Independent Bank (NASDAQ:IBCP) Stock Price Up 4.8% on Strong Earnings

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

The financial services provider reported $0.87 EPS for the quarter, beating the consensus estimate 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 business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th will be issued a dividend of $0.26 per share. This is an increase from Independent Bank’s previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, February 4th. This represents a $1.04 annualized dividend and a yield of 2.92%. Independent Bank’s dividend payout ratio is 32.65%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $41.00 price objective (up from $39.00) on shares of Independent Bank in a research report on Friday.

Insider Transactions at Independent Bank

In other Independent Bank news, EVP Gavin A. Mohr purchased 800 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average cost of $36.71 per share, with a total value of $29,368.00. Following the completion of the acquisition, the executive vice president now directly owns 18,662 shares of the company’s stock, valued at $685,082.02. This trade represents a 4.48 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 5.45% of the company’s stock.

Institutional Trading of Independent Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dakota Wealth Management purchased a new position in shares of Independent Bank in the 4th quarter valued at $203,000. Assenagon Asset Management S.A. boosted its stake in Independent Bank by 40.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 132,234 shares of the financial services provider’s stock valued at $4,606,000 after acquiring an additional 38,157 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Independent Bank by 28.7% during the third quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock worth $11,660,000 after purchasing an additional 77,874 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Independent Bank by 3.9% during the third quarter. Franklin Resources Inc. now owns 32,756 shares of the financial services provider’s stock worth $1,095,000 after purchasing an additional 1,217 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Independent Bank by 0.4% in the 3rd quarter. Geode Capital Management LLC now owns 499,546 shares of the financial services provider’s stock valued at $16,663,000 after purchasing an additional 1,831 shares during the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Independent Bank Trading Up 1.0 %

The business has a 50-day moving average of $36.02 and a 200-day moving average of $34.14. The stock has a market capitalization of $743.68 million, a price-to-earnings ratio of 12.11 and a beta of 1.03. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88.

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.