Independent Bank (NASDAQ:IBCP) Shares Gap Down – Here’s Why

Independent Bank Co. (NASDAQ:IBCP) shares gapped down prior to trading on Thursday . The stock had previously closed at $33.23, but opened at $31.95. Independent Bank shares last traded at $31.53, with a volume of 6,471 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on IBCP shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $31.00 price objective (up from $26.00) on shares of Independent Bank in a research report on Monday, July 29th. Piper Sandler lifted their price objective on shares of Independent Bank from $27.00 to $37.50 and gave the company a “neutral” rating in a report on Monday, July 29th.

Independent Bank Stock Performance

The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market capitalization of $673.88 million, a P/E ratio of 11.30 and a beta of 0.99. The stock’s fifty day moving average price is $33.20 and its 200-day moving average price is $29.08.

Independent Bank (NASDAQ:IBCP) last posted its earnings results on Thursday, July 25th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.17. The company had revenue of $81.51 million during the quarter, compared to analysts’ expectations of $53.50 million. Independent Bank had a net margin of 21.11% and a return on equity of 16.90%. During the same quarter last year, the company posted $0.70 EPS. As a group, research analysts anticipate that Independent Bank Co. will post 3.13 EPS for the current fiscal year.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, November 5th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $0.96 annualized dividend and a yield of 2.98%. Independent Bank’s payout ratio is currently 32.65%.

Insider Transactions at Independent Bank

In other Independent Bank news, Director Christina Keller sold 1,400 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $32.85, for a total value of $45,990.00. Following the completion of the sale, the director now owns 4,163 shares of the company’s stock, valued at $136,754.55. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 5.45% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. nVerses Capital LLC bought a new position in Independent Bank in the third quarter valued at about $27,000. CWM LLC increased its position in Independent Bank by 47.5% during the 3rd quarter. CWM LLC now owns 6,287 shares of the financial services provider’s stock worth $210,000 after purchasing an additional 2,025 shares in the last quarter. SG Americas Securities LLC boosted its position in Independent Bank by 36.8% in the third quarter. SG Americas Securities LLC now owns 15,655 shares of the financial services provider’s stock valued at $522,000 after buying an additional 4,210 shares in the last quarter. Truist Financial Corp grew its stake in shares of Independent Bank by 8.4% during the second quarter. Truist Financial Corp now owns 14,181 shares of the financial services provider’s stock worth $383,000 after buying an additional 1,100 shares during the last quarter. Finally, Creative Planning lifted its stake in shares of Independent Bank by 5.4% in the 2nd quarter. Creative Planning now owns 43,174 shares of the financial services provider’s stock valued at $1,166,000 after acquiring an additional 2,209 shares during the last quarter. 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.