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

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

Other institutional investors have also recently bought and sold shares of the company. Versant Capital Management Inc raised its stake in Independent Bank by 408.6% during the first quarter. Versant Capital Management Inc now owns 890 shares of the financial services provider's stock worth $27,000 after acquiring an additional 715 shares in the last quarter. Aquatic Capital Management LLC acquired a new position in Independent Bank during the fourth quarter worth about $42,000. Tower Research Capital LLC TRC raised its stake in Independent Bank by 246.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,439 shares of the financial services provider's stock worth $50,000 after acquiring an additional 1,024 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of Independent Bank in the fourth quarter valued at approximately $58,000. Finally, Point72 Asset Management L.P. acquired a new position in shares of Independent Bank in the fourth quarter valued at approximately $59,000. Institutional investors and hedge funds own 79.43% of the company's stock.

Insider Activity at Independent Bank

In related news, Director Michael M. Magee, Jr. sold 6,404 shares of the stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $31.00, for a total value of $198,524.00. Following the transaction, the director directly owned 8,381 shares in the company, valued at $259,811. This trade represents a 43.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Terance L. Beia bought 1,821 shares of the business's stock in a transaction that occurred on Friday, June 13th. The stock was purchased at an average price of $30.65 per share, for a total transaction of $55,813.65. Following the completion of the acquisition, the director owned 40,001 shares in the company, valued at $1,226,030.65. This represents a 4.77% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 5.68% of the company's stock.

Independent Bank Trading Up 2.5%

Independent Bank stock traded up $0.85 during trading hours on Friday, reaching $34.60. 56,688 shares of the company's stock were exchanged, compared to its average volume of 104,145. The firm has a market capitalization of $716.95 million, a PE ratio of 11.02 and a beta of 0.84. Independent Bank Corporation has a twelve month low of $25.63 and a twelve 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. The firm's 50 day simple moving average is $31.70 and its 200 day simple moving average is $32.51.

Independent Bank (NASDAQ:IBCP - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.74 EPS for the quarter, topping the consensus estimate of $0.70 by $0.04. The company had revenue of $54.11 million during the quarter, compared to the consensus estimate of $46.25 million. Independent Bank had a net margin of 20.62% and a return on equity of 14.71%. Research analysts predict that Independent Bank Corporation will post 3.22 earnings per share for the current year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 3.01%. The ex-dividend date of this dividend was Monday, May 5th. Independent Bank's dividend payout ratio (DPR) is 33.12%.

Analyst Upgrades and Downgrades

IBCP has been the subject of several recent research reports. Piper Sandler lowered their price objective on 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 dropped their price target on shares of Independent Bank from $37.00 to $35.00 and set a "market perform" rating on the stock in a research report on Friday, April 25th.

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.