Connor Clark & Lunn Investment Management Ltd. increased its position in Independent Bank Corporation (NASDAQ:IBCP - Free Report) by 41.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 48,079 shares of the financial services provider's stock after purchasing an additional 13,969 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.23% of Independent Bank worth $1,480,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wells Fargo & Company MN lifted its holdings in shares of Independent Bank by 20.8% during the fourth quarter. Wells Fargo & Company MN now owns 23,162 shares of the financial services provider's stock valued at $807,000 after acquiring an additional 3,993 shares during the period. Envestnet Asset Management Inc. increased its position in Independent Bank by 37.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 11,017 shares of the financial services provider's stock worth $384,000 after purchasing an additional 3,018 shares during the period. Invesco Ltd. grew its position in shares of Independent Bank by 5.4% during the 4th quarter. Invesco Ltd. now owns 51,814 shares of the financial services provider's stock worth $1,805,000 after buying an additional 2,674 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Independent Bank during the 4th quarter worth about $410,000. Finally, Sterling Capital Management LLC grew its position in shares of Independent Bank by 4.0% during the 4th quarter. Sterling Capital Management LLC now owns 14,721 shares of the financial services provider's stock worth $513,000 after buying an additional 569 shares during the period. 79.43% of the stock is owned by institutional investors.
Independent Bank Price Performance
NASDAQ:IBCP traded down $0.14 during trading hours on Thursday, hitting $31.25. The company's stock had a trading volume of 57,510 shares, compared to its average volume of 82,484. The stock has a fifty day simple moving average of $32.17 and a 200-day simple moving average of $31.93. The company has a market capitalization of $647.19 million, a P/E ratio of 10.18 and a beta of 0.87. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.92 and a quick ratio of 0.92. Independent Bank Corporation has a twelve month low of $26.75 and a twelve month high of $40.32.
Independent Bank (NASDAQ:IBCP - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. The business had revenue of $55.94 million for the quarter, compared to analyst estimates of $47.72 million. Independent Bank had a return on equity of 14.05% and a net margin of 20.31%. On average, analysts anticipate that Independent Bank Corporation will post 3.22 EPS for the current fiscal year.
Independent Bank Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Tuesday, August 5th. This represents a $1.04 annualized dividend and a dividend yield of 3.3%. Independent Bank's dividend payout ratio (DPR) is presently 33.88%.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on IBCP shares. DA Davidson boosted their price objective on Independent Bank from $35.00 to $37.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Keefe, Bruyette & Woods cut their target price on Independent Bank from $37.00 to $35.00 and set a "market perform" rating on the stock in a research note on Friday, April 25th. Finally, Piper Sandler dropped their price objective on Independent Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a research note on Monday, April 28th. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat, Independent Bank presently has an average rating of "Hold" and an average price target of $36.00.
Read Our Latest Analysis on Independent Bank
Insider Buying and Selling at Independent Bank
In related news, Director Terance L. Beia acquired 1,821 shares of the business's stock in a transaction that occurred on 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 completion of the purchase, the director directly owned 40,001 shares in the company, valued at $1,226,030.65. The trade was a 4.77% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Gavin A. Mohr acquired 2,000 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was bought at an average cost of $29.64 per share, for a total transaction 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 $706,202.64. This trade represents a 9.16% increase in their ownership of the stock. The disclosure for this purchase can be found here. 5.68% of the stock is currently owned by company insiders.
Independent Bank 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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