Independent Bank Co.(MI) (IBCP) Director Sells $372,000.00 in Stock

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Independent Bank Co.(MI) (NASDAQ:IBCP) Director Michael M. Magee, Jr. sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, September 6th. The shares were sold at an average price of $24.80, for a total transaction of $372,000.00. Following the transaction, the director now directly owns 34,814 shares of the company’s stock, valued at approximately $863,387.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

IBCP stock traded up $0.05 during midday trading on Friday, reaching $24.80. The company had a trading volume of 58,412 shares, compared to its average volume of 84,658. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.92 and a quick ratio of 0.90. Independent Bank Co has a 1 year low of $19.25 and a 1 year high of $27.10. The stock has a market cap of $597.73 million, a PE ratio of 20.33, a P/E/G ratio of 1.76 and a beta of 0.06.

Independent Bank Co.(MI) (NASDAQ:IBCP) last released its quarterly earnings results on Thursday, July 26th. The financial services provider reported $0.44 EPS for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.05. Independent Bank Co.(MI) had a net margin of 16.92% and a return on equity of 11.84%. The business had revenue of $41.30 million during the quarter, compared to analysts’ expectations of $38.70 million. research analysts expect that Independent Bank Co will post 1.76 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 15th. Shareholders of record on Monday, August 6th were paid a $0.15 dividend. The ex-dividend date was Friday, August 3rd. This represents a $0.60 dividend on an annualized basis and a yield of 2.42%. Independent Bank Co.(MI)’s dividend payout ratio is presently 49.18%.

Hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC purchased a new position in Independent Bank Co.(MI) in the 1st quarter worth approximately $113,000. Huntington National Bank purchased a new position in Independent Bank Co.(MI) in the 2nd quarter worth approximately $137,000. Mackay Shields LLC purchased a new position in Independent Bank Co.(MI) in the 2nd quarter worth approximately $242,000. Baird Financial Group Inc. purchased a new position in Independent Bank Co.(MI) in the 2nd quarter worth approximately $243,000. Finally, A.R.T. Advisors LLC purchased a new position in Independent Bank Co.(MI) in the 1st quarter worth approximately $246,000. 77.16% of the stock is owned by institutional investors and hedge funds.

Several brokerages recently commented on IBCP. Boenning Scattergood reaffirmed a “hold” rating on shares of Independent Bank Co.(MI) in a research note on Monday, July 30th. Zacks Investment Research cut shares of Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a research note on Wednesday, July 18th. ValuEngine raised shares of Independent Bank Co.(MI) from a “hold” rating to a “buy” rating in a research note on Tuesday, June 26th. Hovde Group set a $27.00 price objective on shares of Independent Bank Co.(MI) and gave the company a “hold” rating in a research note on Friday, July 27th. Finally, BidaskClub cut shares of Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a research note on Tuesday, August 7th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $26.33.

Independent Bank Co.(MI) Company Profile

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides various banking services to individuals and businesses in Michigan. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machines, and Internet and mobile banking services.

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