Independent Bank (NASDAQ:IBCP) EVP Stefanie Kimball Sells 1,400 Shares of Stock

Independent Bank Corporation (NASDAQ:IBCP) EVP Stefanie Kimball sold 1,400 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $34.41, for a total value of $48,174.00. Following the completion of the sale, the executive vice president owned 64,327 shares of the company’s stock, valued at $2,213,492.07. This trade represents a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Independent Bank Stock Up 0.5%

Independent Bank stock opened at $34.32 on Friday. The stock has a market capitalization of $707.34 million, a PE ratio of 10.24 and a beta of 0.71. Independent Bank Corporation has a 12 month low of $29.63 and a 12 month high of $39.17. The business has a 50 day simple moving average of $33.67 and a 200-day simple moving average of $33.86. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.92 and a quick ratio of 0.92.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.02. The business had revenue of $58.90 million during the quarter, compared to analysts’ expectations of $60.36 million. Independent Bank had a return on equity of 14.15% and a net margin of 22.02%. On average, analysts anticipate that Independent Bank Corporation will post 3.54 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Monday, May 4th were paid a $0.28 dividend. The ex-dividend date of this dividend was Monday, May 4th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.3%. Independent Bank’s payout ratio is currently 33.43%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on IBCP shares. DA Davidson lifted their price target on Independent Bank from $36.00 to $37.00 and gave the stock a “neutral” rating in a research note on Monday, April 27th. Piper Sandler lowered their price target on Independent Bank from $39.00 to $37.00 and set a “neutral” rating on the stock in a research note on Monday, April 27th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Independent Bank presently has an average rating of “Hold” and an average target price of $37.00.

Institutional Trading of Independent Bank

A number of institutional investors have recently made changes to their positions in the company. State Street Corp boosted its stake in shares of Independent Bank by 4.5% in the fourth quarter. State Street Corp now owns 657,276 shares of the financial services provider’s stock worth $21,381,000 after acquiring an additional 28,516 shares during the last quarter. American Century Companies Inc. boosted its stake in Independent Bank by 8.1% during the third quarter. American Century Companies Inc. now owns 643,540 shares of the financial services provider’s stock worth $19,934,000 after buying an additional 48,301 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Independent Bank by 5.9% during the third quarter. JPMorgan Chase & Co. now owns 445,911 shares of the financial services provider’s stock worth $13,812,000 after buying an additional 24,772 shares during the last quarter. Millennium Management LLC boosted its stake in Independent Bank by 60.5% during the third quarter. Millennium Management LLC now owns 389,220 shares of the financial services provider’s stock worth $12,056,000 after buying an additional 146,646 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Independent Bank by 25.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 377,891 shares of the financial services provider’s stock worth $12,293,000 after buying an additional 76,811 shares during the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

About Independent Bank

Independent Bank Corporation (NASDAQ: IBCP) is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company’s offerings span traditional branch-based banking as well as digital and mobile platforms.

Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.