GAMMA Investing LLC lifted its holdings in shares of Independent Bank Corporation (NASDAQ:IBCP - Free Report) by 51,388.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,268 shares of the financial services provider's stock after purchasing an additional 9,250 shares during the period. GAMMA Investing LLC's holdings in Independent Bank were worth $301,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of IBCP. Rhumbline Advisers increased its stake in shares of Independent Bank by 0.9% during 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. Hudson Edge Investment Partners Inc. increased its stake in shares of Independent Bank by 41.4% during the 4th quarter. Hudson Edge Investment Partners Inc. now owns 21,628 shares of the financial services provider's stock worth $753,000 after purchasing an additional 6,333 shares in the last quarter. PL Capital Advisors LLC increased its stake in shares of Independent Bank by 3,383.0% during the 4th quarter. PL Capital Advisors LLC now owns 11,110,248 shares of the financial services provider's stock worth $386,970,000 after purchasing an additional 10,791,263 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in shares of Independent Bank during the 4th quarter worth approximately $352,000. Finally, Bailard Inc. increased its stake in shares of Independent Bank by 13.3% during the 4th quarter. Bailard Inc. now owns 21,260 shares of the financial services provider's stock worth $740,000 after purchasing an additional 2,500 shares in the last quarter. 79.43% of the stock is owned by hedge funds and other institutional investors.
Independent Bank Trading Up 0.1%
IBCP stock traded up $0.03 during midday trading on Friday, hitting $30.40. The stock had a trading volume of 130,173 shares, compared to its average volume of 107,173. The firm has a market cap of $629.89 million, a PE ratio of 9.68 and a beta of 0.84. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.91 and a quick ratio of 0.90. Independent Bank Corporation has a 12-month low of $23.95 and a 12-month high of $40.32. The company's 50-day moving average price is $31.19 and its 200 day moving average price is $32.84.
Independent Bank (NASDAQ:IBCP - Get Free Report) last issued its earnings results on Thursday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.04. Independent Bank had a return on equity of 14.71% and a net margin of 20.62%. The business had revenue of $54.11 million for the quarter, compared to analyst estimates of $46.25 million. On average, equities research analysts predict that Independent Bank Corporation will post 3.22 earnings per share for the current fiscal year.
Independent Bank Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 5th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date was Monday, May 5th. Independent Bank's payout ratio is currently 33.12%.
Insider Activity at Independent Bank
In other Independent Bank news, Director Michael M. Magee, Jr. sold 6,404 shares of the firm's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $31.00, for a total value of $198,524.00. Following the transaction, the director now directly owns 8,381 shares of the company's stock, valued at $259,811. This trade represents a 43.31% decrease in their ownership of the stock. 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 Ratings Changes
A number of brokerages have recently weighed in on IBCP. Piper Sandler dropped their price objective on shares of Independent Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a research note on Monday, April 28th. Keefe, Bruyette & Woods lowered their target price on shares of Independent Bank from $37.00 to $35.00 and set a "market perform" rating for the company in a research note on Friday, April 25th.
Read Our Latest Research Report on Independent Bank
Independent Bank Company Profile
(
Free Report)
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.
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