LSV Asset Management Raises Holdings in Independent Bank Corporation (NASDAQ:IBCP)

Key Points

• LSV Asset Management increased its holdings in Independent Bank Corporation by 9.7%, acquiring an additional 40,856 shares to own 460,026 shares total, valued at approximately $14.16 million.
• The company announced a quarterly dividend of $0.26 per share, resulting in an annualized yield of 3.4% for shareholders, with an ex-dividend date set for August 5.
• Independent Bank's stock showed a recent price of $30.25, experiencing a 12-month low of $26.75 and a high of $40.32, alongside an earnings per share (EPS) report of $0.81, exceeding analyst expectations.

LSV Asset Management lifted its holdings in Independent Bank Corporation (NASDAQ:IBCP - Free Report) by 9.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 460,026 shares of the financial services provider's stock after acquiring an additional 40,856 shares during the period. LSV Asset Management owned 2.19% of Independent Bank worth $14,164,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in IBCP. JPMorgan Chase & Co. lifted its holdings in shares of Independent Bank by 15.3% in the 4th quarter. JPMorgan Chase & Co. now owns 447,690 shares of the financial services provider's stock valued at $15,593,000 after acquiring an additional 59,339 shares during the last quarter. Tudor Investment Corp ET AL lifted its holdings in shares of Independent Bank by 125.9% in the 4th quarter. Tudor Investment Corp ET AL now owns 57,938 shares of the financial services provider's stock valued at $2,018,000 after acquiring an additional 32,291 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Independent Bank by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 1,218,710 shares of the financial services provider's stock valued at $42,448,000 after acquiring an additional 25,756 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Independent Bank by 17.5% in the 4th quarter. Bank of America Corp DE now owns 124,784 shares of the financial services provider's stock valued at $4,346,000 after acquiring an additional 18,602 shares during the last quarter. Finally, Mackenzie Financial Corp bought a new position in shares of Independent Bank in the 4th quarter valued at about $538,000. Institutional investors own 79.43% of the company's stock.

Independent Bank Trading Up 0.9%

NASDAQ IBCP traded up $0.27 during trading on Friday, hitting $30.47. The stock had a trading volume of 18,247 shares, compared to its average volume of 100,190. 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 stock has a market capitalization of $631.34 million, a price-to-earnings ratio of 9.94 and a beta of 0.87. Independent Bank Corporation has a one year low of $26.75 and a one year high of $40.32. The stock has a 50 day simple moving average of $32.20 and a 200 day simple moving average of $32.23.

Independent Bank (NASDAQ:IBCP - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.03. Independent Bank had a net margin of 20.31% and a return on equity of 14.13%. The business had revenue of $55.94 million during the quarter, compared to the consensus estimate of $47.72 million. Sell-side analysts predict that Independent Bank Corporation will post 3.22 earnings per share for the current year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, August 5th. Independent Bank's payout ratio is currently 33.88%.

Insider Activity at Independent Bank

In related news, EVP Gavin A. Mohr purchased 2,000 shares of the firm's stock in a transaction dated Tuesday, August 5th. The stock was purchased at an average price of $29.64 per share, with a total value of $59,280.00. Following the completion of the purchase, the executive vice president owned 23,826 shares of the company's stock, valued at approximately $706,202.64. The trade was a 9.16% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Terance L. Beia purchased 1,821 shares of the firm's stock in a transaction dated Friday, June 13th. The shares were bought at an average cost of $30.65 per share, with a total value of $55,813.65. Following the purchase, the director directly owned 40,001 shares of the company's stock, valued at approximately $1,226,030.65. This represents a 4.77% increase in their position. The disclosure for this purchase can be found here. Insiders own 5.68% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on IBCP shares. Keefe, Bruyette & Woods decreased their price objective 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. DA Davidson raised their price objective on shares of Independent Bank from $35.00 to $37.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Finally, Piper Sandler decreased 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.

About Independent Bank

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.