Larry R. Daniel, Jr. Sells 1,573 Shares of Independent Bank Co.(MI) (IBCP) Stock

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Independent Bank Co.(MI) (NASDAQ:IBCP) EVP Larry R. Daniel, Jr. sold 1,573 shares of the company’s stock in a transaction on Monday, November 5th. The stock was sold at an average price of $22.00, for a total transaction of $34,606.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Independent Bank Co.(MI) stock traded up $0.04 during trading on Monday, reaching $22.78. 33,882 shares of the company’s stock were exchanged, compared to its average volume of 153,243. The company has a current ratio of 0.92, a quick ratio of 0.90 and a debt-to-equity ratio of 0.24. Independent Bank Co has a 52-week low of $21.11 and a 52-week high of $27.10. The stock has a market cap of $549.19 million, a price-to-earnings ratio of 18.67, a price-to-earnings-growth ratio of 1.62 and a beta of 0.21.

Independent Bank Co.(MI) (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, October 25th. The financial services provider reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.04. Independent Bank Co.(MI) had a net margin of 18.87% and a return on equity of 13.36%. The firm had revenue of $41.53 million during the quarter, compared to analysts’ expectations of $40.69 million. Analysts forecast that Independent Bank Co will post 1.76 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, November 5th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, November 2nd. This represents a $0.60 dividend on an annualized basis and a yield of 2.63%. Independent Bank Co.(MI)’s payout ratio is currently 49.18%.

A number of analysts recently weighed in on the stock. Boenning Scattergood reaffirmed a “hold” rating on shares of Independent Bank Co.(MI) in a research report 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 report on Wednesday, July 18th. Hovde Group set a $27.00 price target on shares of Independent Bank Co.(MI) and gave the stock a “hold” rating in a research report on Friday, July 27th. ValuEngine cut shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research report on Thursday. Finally, BidaskClub cut shares of Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a research report on Tuesday, August 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $25.50.

Large investors have recently bought and sold shares of the business. Huntington National Bank purchased a new position in Independent Bank Co.(MI) in the 2nd quarter valued at about $137,000. Mackay Shields LLC purchased a new position in Independent Bank Co.(MI) in the 2nd quarter valued at about $242,000. Baird Financial Group Inc. purchased a new position in Independent Bank Co.(MI) in the 2nd quarter valued at about $243,000. A.R.T. Advisors LLC purchased a new position in Independent Bank Co.(MI) in the 1st quarter valued at about $246,000. Finally, Calamos Advisors LLC purchased a new position in Independent Bank Co.(MI) in the 3rd quarter valued at about $273,000. 77.82% of the stock is owned by institutional investors.

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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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