Independent Bank Corporation $IBCP Shares Acquired by Y Intercept Hong Kong Ltd

Key Points

• Y Intercept Hong Kong Ltd boosted its stake in Independent Bank Corporation by 204.6% in the first quarter, bringing its holdings to 64,512 shares worth about $2.15 million.
• Independent Bank reported Q1 EPS of $0.81, topping analyst estimates, though revenue came in below expectations at $58.9 million.
• The stock has a Hold consensus rating with an average price target of $37, while it recently traded around $35.13 and offers a quarterly dividend yielding about 3.2%.

Y Intercept Hong Kong Ltd lifted its position in shares of Independent Bank Corporation (NASDAQ:IBCP - Free Report) by 204.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 64,512 shares of the financial services provider's stock after acquiring an additional 43,332 shares during the quarter. Y Intercept Hong Kong Ltd owned 0.31% of Independent Bank worth $2,148,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Integrated Wealth Concepts LLC acquired a new position in Independent Bank in the 1st quarter worth about $287,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Independent Bank by 4.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,816 shares of the financial services provider's stock valued at $364,000 after purchasing an additional 464 shares during the period. Millennium Management LLC grew its holdings in Independent Bank by 469.8% in the first quarter. Millennium Management LLC now owns 130,953 shares of the financial services provider's stock valued at $4,032,000 after purchasing an additional 107,972 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Independent Bank by 4.5% in the first quarter. Goldman Sachs Group Inc. now owns 298,986 shares of the financial services provider's stock valued at $9,206,000 after buying an additional 12,855 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Independent Bank by 24.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 71,115 shares of the financial services provider's stock valued at $2,190,000 after buying an additional 13,926 shares in the last quarter. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Stefanie M. Kimball sold 1,400 shares of the stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $34.41, for a total value of $48,174.00. Following the completion of the sale, the executive vice president directly owned 64,327 shares in the company, valued at $2,213,492.07. This represents a 2.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 5.91% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Piper Sandler cut their price target on shares of Independent Bank from $39.00 to $37.00 and set a "neutral" rating for the company in a report on Monday, April 27th. Weiss Ratings reiterated a "buy (b)" rating on shares of Independent Bank in a research report on Tuesday, June 9th. Finally, DA Davidson boosted their target price on shares of Independent Bank from $36.00 to $37.00 and gave the stock a "neutral" rating in a research note on Monday, April 27th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, Independent Bank has an average rating of "Hold" and a consensus price target of $37.00.

Independent Bank Stock Performance

NASDAQ IBCP opened at $35.13 on Thursday. The company has a market cap of $724.03 million, a PE ratio of 10.49 and a beta of 0.71. The stock's 50 day simple moving average is $34.50 and its 200-day simple moving average is $34.32. Independent Bank Corporation has a 1-year low of $29.63 and a 1-year high of $39.17. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.92 and a quick ratio of 0.92.

Independent Bank (NASDAQ:IBCP - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.79 by $0.02. Independent Bank had a return on equity of 14.15% and a net margin of 22.02%.The firm had revenue of $58.90 million during the quarter, compared to analysts' expectations of $60.36 million. As a group, equities research analysts anticipate that Independent Bank Corporation will post 3.54 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Monday, May 4th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.2%. Independent Bank's dividend payout ratio is presently 33.43%.

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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