Independent Bank Corporation (NASDAQ:IBCP) Shares Bought by GAMMA Investing LLC

GAMMA Investing LLC grew its holdings in shares of Independent Bank Corporation (NASDAQ:IBCP - Free Report) by 51,388.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,268 shares of the financial services provider's stock after buying an additional 9,250 shares during the quarter. GAMMA Investing LLC's holdings in Independent Bank were worth $301,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Rhumbline Advisers boosted its position in 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 during the period. Hudson Edge Investment Partners Inc. lifted its stake in shares of Independent Bank by 41.4% during the fourth 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 lifted its stake in shares of Independent Bank by 3,383.0% during the fourth 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 stake in shares of Independent Bank in the fourth quarter worth about $352,000. Finally, Bailard Inc. grew its stake in shares of Independent Bank by 13.3% in the fourth quarter. Bailard Inc. now owns 21,260 shares of the financial services provider's stock valued at $740,000 after buying an additional 2,500 shares in the last quarter. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Stock Up 0.7%

Shares of IBCP stock traded up $0.23 during mid-day trading on Tuesday, reaching $31.53. 65,769 shares of the company were exchanged, compared to its average volume of 106,812. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 0.91. The business's 50 day simple moving average is $31.24 and its 200 day simple moving average is $32.75. The company has a market capitalization of $653.30 million, a P/E ratio of 10.04 and a beta of 0.85. Independent Bank Corporation has a fifty-two week low of $23.95 and a fifty-two week high of $40.32.

Independent Bank (NASDAQ:IBCP - Get Free Report) last released 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. The company had revenue of $54.11 million during the quarter, compared to the consensus estimate of $46.25 million. Independent Bank had a net margin of 20.62% and a return on equity of 14.71%. Research analysts predict that Independent Bank Corporation will post 3.22 earnings per share for the current year.

Independent Bank Announces Dividend

The company also recently disclosed 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 annualized dividend and a yield of 3.30%. The ex-dividend date of this dividend was Monday, May 5th. Independent Bank's dividend payout ratio is currently 33.12%.

Insider Buying and Selling at Independent Bank

In related news, Director Michael M. Magee, Jr. sold 6,404 shares of the company's stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $31.00, for a total transaction of $198,524.00. Following the sale, the director now directly owns 8,381 shares of the company's stock, valued at approximately $259,811. This represents a 43.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 5.68% of the stock is currently owned by insiders.

Analysts Set New Price Targets

IBCP has been the topic of several recent research reports. Keefe, Bruyette & Woods reduced their price target on Independent Bank from $37.00 to $35.00 and set a "market perform" rating on the stock in a research report on Friday, April 25th. Piper Sandler reduced their target price on shares of Independent Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a research report on Monday, April 28th.

Independent Bank Profile

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.