Boston Partners Has $469,000 Stock Position in Independent Bank Corporation $IBCP

Key Points

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Boston Partners cut its holdings in shares of Independent Bank Corporation (NASDAQ:IBCP - Free Report) by 95.6% during the first quarter, according to 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 quarter. Boston Partners owned about 0.07% of Independent Bank worth $469,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in IBCP. Versant Capital Management Inc increased its holdings in shares of Independent Bank by 408.6% during the 1st quarter. Versant Capital Management Inc now owns 890 shares of the financial services provider's stock worth $27,000 after acquiring an additional 715 shares during the last quarter. Aquatic Capital Management LLC acquired a new position in shares of Independent Bank during the 4th quarter worth approximately $42,000. Tower Research Capital LLC TRC increased its holdings in shares of Independent Bank by 246.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,439 shares of the financial services provider's stock worth $50,000 after acquiring an additional 1,024 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Independent Bank during the 4th quarter worth approximately $59,000. Finally, US Bancorp DE increased its holdings in shares of Independent Bank by 342.4% during the 1st quarter. US Bancorp DE now owns 1,995 shares of the financial services provider's stock worth $61,000 after acquiring an additional 1,544 shares during the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

Independent Bank Price Performance

Shares of NASDAQ:IBCP traded down $0.14 during trading on Thursday, reaching $31.25. 57,510 shares of the company traded hands, compared to its average volume of 82,484. The company's 50 day moving average is $32.17 and its two-hundred day moving average is $31.93. The firm has a market capitalization of $647.19 million, a PE ratio of 10.18 and a beta of 0.87. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.39. Independent Bank Corporation has a 52 week low of $26.75 and a 52 week high of $40.32.

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

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Tuesday, August 5th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.3%. Independent Bank's payout ratio is 33.88%.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

IBCP has been the subject of several recent research reports. DA Davidson boosted their price target on Independent Bank from $35.00 to $37.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Piper Sandler reduced their price target on Independent Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a research note on Monday, April 28th. Finally, Keefe, Bruyette & Woods reduced their price target on Independent Bank from $37.00 to $35.00 and set a "market perform" rating for the company in a research note on Friday, April 25th. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Independent Bank currently has a consensus rating of "Hold" and an average target price of $36.00.

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.