Independent Bank Corporation $IBCP Shares Bought by American Century Companies Inc.

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. grew its position in shares of Independent Bank Corporation (NASDAQ:IBCP - Free Report) by 8.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 567,685 shares of the financial services provider's stock after purchasing 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 quarter.

Other hedge funds also recently modified their holdings of the company. SG Americas Securities LLC boosted its stake in shares of Independent Bank by 69.5% during the 1st quarter. SG Americas Securities LLC now owns 25,324 shares of the financial services provider's stock worth $780,000 after purchasing an additional 10,384 shares during the last quarter. GSA Capital Partners LLP boosted its stake in shares of Independent Bank by 61.4% during the 1st quarter. GSA Capital Partners LLP now owns 26,722 shares of the financial services provider's stock worth $823,000 after purchasing an additional 10,170 shares during the last quarter. Hudson Edge Investment Partners Inc. boosted its stake in shares of Independent Bank by 44.5% during the 1st quarter. Hudson Edge Investment Partners Inc. now owns 31,258 shares of the financial services provider's stock worth $962,000 after purchasing an additional 9,630 shares during the last quarter. Mackenzie Financial Corp acquired a new stake in shares of Independent Bank during the 4th quarter worth about $538,000. Finally, Bank of America Corp DE boosted its stake in shares of Independent Bank by 17.5% during the 4th quarter. Bank of America Corp DE now owns 124,784 shares of the financial services provider's stock worth $4,346,000 after purchasing an additional 18,602 shares during the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

Independent Bank Trading Down 0.2%

Shares of IBCP stock traded down $0.08 during trading hours on Friday, hitting $32.89. 163,768 shares of the company were exchanged, compared to its average volume of 84,884. The firm has a market cap of $681.15 million, a PE ratio of 10.71 and a beta of 0.87. Independent Bank Corporation has a 1 year low of $26.75 and a 1 year high of $40.32. 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 firm has a fifty day moving average of $32.48 and a 200 day moving average of $31.76.

Independent Bank (NASDAQ:IBCP - Get Free Report) last announced its quarterly earnings data 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 net margin of 20.31% and a return on equity of 14.05%. The business had revenue of $55.94 million for the quarter, compared to analyst estimates of $47.72 million. Analysts expect that Independent Bank Corporation will post 3.22 earnings per share for the current year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, August 5th were issued a $0.26 dividend. The ex-dividend date was Tuesday, August 5th. This represents a $1.04 annualized dividend and a yield of 3.2%. Independent Bank's dividend payout ratio (DPR) is presently 33.88%.

Insider Activity at Independent Bank

In other Independent Bank news, Director Terance L. Beia purchased 1,821 shares of the business's stock in a transaction that occurred on Friday, June 13th. The shares were 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 of the company's stock, valued at approximately $1,226,030.65. This represents a 4.77% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Gavin A. Mohr purchased 2,000 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was acquired at an average price of $29.64 per share, for a total transaction of $59,280.00. Following the acquisition, the executive vice president directly 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. Company insiders own 5.68% of the company's stock.

Analysts Set New Price Targets

Separately, DA Davidson increased their price objective on shares of Independent Bank from $35.00 to $37.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Three research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $36.00.

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.