ProShare Advisors LLC Trims Stock Position in Independent Bank Co. (NASDAQ:IBCP)

ProShare Advisors LLC reduced its stake in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) by 5.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 207,867 shares of the financial services provider's stock after selling 11,230 shares during the quarter. ProShare Advisors LLC owned about 1.00% of Independent Bank worth $7,240,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of IBCP. Quadrant Capital Group LLC boosted its position in shares of Independent Bank by 10.9% during the fourth quarter. Quadrant Capital Group LLC now owns 2,890 shares of the financial services provider's stock worth $101,000 after acquiring an additional 283 shares during the last quarter. Rhumbline Advisers lifted its stake in Independent Bank by 0.9% in the 4th quarter. Rhumbline Advisers now owns 41,649 shares of the financial services provider's stock worth $1,451,000 after purchasing an additional 374 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Independent Bank by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,352 shares of the financial services provider's stock valued at $395,000 after purchasing an additional 399 shares during the last quarter. Sterling Capital Management LLC grew its position in shares of Independent Bank by 4.0% during the fourth quarter. Sterling Capital Management LLC now owns 14,721 shares of the financial services provider's stock valued at $513,000 after purchasing an additional 569 shares in the last quarter. Finally, HighTower Advisors LLC increased its holdings in shares of Independent Bank by 2.2% in the fourth quarter. HighTower Advisors LLC now owns 27,270 shares of the financial services provider's stock worth $950,000 after purchasing an additional 598 shares during the last quarter. Institutional investors own 79.43% of the company's stock.

Independent Bank Trading Down 0.4%

IBCP traded down $0.12 on Friday, hitting $31.48. The company had a trading volume of 17,120 shares, compared to its average volume of 107,320. The business's fifty day simple moving average is $30.77 and its 200 day simple moving average is $33.81. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. Independent Bank Co. has a 12-month low of $22.53 and a 12-month high of $40.32. The company has a market cap of $652.38 million, a PE ratio of 9.95 and a beta of 0.83.

Independent Bank (NASDAQ:IBCP - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $54.11 million during the quarter, compared to analyst estimates of $46.25 million. Independent Bank had a return on equity of 15.43% and a net margin of 20.67%. Equities research analysts expect that Independent Bank Co. will post 3.22 EPS for the current year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 5th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 3.30%. The ex-dividend date was Monday, May 5th. Independent Bank's payout ratio is 33.12%.

Insiders Place Their Bets

In related news, Director Michael M. Magee, Jr. sold 6,404 shares of the stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $31.00, for a total value of $198,524.00. Following the sale, the director now directly owns 8,381 shares of the company's stock, valued at $259,811. This represents a 43.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.68% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. DA Davidson increased their price target on Independent Bank from $37.00 to $39.00 and gave the company a "neutral" rating in a research note on Tuesday, January 28th. Piper Sandler lowered their target price on Independent Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a research report on Monday, April 28th. Finally, Keefe, Bruyette & Woods reduced their price target 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.