Independent Bank Corporation $IBCP Shares Acquired by Bank of America Corp DE

Key Points

• Bank of America increased its Independent Bank stake by 50.6% in the first quarter to 91,106 shares valued at approximately $3.03 million. Institutional investors and hedge funds collectively own 79.43% of IBCP.
• Independent Bank exceeded quarterly expectations, reporting $0.90 EPS versus the $0.84 consensus and revenue of $61.64 million versus $60.08 million expected. The company also maintains a quarterly dividend of $0.28 per share, representing a 3.0% annualized yield.
• Analyst sentiment remains mixed, with two Buy ratings and three Hold ratings producing a consensus “Hold” rating and a $39.50 average price target, compared with the stock’s reported $36.86 opening price.

Bank of America Corp DE increased its position in shares of Independent Bank Corporation (NASDAQ:IBCP - Free Report) by 50.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 91,106 shares of the financial services provider's stock after purchasing an additional 30,622 shares during the quarter. Bank of America Corp DE owned 0.44% of Independent Bank worth $3,034,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in IBCP. Y Intercept Hong Kong Ltd boosted its holdings in shares of Independent Bank by 204.6% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 64,512 shares of the financial services provider's stock valued at $2,148,000 after buying an additional 43,332 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Independent Bank by 20.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 181,515 shares of the financial services provider's stock valued at $6,044,000 after buying an additional 30,582 shares during the last quarter. Sei Investments Co. raised its stake in Independent Bank by 35.5% during the first quarter. Sei Investments Co. now owns 110,479 shares of the financial services provider's stock worth $3,679,000 after acquiring an additional 28,961 shares during the period. Hsbc Holdings PLC raised its stake in Independent Bank by 68.7% during the fourth quarter. Hsbc Holdings PLC now owns 41,334 shares of the financial services provider's stock worth $1,340,000 after acquiring an additional 16,829 shares during the period. Finally, Algebris UK Ltd. bought a new position in Independent Bank in the fourth quarter worth about $6,943,000. Institutional investors and hedge funds own 79.43% of the company's stock.

Independent Bank Price Performance

IBCP stock opened at $36.86 on Monday. Independent Bank Corporation has a 52 week low of $29.83 and a 52 week high of $39.24. The company has a market capitalization of $818.29 million, a price-to-earnings ratio of 10.72 and a beta of 0.71. The firm's 50-day moving average is $36.95 and its two-hundred day moving average is $35.18. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.32.

Independent Bank (NASDAQ:IBCP - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.06. Independent Bank had a net margin of 22.32% and a return on equity of 14.12%. The business had revenue of $61.64 million during the quarter, compared to analysts' expectations of $60.08 million. During the same period last year, the firm posted $0.81 earnings per share. On average, analysts forecast that Independent Bank Corporation will post 3.59 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Tuesday, August 4th. Independent Bank's dividend payout ratio (DPR) is presently 32.56%.

Analyst Ratings Changes

IBCP has been the subject of a number of research reports. 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 note on Friday, July 24th. Hovde Group upgraded 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. Weiss Ratings reissued a "buy (b)" rating on shares of Independent Bank in a report on Tuesday, June 9th. Finally, Piper Sandler upped their price objective on Independent Bank from $37.00 to $42.00 and gave the stock a "neutral" rating in a research note on Monday, July 27th. 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.com, the company has a consensus rating of "Hold" and a consensus price target of $39.50.

Independent Bank Company Profile

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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