Independent Bank Corporation $IBCP Shares Acquired by Sei Investments Co.

Key Points

• Sei Investments increased its Independent Bank stake by 35.5% in the first quarter, bringing its holdings to 110,479 shares worth approximately $3.68 million. Institutional investors collectively own 79.43% of the company.
• Analyst sentiment remains mixed, with two Buy ratings and three Holds; the average price target is $39.50, while Hovde Group raised its target to $41 and Piper Sandler to $42.
• Independent Bank exceeded quarterly expectations, reporting $0.90 in EPS versus the $0.84 consensus and $61.64 million in revenue. The company also declared a quarterly dividend of $0.28 per share, equivalent to a 2.9% annualized yield.

Sei Investments Co. increased its position in shares of Independent Bank Corporation (NASDAQ:IBCP - Free Report) by 35.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 110,479 shares of the financial services provider's stock after buying an additional 28,961 shares during the period. Sei Investments Co. owned about 0.54% of Independent Bank worth $3,679,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in IBCP. EverSource Wealth Advisors LLC grew its holdings in Independent Bank by 2,062.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 757 shares of the financial services provider's stock worth $25,000 after acquiring an additional 722 shares in the last quarter. Larson Financial Group LLC acquired a new stake in shares of Independent Bank in the 4th quarter valued at $26,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Independent Bank during the 4th quarter worth $27,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Independent Bank during the 4th quarter worth $29,000. Finally, Harbour Investments Inc. grew its stake in shares of Independent Bank by 45.4% during the fourth quarter. Harbour Investments Inc. now owns 961 shares of the financial services provider's stock worth $31,000 after purchasing an additional 300 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company's stock.

Analyst Upgrades and Downgrades

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

Independent Bank Trading Up 0.3%

Shares of IBCP stock opened at $38.50 on Friday. The company has a market capitalization of $793.49 million, a P/E ratio of 11.19 and a beta of 0.71. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.13. The business's 50 day moving average is $35.99 and its two-hundred day moving average is $34.93. Independent Bank Corporation has a twelve month low of $29.83 and a twelve month high of $39.24.

Independent Bank (NASDAQ:IBCP - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.84 by $0.06. Independent Bank had a return on equity of 14.31% and a net margin of 22.32%.The business had revenue of $61.64 million during the quarter, compared to analysts' expectations of $60.08 million. During the same quarter in the prior year, the business earned $0.81 earnings per share. Equities analysts forecast that Independent Bank Corporation will post 3.59 EPS for the current year.

Independent Bank Announces Dividend

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

Insiders Place Their Bets

In related news, EVP Stefanie M. Kimball sold 1,400 shares of Independent Bank stock in a transaction on Friday, May 29th. The stock was sold at an average price of $34.41, for a total transaction of $48,174.00. Following the completion of the transaction, the executive vice president directly owned 64,327 shares of the company's stock, valued at approximately $2,213,492.07. The trade was a 2.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 5.91% of the stock is owned by insiders.

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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