Independent Bank Corporation $IBCP Shares Purchased by LSV Asset Management

LSV Asset Management raised its position in Independent Bank Corporation (NASDAQ:IBCP) by 1.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 464,770 shares of the financial services provider’s stock after buying an additional 4,744 shares during the period. LSV Asset Management’s holdings in Independent Bank were worth $15,063,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Independent Bank by 9.5% in the first quarter. Vanguard Group Inc. now owns 1,335,049 shares of the financial services provider’s stock worth $41,106,000 after acquiring an additional 116,339 shares in the last quarter. FJ Capital Management LLC increased its holdings in Independent Bank by 1.9% during the 1st quarter. FJ Capital Management LLC now owns 683,156 shares of the financial services provider’s stock worth $21,034,000 after purchasing an additional 12,672 shares during the last quarter. American Century Companies Inc. raised its position in shares of Independent Bank by 8.4% in the 1st quarter. American Century Companies Inc. now owns 567,685 shares of the financial services provider’s stock valued at $17,479,000 after purchasing an additional 44,071 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Independent Bank by 3.5% during the 2nd quarter. Geode Capital Management LLC now owns 544,084 shares of the financial services provider’s stock valued at $17,637,000 after buying an additional 18,463 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Independent Bank during the first quarter worth approximately $13,123,000. 79.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Independent Bank

In related news, EVP Stefanie M. Kimball sold 1,400 shares of the firm’s stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $32.64, for a total transaction of $45,696.00. Following the completion of the transaction, the executive vice president owned 62,389 shares of the company’s stock, valued at $2,036,376.96. This trade represents a 2.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 5.68% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. DA Davidson upped their price target on shares of Independent Bank from $35.00 to $37.00 and gave the company a “neutral” rating in a report on Friday, July 25th. Weiss Ratings lowered shares of Independent Bank from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Four analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $36.00.

Independent Bank Trading Up 0.9%

NASDAQ IBCP opened at $30.35 on Thursday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.92 and a current ratio of 0.92. Independent Bank Corporation has a one year low of $26.75 and a one year high of $40.32. The company has a 50-day simple moving average of $31.17 and a 200-day simple moving average of $31.80. The firm has a market capitalization of $628.00 million, a PE ratio of 9.31 and a beta of 0.86.

Independent Bank (NASDAQ:IBCP) last issued its earnings results on Tuesday, October 28th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.01. The firm had revenue of $45.80 million for the quarter, compared to analysts’ expectations of $50.18 million. Independent Bank had a net margin of 21.25% and a return on equity of 14.76%. On average, equities analysts forecast that Independent Bank Corporation will post 3.22 earnings per share for the current year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Tuesday, November 4th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Tuesday, November 4th. Independent Bank’s payout ratio is currently 31.90%.

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.