Independent Bank (NASDAQ:IBCP) Stock Passes Below 200 Day Moving Average – Here’s Why

Independent Bank Corporation (NASDAQ:IBCP) shares crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $31.76 and traded as low as $31.04. Independent Bank shares last traded at $31.64, with a volume of 156,518 shares trading hands.

Analyst Ratings Changes

IBCP has been the subject of a number of recent analyst reports. DA Davidson lifted their price target on shares of Independent Bank from $35.00 to $37.00 and gave the company a “neutral” rating in a research report on Friday, July 25th. Weiss Ratings cut shares of Independent Bank from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday. Four analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $36.00.

Independent Bank Trading Down 0.8%

The company’s 50 day moving average price is $31.80 and its 200 day moving average price is $31.76. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a market cap of $655.26 million, a PE ratio of 10.31 and a beta of 0.79.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Tuesday, November 4th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Tuesday, November 4th. This represents a $1.04 annualized dividend and a dividend yield of 3.3%. Independent Bank’s dividend payout ratio (DPR) is presently 33.88%.

Insider Activity at Independent Bank

In other news, EVP Stefanie M. Kimball sold 1,400 shares of the firm’s stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $32.64, for a total value of $45,696.00. Following the completion of the transaction, the executive vice president owned 62,389 shares of the company’s stock, valued at approximately $2,036,376.96. This trade represents a 2.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Gavin A. Mohr acquired 2,000 shares of the stock in a transaction dated Tuesday, August 5th. The stock was acquired at an average cost of $29.64 per share, with a total value of $59,280.00. Following the purchase, the executive vice president owned 23,826 shares of the company’s stock, valued at approximately $706,202.64. This trade represents a 9.16% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 5.68% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. GSA Capital Partners LLP lifted its stake in Independent Bank by 61.4% in the first quarter. GSA Capital Partners LLP now owns 26,722 shares of the financial services provider’s stock worth $823,000 after acquiring an additional 10,170 shares during the last quarter. Hudson Edge Investment Partners Inc. lifted its stake in Independent Bank by 44.5% in the first quarter. Hudson Edge Investment Partners Inc. now owns 31,258 shares of the financial services provider’s stock worth $962,000 after acquiring an additional 9,630 shares during the last quarter. Voya Investment Management LLC lifted its stake in Independent Bank by 39.5% in the first quarter. Voya Investment Management LLC now owns 26,927 shares of the financial services provider’s stock worth $829,000 after acquiring an additional 7,628 shares during the last quarter. MQS Management LLC purchased a new position in Independent Bank in the first quarter worth approximately $297,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in Independent Bank by 41.0% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 48,079 shares of the financial services provider’s stock worth $1,480,000 after acquiring an additional 13,969 shares during the last quarter. Hedge funds and other institutional investors 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.