FJ Capital Management LLC Has $21.03 Million Holdings in Independent Bank Corporation $IBCP

Key Points

• FJ Capital Management LLC increased its stake in Independent Bank Corporation by 1.9%, holding 683,156 shares valued at approximately $21 million, making it the firm's 17th largest position.
• Independent Bank reported better-than-expected quarterly earnings, with an EPS of $0.81, surpassing analysts' estimates of $0.78, alongside a revenue of $55.94 million.
• The company declared a quarterly dividend of $0.26, representing a 3.2% yield, with a payout ratio of 33.88% as per the latest financial announcements.

FJ Capital Management LLC raised its position in Independent Bank Corporation (NASDAQ:IBCP - Free Report) by 1.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 683,156 shares of the financial services provider's stock after purchasing an additional 12,672 shares during the quarter. Independent Bank accounts for about 2.2% of FJ Capital Management LLC's holdings, making the stock its 17th biggest holding. FJ Capital Management LLC owned about 3.30% of Independent Bank worth $21,034,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of IBCP. Nuveen LLC bought a new position in Independent Bank in the first quarter valued at about $13,123,000. Vanguard Group Inc. increased its stake in shares of Independent Bank by 9.5% in the first quarter. Vanguard Group Inc. now owns 1,335,049 shares of the financial services provider's stock valued at $41,106,000 after buying an additional 116,339 shares during the period. Cubist Systematic Strategies LLC increased its stake in shares of Independent Bank by 1,039.8% in the first quarter. Cubist Systematic Strategies LLC now owns 60,989 shares of the financial services provider's stock valued at $1,878,000 after buying an additional 55,638 shares during the period. American Century Companies Inc. increased its stake in shares of Independent Bank by 8.4% in the first quarter. American Century Companies Inc. now owns 567,685 shares of the financial services provider's stock valued at $17,479,000 after buying an additional 44,071 shares during the period. Finally, LSV Asset Management increased its stake in shares of Independent Bank by 9.7% in the first quarter. LSV Asset Management now owns 460,026 shares of the financial services provider's stock valued at $14,164,000 after buying an additional 40,856 shares during the period. 79.43% of the stock is currently owned by institutional investors.

Independent Bank Trading Down 0.8%

NASDAQ IBCP traded down $0.26 during trading hours on Friday, hitting $32.82. 62,397 shares of the company's stock were exchanged, compared to its average volume of 86,150. The stock has a 50-day simple moving average of $32.59 and a 200 day simple moving average of $31.70. Independent Bank Corporation has a 1-year low of $26.75 and a 1-year high of $40.32. The firm has a market cap of $679.70 million, a price-to-earnings ratio of 10.69 and a beta of 0.87. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.39.

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

Independent Bank Announces Dividend

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

Insider Buying and Selling

In related news, EVP Stefanie M. Kimball sold 1,400 shares of the firm's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $32.64, for a total transaction of $45,696.00. Following the completion of the sale, the executive vice president owned 62,389 shares of the company's stock, valued at $2,036,376.96. This trade represents a 2.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Terance L. Beia bought 1,821 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The shares were acquired at an average cost of $30.65 per share, with a total value of $55,813.65. Following the purchase, the director directly owned 40,001 shares of the company's stock, valued at $1,226,030.65. This trade represents a 4.77% increase in their ownership of the stock. The disclosure for this purchase can be found here. 5.68% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Separately, DA Davidson increased 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. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $36.00.

About Independent Bank

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.