Independent Bank Co. (NASDAQ:IBCP) EVP Patrick J. Ervin Purchases 275 Shares of Stock

Independent Bank Co. (NASDAQ:IBCP) EVP Patrick J. Ervin bought 275 shares of Independent Bank stock in a transaction that occurred on Tuesday, December 3rd. The stock was bought at an average price of $37.94 per share, for a total transaction of $10,433.50. Following the completion of the acquisition, the executive vice president now directly owns 34,813 shares of the company’s stock, valued at $1,320,805.22. The trade was a 0.80 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website.

Independent Bank Stock Performance

Shares of IBCP stock opened at $37.69 on Wednesday. The stock has a market capitalization of $787.34 million, a PE ratio of 12.82 and a beta of 1.02. Independent Bank Co. has a one year low of $20.50 and a one year high of $40.32. The business’s 50 day simple moving average is $34.81 and its 200 day simple moving average is $31.38. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11). The business had revenue of $77.84 million for the quarter, compared to the consensus estimate of $55.05 million. Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. During the same quarter in the previous year, the company posted $0.83 earnings per share. As a group, research analysts forecast that Independent Bank Co. will post 3.02 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date of this dividend was Tuesday, November 5th. Independent Bank’s payout ratio is 32.65%.

Hedge Funds Weigh In On Independent Bank

A number of institutional investors and hedge funds have recently modified their holdings of IBCP. Vanguard Group Inc. raised its position in shares of Independent Bank by 1.2% during the first quarter. Vanguard Group Inc. now owns 1,080,542 shares of the financial services provider’s stock worth $27,392,000 after purchasing an additional 12,851 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Independent Bank by 2.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 53,664 shares of the financial services provider’s stock worth $1,362,000 after purchasing an additional 1,438 shares during the period. Comerica Bank acquired a new position in shares of Independent Bank during the first quarter worth approximately $173,000. Boston Partners acquired a new position in shares of Independent Bank during the first quarter worth approximately $1,168,000. Finally, CWM LLC raised its position in shares of Independent Bank by 1,729.2% during the second quarter. CWM LLC now owns 4,262 shares of the financial services provider’s stock worth $115,000 after purchasing an additional 4,029 shares during the period. 79.43% of the stock is currently 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.