Hudson Edge Investment Partners Inc. Acquires 9,630 Shares of Independent Bank Corporation (NASDAQ:IBCP)

Hudson Edge Investment Partners Inc. increased its holdings in Independent Bank Corporation (NASDAQ:IBCP - Free Report) by 44.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 31,258 shares of the financial services provider's stock after purchasing an additional 9,630 shares during the quarter. Hudson Edge Investment Partners Inc. owned 0.15% of Independent Bank worth $962,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Versant Capital Management Inc raised its position in Independent Bank by 408.6% in the 1st quarter. Versant Capital Management Inc now owns 890 shares of the financial services provider's stock worth $27,000 after purchasing an additional 715 shares during the period. Aquatic Capital Management LLC purchased a new position in Independent Bank in the 4th quarter worth $42,000. Tower Research Capital LLC TRC raised its position in Independent Bank by 246.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,439 shares of the financial services provider's stock worth $50,000 after purchasing an additional 1,024 shares during the period. Quantbot Technologies LP purchased a new position in Independent Bank in the 4th quarter worth $58,000. Finally, Point72 Asset Management L.P. purchased a new position in Independent Bank in the 4th quarter worth $59,000. Hedge funds and other institutional investors own 79.43% of the company's stock.

Insider Transactions at Independent Bank

In related news, Director Terance L. Beia bought 1,821 shares of the business's stock in a transaction dated Friday, June 13th. The shares were purchased at an average price of $30.65 per share, with a total value of $55,813.65. Following the purchase, the director owned 40,001 shares of the company's stock, valued at approximately $1,226,030.65. This trade represents a 4.77% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael M. Magee, Jr. sold 6,404 shares of Independent Bank stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $31.00, for a total transaction of $198,524.00. Following the sale, the director directly owned 8,381 shares in the company, valued at $259,811. The trade was a 43.31% decrease in their position. The disclosure for this sale can be found here. Insiders own 5.68% of the company's stock.

Independent Bank Trading Up 2.5%

Shares of IBCP stock traded up $0.85 during mid-day trading on Friday, reaching $34.60. The stock had a trading volume of 56,688 shares, compared to its average volume of 104,145. The stock's 50-day moving average price is $31.70 and its two-hundred day moving average price is $32.49. Independent Bank Corporation has a 52-week low of $25.63 and a 52-week high of $40.32. The firm has a market capitalization of $716.91 million, a PE ratio of 11.02 and a beta of 0.84. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27.

Independent Bank (NASDAQ:IBCP - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.04. The firm had revenue of $54.11 million for the quarter, compared to analysts' expectations of $46.25 million. Independent Bank had a net margin of 20.62% and a return on equity of 14.71%. Equities analysts expect that Independent Bank Corporation 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. Stockholders of record on Monday, May 5th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date of this dividend was Monday, May 5th. Independent Bank's payout ratio is 33.12%.

Analyst Ratings Changes

IBCP has been the topic of a number of analyst reports. Piper Sandler decreased their price objective on shares of Independent Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a research report on Monday, April 28th. Keefe, Bruyette & Woods decreased their price objective on shares of Independent Bank from $37.00 to $35.00 and set a "market perform" rating on the stock in a research report on Friday, April 25th.

Independent Bank 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.