Bank of America Corp DE Has $4.35 Million Stock Position in Independent Bank Co. (NASDAQ:IBCP)

Bank of America Corp DE lifted its position in Independent Bank Co. (NASDAQ:IBCP - Free Report) by 17.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 124,784 shares of the financial services provider's stock after purchasing an additional 18,602 shares during the quarter. Bank of America Corp DE owned 0.60% of Independent Bank worth $4,346,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Aquatic Capital Management LLC acquired a new position in Independent Bank during the fourth quarter worth $42,000. Tower Research Capital LLC TRC grew its holdings in shares of Independent Bank by 246.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,439 shares of the financial services provider's stock worth $50,000 after purchasing an additional 1,024 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of Independent Bank in the 4th quarter worth about $58,000. Quadrant Capital Group LLC increased its position in shares of Independent Bank by 10.9% during the 4th quarter. Quadrant Capital Group LLC now owns 2,890 shares of the financial services provider's stock worth $101,000 after purchasing an additional 283 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd bought a new position in Independent Bank during the 4th quarter valued at about $127,000. 79.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Piper Sandler reduced their target price on 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 reduced their price objective on Independent Bank from $37.00 to $35.00 and set a "market perform" rating on the stock in a research note on Friday, April 25th.

Insider Activity

In related news, Director Michael M. Magee, Jr. sold 6,404 shares of the business'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 completion of the sale, the director now directly owns 8,381 shares of the company's stock, valued at $259,811. The trade was a 43.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 5.68% of the stock is currently owned by insiders.

Independent Bank Price Performance

IBCP traded down $0.12 during midday trading on Friday, hitting $31.63. The company had a trading volume of 87,119 shares, compared to its average volume of 107,464. Independent Bank Co. has a twelve month low of $22.53 and a twelve month high of $40.32. The company has a market capitalization of $655.41 million, a PE ratio of 10.01 and a beta of 0.83. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88. The firm's 50-day simple moving average is $30.81 and its 200-day simple moving average is $33.58.

Independent Bank (NASDAQ:IBCP - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.74 EPS for the quarter, beating the consensus estimate of $0.70 by $0.04. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. The business had revenue of $54.11 million for the quarter, compared to analysts' expectations of $46.25 million. Equities research analysts predict that Independent Bank Co. will post 3.22 EPS for the current fiscal year.

Independent Bank Announces Dividend

The company also recently announced 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. The ex-dividend date of this dividend was Monday, May 5th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.29%. Independent Bank's payout ratio is currently 33.12%.

Independent Bank 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.