Mackenzie Financial Corp bought a new stake in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 15,437 shares of the financial services provider's stock, valued at approximately $538,000. Mackenzie Financial Corp owned about 0.07% of Independent Bank at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Foundry Partners LLC increased its stake in Independent Bank by 1.1% in the 4th quarter. Foundry Partners LLC now owns 213,225 shares of the financial services provider's stock worth $7,427,000 after acquiring an additional 2,355 shares during the last quarter. Barclays PLC boosted its stake in shares of Independent Bank by 38.1% during the 3rd quarter. Barclays PLC now owns 82,357 shares of the financial services provider's stock worth $2,748,000 after purchasing an additional 22,728 shares during the period. Intech Investment Management LLC bought a new position in Independent Bank during the 4th quarter valued at about $436,000. Bank of America Corp DE raised its position in 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 worth $4,346,000 after purchasing an additional 18,602 shares during the period. Finally, Vanguard Group Inc. lifted its stake in Independent Bank by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 1,218,710 shares of the financial services provider's stock worth $42,448,000 after purchasing an additional 25,756 shares during the last quarter. 79.43% of the stock is owned by institutional investors.
Independent Bank Stock Down 0.8%
Independent Bank stock traded down $0.25 during midday trading on Thursday, reaching $30.83. The company's stock had a trading volume of 26,342 shares, compared to its average volume of 107,077. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market capitalization of $638.72 million, a P/E ratio of 9.77 and a beta of 0.83. The stock's 50-day simple moving average is $30.81 and its 200-day simple moving average is $33.45. Independent Bank Co. has a 52-week low of $23.48 and a 52-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 for the quarter, compared to the consensus estimate of $46.25 million. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. On average, sell-side analysts expect that Independent Bank Co. will post 3.22 EPS for the current year.
Independent Bank Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 5th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 3.37%. The ex-dividend date was Monday, May 5th. Independent Bank's dividend payout ratio is currently 33.12%.
Analyst Ratings Changes
Several equities research analysts have recently weighed in on the company. 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 report on Friday, April 25th. Piper Sandler lowered their target price 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.
View Our Latest Research Report on Independent Bank
Insider Buying and Selling at Independent Bank
In other Independent Bank news, Director Michael M. Magee, Jr. sold 6,404 shares of Independent Bank stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $31.00, for a total transaction of $198,524.00. Following the sale, the director now owns 8,381 shares of the company's stock, valued at $259,811. The trade was a 43.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 5.68% of the company's stock.
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.
Featured Articles
Before you consider Independent Bank, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Independent Bank wasn't on the list.
While Independent Bank currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Nuclear energy stocks are roaring. It's the hottest energy sector of the year. Cameco Corp, Paladin Energy, and BWX Technologies were all up more than 40% in 2024. The biggest market moves could still be ahead of us, and there are seven nuclear energy stocks that could rise much higher in the next several months. To unlock these tickers, enter your email address below.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
