Independent Bank Corporation (NASDAQ:IBCP) released its quarterly earnings results on Thursday. The financial services provider reported $0.27 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.27. Independent Bank Corporation had a return on equity of 9.26% and a net margin of 17.67%.
Independent Bank Corporation (NASDAQ:IBCP) opened at 21.10 on Monday. The firm has a 50-day moving average price of $21.23 and a 200 day moving average price of $17.76. Independent Bank Corporation has a 52-week low of $13.42 and a 52-week high of $22.25. The stock has a market cap of $448.54 million, a PE ratio of 20.10 and a beta of 0.43.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 15th. Shareholders of record on Wednesday, February 8th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend is Monday, February 6th. Independent Bank Corporation’s payout ratio is 37.74%.
A number of large investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company acquired a new stake in Independent Bank Corporation during the third quarter valued at about $8,746,000. Russell Investments Group Ltd. acquired a new stake in Independent Bank Corporation during the fourth quarter valued at about $8,769,000. Maltese Capital Management LLC increased its stake in Independent Bank Corporation by 21.4% in the second quarter. Maltese Capital Management LLC now owns 922,600 shares of the financial services provider’s stock valued at $13,387,000 after buying an additional 162,600 shares in the last quarter. Wedge Capital Management L L P NC acquired a new stake in Independent Bank Corporation during the second quarter valued at about $1,309,000. Finally, Chicago Equity Partners LLC acquired a new stake in Independent Bank Corporation during the second quarter valued at about $1,194,000. Institutional investors own 77.51% of the company’s stock.
Separately, Zacks Investment Research upgraded Independent Bank Corporation from a “hold” rating to a “buy” rating and set a $19.00 price target for the company in a research note on Monday, October 31st.
About Independent Bank Corporation
Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank is engaged in providing commercial banking. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services.