Ameriprise Financial Inc. Sells 10,257 Shares of Independent Bank Co. (NASDAQ:IBCP)

Ameriprise Financial Inc. trimmed its holdings in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) by 7.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 133,287 shares of the financial services provider's stock after selling 10,257 shares during the period. Ameriprise Financial Inc. owned 0.64% of Independent Bank worth $4,642,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Tudor Investment Corp ET AL grew its position in Independent Bank by 125.9% in the 4th quarter. Tudor Investment Corp ET AL now owns 57,938 shares of the financial services provider's stock worth $2,018,000 after purchasing an additional 32,291 shares during the last quarter. Aquatic Capital Management LLC bought a new stake in Independent Bank during the fourth quarter worth approximately $42,000. Susquehanna Fundamental Investments LLC bought a new stake in Independent Bank during the fourth quarter worth approximately $204,000. Hsbc Holdings PLC bought a new stake in Independent Bank during the fourth quarter worth approximately $259,000. Finally, Tower Research Capital LLC TRC boosted its holdings 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 buying an additional 1,024 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company's stock.

Analyst Ratings Changes

IBCP has been the topic of a number of recent research reports. Piper Sandler cut their price target on shares of Independent Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a report on Monday, April 28th. Keefe, Bruyette & Woods cut their price target on shares of Independent Bank from $37.00 to $35.00 and set a "market perform" rating for the company in a report on Friday, April 25th.

Independent Bank Stock Up 0.4%

Shares of Independent Bank stock traded up $0.13 on Thursday, hitting $31.65. The company had a trading volume of 11,374 shares, compared to its average volume of 107,202. The firm has a market capitalization of $655.78 million, a P/E ratio of 10.01 and a beta of 0.83. Independent Bank Co. has a twelve month low of $22.53 and a twelve month high of $40.32. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a 50-day moving average of $30.81 and a 200-day moving average of $33.68.

Independent Bank (NASDAQ:IBCP - Get Free Report) last posted 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 for the quarter, compared to analyst estimates of $46.25 million. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. Research analysts predict that Independent Bank Co. will post 3.22 earnings per share for the current year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 5th were paid a dividend of $0.26 per share. 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 3.29%. Independent Bank's payout ratio is 33.12%.

Insider Buying and Selling at Independent Bank

In other Independent Bank news, Director Michael M. Magee, Jr. sold 6,404 shares of the firm's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $31.00, for a total value of $198,524.00. Following the transaction, the director now directly owns 8,381 shares of the company's stock, valued at $259,811. This trade represents a 43.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.68% of the company's stock.

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.