Independent Bank Co. (NASDAQ:IBCP) Stock Holdings Decreased by BNP Paribas Financial Markets

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

A number of other large investors have also added to or reduced their stakes in the company. Foundry Partners LLC lifted its stake in shares of Independent Bank by 1.1% during the 4th quarter. Foundry Partners LLC now owns 213,225 shares of the financial services provider's stock worth $7,427,000 after acquiring an additional 2,355 shares during the last quarter. Barclays PLC lifted its position 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 acquiring an additional 22,728 shares during the period. Intech Investment Management LLC acquired a new stake in Independent Bank during the 4th quarter worth about $436,000. Vanguard Group Inc. lifted its position in Independent Bank by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 1,218,710 shares of the financial services provider's stock worth $42,448,000 after acquiring an additional 25,756 shares during the period. Finally, Proficio Capital Partners LLC acquired a new stake in Independent Bank during the 4th quarter worth about $352,000. Institutional investors own 79.43% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on IBCP shares. DA Davidson boosted their price objective on Independent Bank from $37.00 to $39.00 and gave the stock a "neutral" rating in a research note on Tuesday, January 28th. Piper Sandler decreased their price objective on Independent Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a report on Monday, April 28th. Finally, Keefe, Bruyette & Woods decreased their price objective 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.

Insider Transactions at Independent Bank

In other Independent Bank news, Director Michael M. Magee, Jr. sold 6,404 shares of Independent Bank stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $31.00, for a total value 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 approximately $259,811. The trade was a 43.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 5.68% of the company's stock.

Independent Bank Stock Down 0.7%

Shares of Independent Bank stock traded down $0.23 during trading hours on Wednesday, reaching $31.83. 1,192 shares of the company were exchanged, compared to its average volume of 107,226. The firm has a market cap of $659.55 million, a PE ratio of 10.07 and a beta of 0.83. The stock's fifty day moving average is $30.80 and its 200 day moving average is $33.70. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88. Independent Bank Co. has a 1 year low of $22.53 and a 1 year high of $40.32.

Independent Bank (NASDAQ:IBCP - Get Free Report) last announced its earnings results on Thursday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $46.25 million. As a group, equities research analysts forecast that Independent Bank Co. will post 3.22 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders 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 dividend yield of 3.27%. Independent Bank's dividend payout ratio (DPR) is 33.12%.

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.