Ameriprise Financial Inc. decreased its position in Independent Bank Co. (NASDAQ:IBCP - Free Report) by 7.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 133,287 shares of the financial services provider's stock after selling 10,257 shares during the period. Ameriprise Financial Inc. owned approximately 0.64% of Independent Bank worth $4,642,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in IBCP. Foundry Partners LLC increased its position in Independent Bank by 1.1% in the fourth quarter. Foundry Partners LLC now owns 213,225 shares of the financial services provider's stock worth $7,427,000 after buying an additional 2,355 shares in the last quarter. Barclays PLC lifted its holdings in shares of Independent Bank by 38.1% in the 3rd quarter. Barclays PLC now owns 82,357 shares of the financial services provider's stock valued at $2,748,000 after acquiring an additional 22,728 shares during the last quarter. Intech Investment Management LLC purchased a new stake in Independent Bank during the 4th quarter valued at $436,000. Vanguard Group Inc. boosted its position in shares of Independent Bank by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 1,218,710 shares of the financial services provider's stock valued at $42,448,000 after buying an additional 25,756 shares during the period. Finally, Proficio Capital Partners LLC bought a new stake in shares of Independent Bank during the fourth quarter worth $352,000. Hedge funds and other institutional investors own 79.43% of the company's stock.
Independent Bank Price Performance
IBCP stock traded down $0.20 during trading on Friday, hitting $31.56. The stock had a trading volume of 3,376 shares, compared to its average volume of 106,992. Independent Bank Co. has a twelve month low of $22.53 and a twelve month high of $40.32. The company's 50-day moving average price is $30.80 and its two-hundred day moving average price is $33.63. 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 market capitalization of $653.85 million, a P/E ratio of 9.99 and a beta of 0.83.
Independent Bank (NASDAQ:IBCP - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.04. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. The firm had revenue of $54.11 million during the quarter, compared to analyst estimates of $46.25 million. As a group, research analysts predict that Independent Bank Co. will post 3.22 EPS for the current fiscal year.
Independent Bank Dividend Announcement
The company also recently declared 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. This represents a $1.04 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date was Monday, May 5th. Independent Bank's dividend payout ratio (DPR) is 33.12%.
Insider Transactions at Independent Bank
In related news, Director Michael M. Magee, Jr. sold 6,404 shares of the company'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 transaction of $198,524.00. Following the sale, the director now directly owns 8,381 shares in the company, valued at approximately $259,811. This represents a 43.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 5.68% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms have weighed in on IBCP. Keefe, Bruyette & Woods lowered their target price on Independent Bank from $37.00 to $35.00 and set a "market perform" rating for the company in a report on Friday, April 25th. Piper Sandler cut their price target on Independent Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a research report on Monday, April 28th.
View Our Latest Stock Report on Independent Bank
About Independent Bank
(
Free Report)
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.
Further Reading
Before you consider Independent Bank, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Independent Bank wasn't on the list.
While Independent Bank currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat just released its list of 10 cheap stocks that have been overlooked by the market and may be seriously undervalued. Enter your email address and below to see which companies made the list.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
