Independent Bank (NASDAQ:IBCP) Shares Gap Down – Should You Sell?

Independent Bank Co. (NASDAQ:IBCP) shares gapped down before the market opened 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.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $31.00 target price (up previously from $26.00) on shares of Independent Bank in a research report on Monday, July 29th. Piper Sandler lifted their target price on shares of Independent Bank from $27.00 to $37.50 and gave the stock a “neutral” rating in a research note 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 50 day moving average price of $33.20 and a 200 day moving average price of $29.08. The company has a market capitalization of $673.88 million, a price-to-earnings ratio of 11.30 and a beta of 0.99.

Independent Bank (NASDAQ:IBCP) last posted its earnings results on Thursday, July 25th. The financial services provider reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.17. The company had revenue of $81.51 million for the quarter, compared to analyst estimates 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 in the prior year, the business posted $0.70 EPS. Equities research analysts predict that Independent Bank Co. will post 3.13 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

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

Insider Transactions at Independent Bank

In other Independent Bank news, Director Christina Keller sold 1,400 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was 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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 5.45% of the stock is currently owned by insiders.

Institutional Trading of Independent Bank

Several large investors have recently bought and sold shares of IBCP. nVerses Capital LLC purchased a new position in Independent Bank during the 3rd quarter valued at about $27,000. CWM LLC increased its position in Independent Bank by 1,729.2% during the 2nd quarter. CWM LLC now owns 4,262 shares of the financial services provider’s stock valued at $115,000 after buying an additional 4,029 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Independent Bank by 36.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider’s stock valued at $125,000 after buying an additional 1,225 shares during the last quarter. Comerica Bank bought a new stake in Independent Bank in the first quarter worth $173,000. Finally, Denali Advisors LLC increased its stake in Independent Bank by 64.2% during the 1st quarter. Denali Advisors LLC now owns 8,700 shares of the financial services provider’s stock valued at $221,000 after purchasing an additional 3,400 shares in 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.