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

Independent Bank Co. (NASDAQ:IBCP) shares shot up 4.8% during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $36.40 and last traded at $36.48. Approximately 87,416 shares were traded during mid-day trading, a decline of 37% from the average session volume of 138,483 shares. The stock had previously closed at $34.80.

The financial services provider reported $0.87 EPS for the quarter, topping 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 firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Tuesday, February 4th will be paid a $0.26 dividend. This is a boost 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 dividend yield of 2.95%. Independent Bank’s payout ratio is currently 32.65%.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods lifted their target price on Independent Bank from $33.00 to $39.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th.

Insider Transactions at Independent Bank

In other Independent Bank news, EVP Gavin A. Mohr acquired 800 shares of the stock in a transaction dated 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 transaction, the executive vice president now owns 18,662 shares in the company, valued at approximately $685,082.02. The trade was a 4.48 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 5.45% of the company’s stock.

Institutional Investors Weigh In On Independent Bank

Several large investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. lifted its position in Independent Bank by 202.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 171,090 shares of the financial services provider’s stock worth $5,706,000 after buying an additional 114,487 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Independent Bank by 28.7% in 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. AQR Capital Management LLC boosted its position in Independent Bank by 75.8% during the 2nd quarter. AQR Capital Management LLC now owns 174,011 shares of the financial services provider’s stock valued at $4,698,000 after buying an additional 75,022 shares during the period. FMR LLC grew its holdings in Independent Bank by 7.2% in the 3rd quarter. FMR LLC now owns 1,034,775 shares of the financial services provider’s stock worth $34,510,000 after acquiring an additional 69,504 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its position in shares of 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 during the period. Institutional investors and hedge funds own 79.43% of the company’s stock.

Independent Bank Trading Up 1.3 %

The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. The firm’s 50 day moving average price is $36.07 and its 200 day moving average price is $34.07. The stock has a market capitalization of $736.16 million, a P/E ratio of 11.99 and a beta of 1.03.

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.