American Century Companies Inc. Increases Stock Holdings in Independent Bank Corporation $IBCP

Key Points

• American Century Companies Inc. increased its stake in Independent Bank Corporation by 8.4%, owning approximately 2.74% of the company, valued at $17.48 million.
• Independent Bank Corporation recently declared a quarterly dividend of $0.26 per share, representing an annualized dividend of $1.04 and a yield of 3.2%.
• Several equities analysts have given Independent Bank a consensus rating of "Hold" with an average price target of $36.00.

American Century Companies Inc. lifted its holdings in shares of Independent Bank Corporation (NASDAQ:IBCP - Free Report) by 8.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 567,685 shares of the financial services provider's stock after acquiring an additional 44,071 shares during the period. American Century Companies Inc. owned 2.74% of Independent Bank worth $17,479,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Nuveen LLC purchased a new position in shares of Independent Bank during the first quarter worth approximately $13,123,000. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Independent Bank by 41.0% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 48,079 shares of the financial services provider's stock worth $1,480,000 after acquiring an additional 13,969 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Independent Bank by 9.5% during 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 during the last quarter. LSV Asset Management grew its position in shares of Independent Bank by 9.7% during the first quarter. LSV Asset Management now owns 460,026 shares of the financial services provider's stock worth $14,164,000 after acquiring an additional 40,856 shares during the last quarter. Finally, US Bancorp DE grew its position 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 worth $61,000 after acquiring an additional 1,544 shares during the last quarter. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Independent Bank

In related news, Director Terance L. Beia purchased 1,821 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The stock was purchased at an average cost of $30.65 per share, with a total value of $55,813.65. Following the completion of the acquisition, the director directly owned 40,001 shares in the company, valued at $1,226,030.65. This trade represents a 4.77% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Gavin A. Mohr bought 2,000 shares of Independent Bank stock in a transaction on Tuesday, August 5th. The stock was acquired at an average cost of $29.64 per share, with a total value of $59,280.00. Following the acquisition, the executive vice president owned 23,826 shares of the company's stock, valued at $706,202.64. This trade represents a 9.16% increase in their position. The disclosure for this purchase can be found here. 5.68% of the stock is owned by company insiders.

Independent Bank Stock Performance

Shares of NASDAQ IBCP traded down $0.08 during mid-day trading on Friday, hitting $32.89. 163,768 shares of the company were exchanged, compared to its average volume of 84,884. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.39. The stock has a 50 day simple moving average of $32.48 and a 200-day simple moving average of $31.79. Independent Bank Corporation has a 1-year low of $26.75 and a 1-year high of $40.32. The firm has a market cap of $681.15 million, a price-to-earnings ratio of 10.71 and a beta of 0.87.

Independent Bank (NASDAQ:IBCP - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. Independent Bank had a return on equity of 14.05% and a net margin of 20.31%.The firm had revenue of $55.94 million during the quarter, compared to the consensus estimate of $47.72 million. On average, sell-side analysts forecast 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 Friday, August 15th. Investors of record on Tuesday, August 5th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Tuesday, August 5th. This represents a $1.04 annualized dividend and a dividend yield of 3.2%. Independent Bank's dividend payout ratio (DPR) is currently 33.88%.

Analyst Ratings Changes

Separately, DA Davidson raised their target price 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. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $36.00.

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.