Independent Bank (NASDAQ:IBCP) Trading 4.8% Higher After Better-Than-Expected Earnings

Independent Bank Co. (NASDAQ:IBCP) shares traded up 4.8% on Thursday following a better than expected earnings announcement. The stock traded as high as $36.40 and last traded at $36.48. 87,416 shares changed hands during mid-day trading, a decline of 37% from the average session volume of 138,483 shares. The stock had previously closed at $34.80.

The financial services provider reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.10. Independent Bank had a net margin of 19.93% and a return on equity of 15.26%.

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Tuesday, February 4th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Tuesday, February 4th. This is a boost from Independent Bank’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.85%. Independent Bank’s payout ratio is currently 32.65%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods boosted their price objective on shares of Independent Bank from $33.00 to $39.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th.

Insider Buying and Selling

In related news, EVP Gavin A. Mohr purchased 800 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was acquired at an average price of $36.71 per share, with a total value of $29,368.00. Following the completion of the acquisition, the executive vice president now owns 18,662 shares in the company, valued at approximately $685,082.02. This represents a 4.48 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 5.45% of the stock is owned by company insiders.

Institutional Investors Weigh In On Independent Bank

Large investors have recently bought and sold shares of the company. National Bank of Canada FI acquired a new stake in Independent Bank during the 3rd quarter worth about $26,000. nVerses Capital LLC acquired a new stake in Independent Bank during the third quarter worth about $27,000. Dakota Wealth Management acquired a new stake in Independent Bank during the fourth quarter worth about $203,000. CWM LLC raised its position in Independent Bank by 47.5% during the third quarter. CWM LLC now owns 6,287 shares of the financial services provider’s stock valued at $210,000 after acquiring an additional 2,025 shares in the last quarter. Finally, Zacks Investment Management acquired a new position in Independent Bank in the third quarter valued at approximately $221,000. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Independent Bank Trading Up 4.8 %

The firm has a market cap of $762.07 million, a PE ratio of 12.41 and a beta of 1.03. The company has a 50-day simple moving average of $36.12 and a 200 day simple moving average of $34.06. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18.

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.