Independent Bank (NASDAQ:IBCP) Shares Pass Above 50-Day Moving Average – Time to Sell?

Shares of Independent Bank Corporation (NASDAQ:IBCP) passed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $34.60 and traded as high as $37.05. Independent Bank shares last traded at $35.51, with a volume of 235,851 shares traded.

Analyst Ratings Changes

IBCP has been the subject of a number of research reports. Piper Sandler boosted their price target on shares of Independent Bank from $36.00 to $39.00 and gave the stock a “neutral” rating in a research note on Monday, January 26th. Weiss Ratings raised shares of Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 12th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $37.00.

Independent Bank Trading Down 3.9%

The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09. The stock’s fifty day moving average price is $34.60 and its two-hundred day moving average price is $32.82. The stock has a market capitalization of $734.70 million, a P/E ratio of 10.83 and a beta of 0.80.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.06. Independent Bank had a net margin of 21.73% and a return on equity of 14.41%. The business had revenue of $46.80 million during the quarter, compared to the consensus estimate of $50.52 million. Equities research analysts forecast that Independent Bank Corporation will post 3.22 EPS for the current year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Tuesday, February 3rd were issued a dividend of $0.28 per share. The ex-dividend date was Tuesday, February 3rd. This represents a $1.12 annualized dividend and a yield of 3.2%. This is a boost from Independent Bank’s previous quarterly dividend of $0.26. Independent Bank’s dividend payout ratio (DPR) is currently 34.15%.

Institutional Trading of Independent Bank

Several hedge funds and other institutional investors have recently bought and sold shares of IBCP. VARCOV Co. bought a new position in shares of Independent Bank in the fourth quarter worth approximately $349,000. Susquehanna Fundamental Investments LLC boosted its position in Independent Bank by 100.4% during the 4th quarter. Susquehanna Fundamental Investments LLC now owns 15,951 shares of the financial services provider’s stock valued at $519,000 after buying an additional 7,990 shares during the period. Occudo Quantitative Strategies LP grew its holdings in Independent Bank by 3.2% in the 4th quarter. Occudo Quantitative Strategies LP now owns 11,525 shares of the financial services provider’s stock worth $375,000 after acquiring an additional 355 shares during the last quarter. Oxford Asset Management LLP purchased a new position in shares of Independent Bank in the fourth quarter valued at about $379,000. Finally, Man Group plc raised its stake in shares of Independent Bank by 2.7% during the fourth quarter. Man Group plc now owns 18,861 shares of the financial services provider’s stock valued at $614,000 after acquiring an additional 501 shares during the last quarter. Institutional investors own 79.43% of the company’s stock.

About Independent Bank

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.