Independent Bank Corporation $IBCP Shares Sold by Boston Partners

Key Points

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Boston Partners cut its position in Independent Bank Corporation (NASDAQ:IBCP - Free Report) by 95.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,236 shares of the financial services provider's stock after selling 332,750 shares during the period. Boston Partners owned 0.07% of Independent Bank worth $469,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Nuveen LLC acquired a new stake in shares of Independent Bank in the 1st quarter worth $13,123,000. Vanguard Group Inc. lifted its stake in shares of Independent Bank by 9.5% in the 1st quarter. Vanguard Group Inc. now owns 1,335,049 shares of the financial services provider's stock worth $41,106,000 after acquiring an additional 116,339 shares during the period. LSV Asset Management lifted its stake in shares of Independent Bank by 9.7% in the 1st quarter. LSV Asset Management now owns 460,026 shares of the financial services provider's stock worth $14,164,000 after acquiring an additional 40,856 shares during the period. Tudor Investment Corp ET AL lifted its stake in shares of 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 acquiring an additional 32,291 shares during the period. Finally, Bank of America Corp DE lifted its stake in shares of Independent Bank by 17.5% in the 4th quarter. Bank of America Corp DE now owns 124,784 shares of the financial services provider's stock worth $4,346,000 after acquiring an additional 18,602 shares during the period. Institutional investors and hedge funds own 79.43% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on IBCP shares. DA Davidson raised their target price on shares of Independent Bank from $35.00 to $37.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Piper Sandler reduced their target price on shares of Independent Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a research note on Monday, April 28th. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $36.00.

Insider Activity

In other Independent Bank news, Director Terance L. Beia bought 1,821 shares of the company's stock in a transaction on Friday, June 13th. The stock was purchased at an average cost of $30.65 per share, for a total transaction of $55,813.65. Following the acquisition, the director owned 40,001 shares of the company's stock, valued at $1,226,030.65. The trade was a 4.77% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Gavin A. Mohr purchased 2,000 shares of the stock in a transaction dated Tuesday, August 5th. The shares were purchased at an average price of $29.64 per share, with a total value of $59,280.00. Following the completion of the acquisition, the executive vice president owned 23,826 shares of the company's stock, valued at approximately $706,202.64. This represents a 9.16% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 5.68% of the company's stock.

Independent Bank Price Performance

Shares of IBCP traded up $1.56 during trading hours on Friday, reaching $32.81. The company had a trading volume of 124,203 shares, compared to its average volume of 84,426. The firm has a 50 day simple moving average of $32.21 and a 200-day simple moving average of $31.84. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $679.50 million, a price-to-earnings ratio of 10.69 and a beta of 0.87. Independent Bank Corporation has a 12-month low of $26.75 and a 12-month high of $40.32.

Independent Bank (NASDAQ:IBCP - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.78 by $0.03. The business had revenue of $55.94 million during the quarter, compared to the consensus estimate of $47.72 million. Independent Bank had a net margin of 20.31% and a return on equity of 14.05%. Research analysts expect that Independent Bank Corporation will post 3.22 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 3.2%. The ex-dividend date was Tuesday, August 5th. Independent Bank's dividend payout ratio (DPR) is 33.88%.

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.