0.95 and a debt-to-equity ratio of 0.30. Independent Bank Co has a twelve month low of $18.94 and a twelve month high of $23.93. The business’s fifty day simple moving average is $22.17 and its two-hundred day simple moving average is $21.36.
Independent Bank Co.(MI) (NASDAQ:IBCP) last posted its earnings results on Thursday, October 24th. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.04. The company had revenue of $43.15 million for the quarter, compared to analyst estimates of $42.73 million. Independent Bank Co.(MI) had a return on equity of 12.55% and a net margin of 22.42%. Research analysts expect that Independent Bank Co will post 1.95 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Wednesday, November 6th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date of this dividend was Tuesday, November 5th. Independent Bank Co.(MI)’s dividend payout ratio (DPR) is 42.86%.
A number of research analysts have recently commented on IBCP shares. BidaskClub downgraded Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a research report on Saturday, November 9th. ValuEngine upgraded Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. DA Davidson restated a “buy” rating on shares of Independent Bank Co.(MI) in a research report on Monday, November 18th. Finally, Zacks Investment Research downgraded Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold”.
Several institutional investors have recently added to or reduced their stakes in IBCP. WINTON GROUP Ltd lifted its holdings in shares of Independent Bank Co.(MI) by 16.7% during the second quarter. WINTON GROUP Ltd now owns 26,686 shares of the financial services provider’s stock worth $581,000 after purchasing an additional 3,818 shares during the period. Campbell & CO Investment Adviser LLC purchased a new stake in shares of Independent Bank Co.(MI) in the second quarter valued at approximately $369,000. Ackerman Capital Advisors LLC purchased a new stake in shares of Independent Bank Co.(MI) in the second quarter valued at approximately $190,096,000. Regal Investment Advisors LLC increased its position in shares of Independent Bank Co.(MI) by 31.9% in the second quarter. Regal Investment Advisors LLC now owns 18,961 shares of the financial services provider’s stock valued at $413,000 after buying an additional 4,584 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. increased its position in shares of Independent Bank Co.(MI) by 35.8% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 19,297 shares of the financial services provider’s stock valued at $420,000 after buying an additional 5,084 shares in the last quarter. 80.93% of the stock is owned by hedge funds and other institutional investors.
About Independent Bank Co.(MI)
Independent Bank Corporation operates as the holding company for Independent Bank that provides various banking services to individuals and businesses in Michigan. 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 machines, and Internet and mobile banking services.
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