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

Independent Bank Co. (NASDAQ:IBCP) EVP Gavin A. Mohr bought 800 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was bought at an average cost of $36.71 per share, for a total transaction of $29,368.00. Following the completion of the purchase, the executive vice president now owns 18,662 shares of the company’s stock, valued at approximately $685,082.02. The trade was a 4.48 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link.

Independent Bank Stock Performance

Shares of Independent Bank stock traded up $0.58 during trading on Friday, hitting $38.30. 12,136 shares of the company’s stock traded hands, compared to its average volume of 95,369. Independent Bank Co. has a 1 year low of $20.50 and a 1 year high of $39.52. The business has a 50-day simple moving average of $34.25 and a 200-day simple moving average of $30.70. The stock has a market capitalization of $800.24 million, a P/E ratio of 12.83 and a beta of 0.99. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11). Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. The company had revenue of $77.84 million during the quarter, compared to the consensus estimate of $55.05 million. During the same quarter in the prior year, the firm earned $0.83 earnings per share. As a group, analysts forecast that Independent Bank Co. will post 3.02 EPS for the current year.

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.96 dividend on an annualized basis and a yield of 2.51%. Independent Bank’s dividend payout ratio is presently 32.65%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on IBCP shares. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $31.00 price target (up previously from $26.00) on shares of Independent Bank in a research note on Monday, July 29th. Piper Sandler raised 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.

Hedge Funds Weigh In On Independent Bank

Several hedge funds and other institutional investors have recently modified their holdings of IBCP. National Bank of Canada FI purchased a new stake in Independent Bank during the third quarter valued at $26,000. nVerses Capital LLC purchased a new position in Independent Bank in the third quarter worth about $27,000. CWM LLC grew its stake in shares of Independent Bank by 1,729.2% during the 2nd quarter. CWM LLC now owns 4,262 shares of the financial services provider’s stock valued at $115,000 after purchasing an additional 4,029 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Independent Bank by 36.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider’s stock valued at $125,000 after purchasing an additional 1,225 shares during the last quarter. Finally, Comerica Bank bought a new position in shares of Independent Bank in the 1st quarter worth approximately $173,000. 79.43% of the stock is 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.