Bridgeway Capital Management LLC Sells 18,911 Shares of Independent Bank Co. (NASDAQ:IBCP)

Bridgeway Capital Management LLC decreased its position in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) by 12.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 133,254 shares of the financial services provider's stock after selling 18,911 shares during the quarter. Bridgeway Capital Management LLC owned approximately 0.64% of Independent Bank worth $4,641,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. PL Capital Advisors LLC increased its stake in shares of Independent Bank by 3,383.0% in the fourth quarter. PL Capital Advisors LLC now owns 11,110,248 shares of the financial services provider's stock valued at $386,970,000 after buying an additional 10,791,263 shares during the period. Principal Financial Group Inc. raised its holdings in Independent Bank by 28.7% during the third quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider's stock worth $11,660,000 after buying an additional 77,874 shares during the last quarter. Boston Partners raised its holdings in shares of Independent Bank by 22.5% in the 4th quarter. Boston Partners now owns 347,986 shares of the financial services provider's stock worth $12,120,000 after acquiring an additional 64,006 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Independent Bank by 15.3% in the fourth quarter. JPMorgan Chase & Co. now owns 447,690 shares of the financial services provider's stock valued at $15,593,000 after purchasing an additional 59,339 shares in the last quarter. Finally, American Century Companies Inc. lifted its stake in Independent Bank by 11.5% during the 4th quarter. American Century Companies Inc. now owns 523,614 shares of the financial services provider's stock valued at $18,237,000 after acquiring an additional 53,938 shares in the last quarter. 79.43% of the stock is currently owned by institutional investors.

Independent Bank Price Performance

Shares of IBCP traded down $0.24 during trading hours on Friday, reaching $31.64. 70,986 shares of the company's stock traded hands, compared to its average volume of 108,292. The firm's 50 day simple moving average is $30.53 and its 200-day simple moving average is $33.86. The stock has a market cap of $663.59 million, a PE ratio of 10.01 and a beta of 0.83. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. Independent Bank Co. has a 12 month low of $22.53 and a 12 month high of $40.32.

Independent Bank (NASDAQ:IBCP - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.04. The firm had revenue of $54.11 million during the quarter, compared to analyst estimates of $46.25 million. Independent Bank had a return on equity of 15.43% and a net margin of 20.67%. Equities analysts expect that Independent Bank Co. will post 3.22 EPS for the current year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Monday, May 5th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 3.29%. The ex-dividend date of this dividend is Monday, May 5th. Independent Bank's dividend payout ratio is presently 33.12%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Piper Sandler cut their target price on Independent Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a research note on Monday, April 28th. DA Davidson lifted their target price on shares of Independent Bank from $37.00 to $39.00 and gave the stock a "neutral" rating in a research note on Tuesday, January 28th. Finally, Keefe, Bruyette & Woods decreased their price objective on Independent Bank from $37.00 to $35.00 and set a "market perform" rating on the stock in a research note on Friday, April 25th.

Insider Activity at Independent Bank

In other Independent Bank news, Director Michael M. Magee, Jr. sold 6,404 shares of the company's stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $31.00, for a total transaction of $198,524.00. Following the completion of the transaction, the director now owns 8,381 shares of the company's stock, valued at $259,811. This represents a 43.31 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 5.68% of the stock is currently owned by company insiders.

About Independent Bank

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.