Allspring Global Investments Holdings LLC Sells 13,440 Shares of Independent Bank Corporation (NASDAQ:IBCP)

Allspring Global Investments Holdings LLC decreased its holdings in Independent Bank Corporation (NASDAQ:IBCP - Free Report) by 4.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 306,059 shares of the financial services provider's stock after selling 13,440 shares during the period. Allspring Global Investments Holdings LLC owned 1.46% of Independent Bank worth $9,424,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Quadrant Capital Group LLC increased its stake in shares of Independent Bank by 10.9% in the fourth quarter. Quadrant Capital Group LLC now owns 2,890 shares of the financial services provider's stock worth $101,000 after purchasing an additional 283 shares in the last quarter. SummerHaven Investment Management LLC increased its stake in shares of Independent Bank by 1.4% in the first quarter. SummerHaven Investment Management LLC now owns 29,010 shares of the financial services provider's stock worth $893,000 after purchasing an additional 395 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Independent Bank by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,352 shares of the financial services provider's stock worth $395,000 after purchasing an additional 399 shares in the last quarter. Sterling Capital Management LLC increased its stake in shares of Independent Bank by 4.0% in the fourth quarter. Sterling Capital Management LLC now owns 14,721 shares of the financial services provider's stock worth $513,000 after purchasing an additional 569 shares in the last quarter. Finally, HighTower Advisors LLC grew its stake in Independent Bank by 2.2% during the fourth quarter. HighTower Advisors LLC now owns 27,270 shares of the financial services provider's stock valued at $950,000 after acquiring an additional 598 shares in the last quarter. Hedge funds and other institutional investors own 79.43% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on IBCP shares. Piper Sandler reduced their price objective on shares of Independent Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a research note on Monday, April 28th. Keefe, Bruyette & Woods reduced their price objective on shares of Independent Bank from $37.00 to $35.00 and set a "market perform" rating for the company in a research note on Friday, April 25th.

Independent Bank Price Performance

NASDAQ:IBCP traded down $0.67 during mid-day trading on Monday, hitting $33.93. 80,073 shares of the stock traded hands, compared to its average volume of 104,049. The business's 50-day moving average price is $31.77 and its 200 day moving average price is $32.48. The company has a market cap of $703.03 million, a PE ratio of 10.81 and a beta of 0.84. Independent Bank Corporation has a 12-month low of $25.63 and a 12-month high of $40.32. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.27.

Independent Bank (NASDAQ:IBCP - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.74 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.04. Independent Bank had a net margin of 20.62% and a return on equity of 14.71%. The business had revenue of $54.11 million during the quarter, compared to analysts' expectations of $46.25 million. On average, analysts expect that Independent Bank Corporation will post 3.22 EPS for the current fiscal year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 5th were paid a $0.26 dividend. The ex-dividend date of this dividend was Monday, May 5th. This represents a $1.04 dividend on an annualized basis and a yield of 3.07%. Independent Bank's dividend payout ratio is presently 33.12%.

Insider Buying and Selling

In other news, Director Michael M. Magee, Jr. sold 6,404 shares of the business's stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $31.00, for a total value of $198,524.00. Following the completion of the sale, the director directly owned 8,381 shares in the company, valued at approximately $259,811. The trade was a 43.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Terance L. Beia acquired 1,821 shares of the stock in a transaction dated Friday, June 13th. The stock was acquired at an average price of $30.65 per share, with a total value of $55,813.65. Following the completion of the acquisition, the director owned 40,001 shares in the company, valued at approximately $1,226,030.65. The trade was a 4.77% increase in their position. The disclosure for this purchase can be found here. 5.68% of the stock is owned by 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.