Insider Selling: Independent Bank Co. (NASDAQ:IBCP) SVP Sells 1,500 Shares of Stock

Independent Bank Co. (NASDAQ:IBCP) SVP James J. Twarozynski sold 1,500 shares of the stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $25.00, for a total value of $37,500.00. Following the completion of the transaction, the senior vice president now owns 8,366 shares in the company, valued at approximately $209,150. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Independent Bank Trading Up 0.4 %

Independent Bank stock traded up $0.10 during trading hours on Monday, reaching $25.09. The company had a trading volume of 17,010 shares, compared to its average volume of 77,169. The company has a 50-day moving average price of $24.31 and a 200 day moving average price of $23.58. Independent Bank Co. has a 12-month low of $14.90 and a 12-month high of $27.39. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.86 and a quick ratio of 0.85. The firm has a market cap of $524.53 million, a price-to-earnings ratio of 8.50 and a beta of 0.97.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.08. Independent Bank had a return on equity of 16.88% and a net margin of 20.45%. The firm had revenue of $49.21 million for the quarter, compared to analyst estimates of $51.50 million. Equities analysts forecast that Independent Bank Co. will post 2.99 earnings per share for the current year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, May 13th. Shareholders of record on Friday, May 3rd will be issued a dividend of $0.24 per share. The ex-dividend date is Thursday, May 2nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.83%. Independent Bank’s dividend payout ratio (DPR) is 32.65%.

Hedge Funds Weigh In On Independent Bank

Institutional investors have recently added to or reduced their stakes in the company. AJOVista LLC bought a new stake in Independent Bank during the 4th quarter valued at about $38,000. Quadrant Capital Group LLC raised its stake in Independent Bank by 46.4% during the 4th quarter. Quadrant Capital Group LLC now owns 2,045 shares of the financial services provider’s stock valued at $53,000 after buying an additional 648 shares during the last quarter. Fifth Third Bancorp lifted its holdings in shares of Independent Bank by 524.2% during the 4th quarter. Fifth Third Bancorp now owns 2,060 shares of the financial services provider’s stock valued at $54,000 after buying an additional 1,730 shares during the period. Quest Partners LLC purchased a new position in shares of Independent Bank in the 4th quarter worth $79,000. Finally, Denali Advisors LLC bought a new stake in shares of Independent Bank in the fourth quarter worth $138,000. Institutional investors own 79.43% of the company’s stock.

Analyst Ratings Changes

Separately, Hovde Group started coverage on shares of Independent Bank in a research report on Monday, March 4th. They issued a “market perform” rating for the company.

Independent Bank Company Profile

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.