Independent Bank (NASDAQ:IBCP) Stock Crosses Above Fifty Day Moving Average – Time to Sell?

Independent Bank Corporation (NASDAQ:IBCP)’s share price passed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $32.44 and traded as high as $33.63. Independent Bank shares last traded at $33.25, with a volume of 146,728 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “hold (c+)” rating on shares of Independent Bank in a report on Monday, December 22nd. Four equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $36.00.

Independent Bank Trading Up 0.4%

The company has a debt-to-equity ratio of 0.09, a current ratio of 0.91 and a quick ratio of 0.90. The business’s 50-day simple moving average is $32.44 and its two-hundred day simple moving average is $32.16. The stock has a market capitalization of $687.94 million, a price-to-earnings ratio of 10.20 and a beta of 0.81.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings data on Tuesday, October 28th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.01. The company had revenue of $45.80 million during the quarter, compared to analyst estimates of $50.18 million. Independent Bank had a net margin of 21.25% and a return on equity of 14.54%. On average, research analysts anticipate that Independent Bank Corporation will post 3.22 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Tuesday, November 4th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Tuesday, November 4th. Independent Bank’s payout ratio is currently 31.90%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IBCP. FJ Capital Management LLC grew its stake in Independent Bank by 1.9% during the 1st quarter. FJ Capital Management LLC now owns 683,156 shares of the financial services provider’s stock valued at $21,034,000 after purchasing an additional 12,672 shares in the last quarter. American Century Companies Inc. grew its holdings in Independent Bank by 8.1% in the 3rd quarter. American Century Companies Inc. now owns 643,540 shares of the financial services provider’s stock worth $19,934,000 after buying an additional 48,301 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Independent Bank by 3.5% during the second quarter. Geode Capital Management LLC now owns 544,084 shares of the financial services provider’s stock valued at $17,637,000 after purchasing an additional 18,463 shares during the period. LSV Asset Management increased its holdings in shares of Independent Bank by 1.0% during the second quarter. LSV Asset Management now owns 464,770 shares of the financial services provider’s stock valued at $15,063,000 after purchasing an additional 4,744 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Independent Bank by 5.9% during the third quarter. JPMorgan Chase & Co. now owns 445,911 shares of the financial services provider’s stock valued at $13,812,000 after purchasing an additional 24,772 shares in the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

Independent Bank Company Profile

Independent Bank Corporation (NASDAQ: IBCP) is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company’s offerings span traditional branch-based banking as well as digital and mobile platforms.

Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.