Independent Bank (NASDAQ:IBCP) lowered to hold at StockNews.com

Independent Bank (NASDAQ:IBCP – Get Rating) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note published on Friday.

Separately, DA Davidson reissued a “neutral” rating on Independent Bank shares in a Wednesday July 27 research note.

Independent bank trades down 1.7%

Shares of the NASDAQ IBCP traded down $0.34 during Friday’s midday session, hitting $19.25. 57,247 shares of the company were traded, against an average volume of 84,248. Independent Bank has a 1-year low of $17.87 and a 1-year high of $26.00. The stock has a market capitalization of $405.33 million, a price-earnings ratio of 6.97 and a beta of 0.94. The company has a quick ratio of 0.77, a current ratio of 0.78 and a debt ratio of 0.32. The company has a 50-day moving average of $20.40 and a two-hundred-day moving average of $20.20.

Independent Bank (NASDAQ:IBCP – Get Rating) last announced its results on Tuesday, July 26. The financial services provider reported EPS of $0.61 for the quarter, beating the consensus estimate of $0.56 by $0.05. Independent Bank achieved a return on equity of 16.01% and a net margin of 27.75%. The company posted revenue of $50.69 million in the quarter, versus a consensus estimate of $47.75 million. In the same period a year earlier, the company posted earnings of $0.56 per share. On average, sell-side analysts expect Independent Bank to post earnings per share of 2.67 for the current fiscal year.

Insider buying and selling

In other Independent Bank news, Executive Vice President Gavin A. Mohr acquired 2,000 Independent Bank shares in a transaction that took place on Monday, August 22. The shares were purchased at an average cost of $21.30 per share, with a total value of $42,600.00. Following the purchase, the executive vice president now owns 10,055 shares of the company, valued at $214,171.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Executive Vice President Gavin A. Mohr purchased 2,000 shares of the company in a transaction on Monday, August 22. The shares were purchased at an average cost of $21.30 per share, with a total value of $42,600.00. Following the transaction, the executive vice president now directly owns 10,055 shares of the company, valued at approximately $214,171.50. The acquisition was disclosed in a legal filing with the SEC, accessible via this hyperlink. Additionally, SVP James J. Twarozynski sold 2,500 shares of the company in a trade dated Thursday, July 28. The stock was sold at an average price of $20.47, for a total value of $51,175.00. Following the completion of the transaction, the Senior Vice President now directly owns 8,409 shares of the company, valued at $172,132.23. The disclosure of this sale can be found here. Insiders of the company hold 5.20% of the shares of the company.

Institutional entries and exits

Hedge funds have recently changed their positions in the stock. Lindbrook Capital LLC acquired a new position in shares of Independent Bank during Q1 worth approximately $26,000. CWM LLC increased its holdings in Independent Bank by 592.5% in the 1st quarter. CWM LLC now owns 1,295 shares of the financial services provider valued at $28,000 after purchasing an additional 1,108 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in Independent Bank by 66.4% in Q1. Quadrant Capital Group LLC now owns 1,358 shares of the financial services provider valued at $30,000 after buying an additional 542 shares in the last quarter. Amalgamated Bank acquired a new stake in Independent Bank in Q1 worth approximately $54,000. Finally, SG Americas Securities LLC acquired a new stake in Independent Bank in Q2 valued at approximately $121,000. Institutional investors and hedge funds own 80.25% of the company’s shares.

About the Independent Bank

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Independent Bank Corporation operates as a bank holding company for Independent Bank which provides various retail and corporate banking services. The Company offers checking and savings accounts, business loans, direct and indirect consumer financing, mortgages and safe deposit services, as well as automated teller machines and internet and mobile banking.

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