Allspring Global Investments Holdings LLC Has $9.74 Million Stock Position in Independent Bank Corporation $IBCP

Allspring Global Investments Holdings LLC lowered its position in shares of Independent Bank Corporation (NASDAQ:IBCP) by 1.8% during the second quarter, Holdings Channel reports. The fund owned 300,418 shares of the financial services provider’s stock after selling 5,641 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Independent Bank were worth $9,737,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ameritas Advisory Services LLC purchased a new position in Independent Bank during the 2nd quarter worth approximately $30,000. US Bancorp DE grew its holdings in shares of Independent Bank by 342.4% during the first quarter. US Bancorp DE now owns 1,995 shares of the financial services provider’s stock valued at $61,000 after buying an additional 1,544 shares in the last quarter. CWM LLC lifted its stake in Independent Bank by 5.2% in the 2nd quarter. CWM LLC now owns 6,828 shares of the financial services provider’s stock worth $221,000 after acquiring an additional 340 shares in the last quarter. Dakota Wealth Management boosted its position in Independent Bank by 27.6% during the 1st quarter. Dakota Wealth Management now owns 7,432 shares of the financial services provider’s stock worth $229,000 after acquiring an additional 1,606 shares during the period. Finally, Integrated Wealth Concepts LLC purchased a new position in Independent Bank during the 1st quarter valued at about $287,000. Institutional investors and hedge funds own 79.43% of the company’s stock.

Insider Transactions at Independent Bank

In related news, EVP Gavin A. Mohr acquired 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 5th. The shares were acquired at an average cost of $29.64 per share, with a total value of $59,280.00. Following the purchase, the executive vice president owned 23,826 shares of the company’s stock, valued at approximately $706,202.64. The trade was a 9.16% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Stefanie M. Kimball sold 1,400 shares of the company’s stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $32.64, for a total value of $45,696.00. Following the sale, the executive vice president directly owned 62,389 shares of the company’s stock, valued at $2,036,376.96. The trade was a 2.19% decrease in their position. The disclosure for this sale can be found here. 5.68% of the stock is owned by insiders.

Analysts Set New Price Targets

IBCP has been the subject of a number of research analyst reports. DA Davidson increased their price target on shares of Independent Bank from $35.00 to $37.00 and gave the stock a “neutral” rating in a research report on Friday, July 25th. Weiss Ratings reissued a “buy (b-)” rating on shares of Independent Bank in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $36.00.

Independent Bank Price Performance

Shares of IBCP opened at $31.19 on Friday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a market cap of $645.94 million, a PE ratio of 10.16 and a beta of 0.79. The firm’s 50 day moving average price is $31.72 and its 200 day moving average price is $31.59. Independent Bank Corporation has a twelve month low of $26.75 and a twelve month high of $40.32.

Independent Bank (NASDAQ:IBCP) last posted its earnings results on Thursday, July 24th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. The company had revenue of $55.94 million during the quarter, compared to the consensus estimate of $47.72 million. Independent Bank had a net margin of 20.31% and a return on equity of 14.05%. As a group, research analysts expect that Independent Bank Corporation will post 3.22 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 3.3%. The ex-dividend date was Tuesday, August 5th. Independent Bank’s dividend payout ratio (DPR) is 33.88%.

Independent Bank 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.