BNP Paribas Financial Markets Cuts Stake in Independent Bank Co. (NASDAQ:IBCP)

BNP Paribas Financial Markets decreased its stake in Independent Bank Co. (NASDAQ:IBCP - Free Report) by 33.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,907 shares of the financial services provider's stock after selling 10,872 shares during the quarter. BNP Paribas Financial Markets owned approximately 0.10% of Independent Bank worth $763,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Barclays PLC boosted its stake in Independent Bank by 38.1% during the 3rd quarter. Barclays PLC now owns 82,357 shares of the financial services provider's stock worth $2,748,000 after purchasing an additional 22,728 shares during the last quarter. Dakota Wealth Management purchased a new stake in Independent Bank during the 4th quarter valued at about $203,000. Rhumbline Advisers grew its stake in Independent Bank by 0.9% during the 4th quarter. Rhumbline Advisers now owns 41,649 shares of the financial services provider's stock valued at $1,451,000 after acquiring an additional 374 shares in the last quarter. Hudson Edge Investment Partners Inc. raised its holdings in Independent Bank by 41.4% in the 4th quarter. Hudson Edge Investment Partners Inc. now owns 21,628 shares of the financial services provider's stock valued at $753,000 after acquiring an additional 6,333 shares during the last quarter. Finally, PL Capital Advisors LLC lifted its stake in Independent Bank by 3,383.0% in the 4th quarter. PL Capital Advisors LLC now owns 11,110,248 shares of the financial services provider's stock worth $386,970,000 after purchasing an additional 10,791,263 shares in the last quarter. Hedge funds and other institutional investors own 79.43% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Piper Sandler dropped their price target on Independent Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a research report on Monday, April 28th. DA Davidson upped their target price on Independent Bank from $37.00 to $39.00 and gave the company a "neutral" rating in a report on Tuesday, January 28th. Finally, Keefe, Bruyette & Woods reduced their price target on Independent Bank from $37.00 to $35.00 and set a "market perform" rating on the stock in a report on Friday, April 25th.

Independent Bank Trading Up 1.9%

Shares of IBCP stock traded up $0.60 during trading on Tuesday, hitting $32.04. 10,144 shares of the stock traded hands, compared to its average volume of 107,527. Independent Bank Co. has a 52-week low of $22.53 and a 52-week high of $40.32. The firm has a market capitalization of $663.90 million, a P/E ratio of 10.14 and a beta of 0.83. The firm's fifty day moving average price is $30.78 and its 200-day moving average price is $33.71. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88.

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

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 5th were given a $0.26 dividend. 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 3.25%. Independent Bank's payout ratio is currently 33.12%.

Insiders Place Their Bets

In related news, Director Michael M. Magee, Jr. sold 6,404 shares of the business's stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $31.00, for a total value of $198,524.00. Following the sale, the director now owns 8,381 shares in the company, valued at approximately $259,811. The trade was a 43.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.68% of the stock is currently owned by insiders.

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.