Independent Bank Co. (NASDAQ:IBCP) SVP James J. Twarozynski Sells 1,500 Shares

Independent Bank Co. (NASDAQ:IBCP) SVP James J. Twarozynski sold 1,500 shares of the firm’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $25.00, for a total transaction of $37,500.00. Following the transaction, the senior vice president now directly owns 8,366 shares of the company’s stock, valued at $209,150. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Independent Bank Price Performance

Independent Bank stock opened at $24.99 on Tuesday. The firm has a 50-day moving average price of $24.31 and a 200-day moving average price of $23.63. The firm has a market capitalization of $522.44 million, a PE ratio of 8.50 and a beta of 0.97. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.32. Independent Bank Co. has a 12-month low of $14.90 and a 12-month high of $27.39.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, May 13th. Stockholders of record on Friday, May 3rd will be issued a $0.24 dividend. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $0.96 annualized dividend and a dividend yield of 3.84%. Independent Bank’s dividend payout ratio (DPR) is presently 32.65%.

Institutional Investors Weigh In On Independent Bank

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IBCP. Hillsdale Investment Management Inc. bought a new stake in Independent Bank during the 4th quarter valued at about $3,675,000. FMR LLC lifted its holdings in Independent Bank by 12.8% during the 3rd quarter. FMR LLC now owns 773,868 shares of the financial services provider’s stock valued at $14,193,000 after buying an additional 87,852 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in Independent Bank by 31.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 190,556 shares of the financial services provider’s stock valued at $3,495,000 after buying an additional 45,617 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Independent Bank by 12.5% during the 1st quarter. Principal Financial Group Inc. now owns 270,146 shares of the financial services provider’s stock valued at $6,848,000 after buying an additional 29,977 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC bought a new stake in Independent Bank during the 4th quarter valued at about $634,000. Institutional investors own 79.43% of the company’s stock.

Analyst Ratings Changes

Separately, Hovde Group began coverage on shares of Independent Bank in a research note on Monday, March 4th. They issued a “market perform” rating for the company.

Independent Bank Company Profile

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.