Independent Bank Corporation $IBCP Shares Acquired by Arrowstreet Capital Limited Partnership

Key Points

• Arrowstreet Capital increased its Independent Bank stake by 20.3% in the first quarter, holding 181,515 shares worth approximately $6.04 million. Institutional investors collectively own 79.43% of IBCP.
• Independent Bank reported quarterly EPS of $0.90, exceeding the $0.84 consensus estimate, while revenue of $63.24 million also surpassed expectations. The company declared a quarterly dividend of $0.28, equivalent to a 2.9% annualized yield.
• Analysts remain generally neutral, with an average rating of “Hold” and a consensus price target of $39.50; however, Hovde Group upgraded the stock to “Outperform.”

Arrowstreet Capital Limited Partnership lifted its holdings in shares of Independent Bank Corporation (NASDAQ:IBCP - Free Report) by 20.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 181,515 shares of the financial services provider's stock after purchasing an additional 30,582 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.88% of Independent Bank worth $6,044,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sei Investments Co. raised its holdings in Independent Bank by 35.5% in the 1st quarter. Sei Investments Co. now owns 110,479 shares of the financial services provider's stock valued at $3,679,000 after buying an additional 28,961 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Independent Bank by 81.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,269 shares of the financial services provider's stock worth $42,000 after purchasing an additional 570 shares during the period. Commonwealth Financial Services LLC acquired a new stake in Independent Bank in the 1st quarter valued at approximately $241,000. Parallel Advisors LLC increased its holdings in Independent Bank by 935.3% in the 1st quarter. Parallel Advisors LLC now owns 1,201 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 1,085 shares during the last quarter. Finally, Fifth Third Bancorp lifted its stake in Independent Bank by 31,473.9% during the first quarter. Fifth Third Bancorp now owns 7,262 shares of the financial services provider's stock worth $242,000 after purchasing an additional 7,239 shares in the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Stefanie M. Kimball sold 1,400 shares of the firm's stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $34.41, for a total transaction of $48,174.00. Following the sale, the executive vice president owned 64,327 shares of the company's stock, valued at approximately $2,213,492.07. This trade represents a 2.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.91% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently issued reports on IBCP shares. Piper Sandler boosted their price objective on Independent Bank from $37.00 to $42.00 and gave the company a "neutral" rating in a report on Monday, July 27th. DA Davidson raised their target price on Independent Bank from $36.00 to $37.00 and gave the company a "neutral" rating in a report on Monday, April 27th. Keefe, Bruyette & Woods lifted their target price on Independent Bank from $37.00 to $38.00 and gave the company a "market perform" rating in a research report on Friday, July 24th. Weiss Ratings reiterated a "buy (b)" rating on shares of Independent Bank in a research note on Tuesday, June 9th. Finally, Hovde Group raised shares of Independent Bank from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $36.00 to $41.00 in a research report on Friday, July 10th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Independent Bank currently has an average rating of "Hold" and a consensus price target of $39.50.

Independent Bank Price Performance

IBCP stock opened at $38.20 on Monday. The company's 50 day moving average price is $35.64 and its 200 day moving average price is $34.79. The firm has a market capitalization of $787.30 million, a price-to-earnings ratio of 11.10 and a beta of 0.71. Independent Bank Corporation has a fifty-two week low of $29.63 and a fifty-two week high of $39.17. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.92 and a current ratio of 0.92.

Independent Bank (NASDAQ:IBCP - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.84 by $0.06. Independent Bank had a net margin of 22.32% and a return on equity of 14.31%. The company had revenue of $63.24 million during the quarter, compared to the consensus estimate of $60.08 million. During the same quarter in the previous year, the firm earned $0.81 earnings per share. On average, equities research analysts anticipate that Independent Bank Corporation will post 3.59 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th will be paid a $0.28 dividend. The ex-dividend date is Tuesday, August 4th. This represents a $1.12 dividend on an annualized basis and a yield of 2.9%. Independent Bank's dividend payout ratio (DPR) is currently 32.56%.

About Independent Bank

Independent Bank Corporation NASDAQ: IBCP is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company's offerings span traditional branch-based banking as well as digital and mobile platforms.

Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.

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