Independent Bank Corporation (NASDAQ:IBCP) Shares Bought by Hudson Edge Investment Partners Inc.

Hudson Edge Investment Partners Inc. grew its holdings in Independent Bank Corporation (NASDAQ:IBCP - Free Report) by 44.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 31,258 shares of the financial services provider's stock after buying an additional 9,630 shares during the period. 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 hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of 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 buying an additional 25,756 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Independent Bank by 11.5% in the 4th quarter. American Century Companies Inc. now owns 523,614 shares of the financial services provider's stock worth $18,237,000 after buying an additional 53,938 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Independent Bank by 15.3% in the 4th quarter. JPMorgan Chase & Co. now owns 447,690 shares of the financial services provider's stock worth $15,593,000 after buying an additional 59,339 shares in the last quarter. Boston Partners lifted its holdings in Independent Bank by 22.5% in the 4th quarter. Boston Partners now owns 347,986 shares of the financial services provider's stock valued at $12,120,000 after purchasing an additional 64,006 shares in the last quarter. Finally, Foundry Partners LLC boosted its position in Independent Bank by 1.1% during the fourth 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. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Stock Performance

IBCP traded up $0.85 on Thursday, hitting $34.60. 56,688 shares of the stock traded hands, compared to its average volume of 104,222. The business has a fifty day moving average price of $31.56 and a two-hundred day moving average price of $32.57. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $716.91 million, a PE ratio of 10.75 and a beta of 0.84. Independent Bank Corporation has a 52 week low of $25.46 and a 52 week high of $40.32.

Independent Bank (NASDAQ:IBCP - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.04. Independent Bank had a return on equity of 14.71% and a net margin of 20.62%. The business had revenue of $54.11 million for the quarter, compared to analysts' expectations of $46.25 million. On average, research analysts predict that Independent Bank Corporation will post 3.22 EPS for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were given a $0.26 dividend. 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 3.01%. Independent Bank's payout ratio is 33.12%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Piper Sandler decreased their target price on Independent Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a report on Monday, April 28th. Keefe, Bruyette & Woods reduced their price objective on Independent Bank from $37.00 to $35.00 and set a "market perform" rating on the stock in a research note on Friday, April 25th.

Insider Activity at Independent Bank

In other news, Director Terance L. Beia acquired 1,821 shares of the firm's stock in a transaction on Friday, June 13th. The stock was purchased at an average price of $30.65 per share, for a total transaction of $55,813.65. Following the purchase, the director owned 40,001 shares in the company, valued at approximately $1,226,030.65. This represents a 4.77% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Michael M. Magee, Jr. sold 6,404 shares of the stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $31.00, for a total transaction of $198,524.00. Following the transaction, the director directly owned 8,381 shares of the company's stock, valued at $259,811. This represents a 43.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.68% of the stock is owned by insiders.

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.