ProShare Advisors LLC lowered its holdings in Independent Bank Co. (NASDAQ:IBCP - Free Report) by 5.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 207,867 shares of the financial services provider's stock after selling 11,230 shares during the period. ProShare Advisors LLC owned approximately 1.00% of Independent Bank worth $7,240,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of IBCP. Barclays PLC lifted its holdings in shares of Independent Bank by 38.1% during the 3rd quarter. Barclays PLC now owns 82,357 shares of the financial services provider's stock worth $2,748,000 after acquiring an additional 22,728 shares during the period. Franklin Resources Inc. lifted its holdings in shares of Independent Bank by 3.9% during the 3rd quarter. Franklin Resources Inc. now owns 32,756 shares of the financial services provider's stock worth $1,095,000 after acquiring an additional 1,217 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Independent Bank by 28.7% during the 3rd quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider's stock worth $11,660,000 after acquiring an additional 77,874 shares during the period. Assenagon Asset Management S.A. lifted its holdings in shares of Independent Bank by 40.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 132,234 shares of the financial services provider's stock worth $4,606,000 after acquiring an additional 38,157 shares during the period. Finally, Dakota Wealth Management bought a new stake in shares of Independent Bank during the 4th quarter worth approximately $203,000. Institutional investors own 79.43% of the company's stock.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on IBCP shares. Piper Sandler cut their price target on shares of Independent Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a report on Monday, April 28th. DA Davidson upped their price target on shares of Independent Bank from $37.00 to $39.00 and gave the stock a "neutral" rating in a report on Tuesday, January 28th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of 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.
Check Out Our Latest Report on Independent Bank
Insider Activity at Independent Bank
In other news, Director Michael M. Magee, Jr. sold 6,404 shares of the firm's stock in a transaction 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 completion of the transaction, the director now owns 8,381 shares of the company's stock, valued at approximately $259,811. This trade represents a 43.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.68% of the stock is owned by insiders.
Independent Bank Price Performance
NASDAQ:IBCP traded down $0.16 on Friday, hitting $31.44. The company had a trading volume of 77,221 shares, compared to its average volume of 107,916. The stock has a market capitalization of $651.47 million, a price-to-earnings ratio of 9.95 and a beta of 0.83. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. The firm has a 50 day moving average of $30.77 and a two-hundred day moving average of $33.77. Independent Bank Co. has a 52 week low of $22.53 and a 52 week high of $40.32.
Independent Bank (NASDAQ:IBCP - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.74 EPS for the quarter, beating the consensus estimate of $0.70 by $0.04. The business had revenue of $54.11 million during the quarter, compared to the consensus estimate of $46.25 million. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. On average, research analysts anticipate that Independent Bank Co. will post 3.22 earnings per share for the current year.
Independent Bank Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 5th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 3.31%. The ex-dividend date was Monday, May 5th. Independent Bank's payout ratio is 33.12%.
About Independent Bank
(
Free Report)
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.
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