Mackenzie Financial Corp Acquires Shares of 15,437 Independent Bank Co. (NASDAQ:IBCP)

Mackenzie Financial Corp purchased a new stake in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 15,437 shares of the financial services provider's stock, valued at approximately $538,000. Mackenzie Financial Corp owned approximately 0.07% of Independent Bank at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Quadrant Capital Group LLC increased its stake in Independent Bank by 10.9% during the 4th quarter. Quadrant Capital Group LLC now owns 2,890 shares of the financial services provider's stock valued at $101,000 after purchasing an additional 283 shares in the last quarter. Rhumbline Advisers grew its stake in shares of Independent Bank by 0.9% in the 4th quarter. Rhumbline Advisers now owns 41,649 shares of the financial services provider's stock worth $1,451,000 after acquiring an additional 374 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Independent Bank by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,352 shares of the financial services provider's stock worth $395,000 after acquiring an additional 399 shares in the last quarter. Sterling Capital Management LLC grew its stake in shares of Independent Bank by 4.0% in the 4th quarter. Sterling Capital Management LLC now owns 14,721 shares of the financial services provider's stock worth $513,000 after acquiring an additional 569 shares in the last quarter. Finally, HighTower Advisors LLC grew its stake in shares of Independent Bank by 2.2% in the 4th quarter. HighTower Advisors LLC now owns 27,270 shares of the financial services provider's stock worth $950,000 after acquiring an additional 598 shares in the last quarter. Institutional investors own 79.43% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Piper Sandler reduced 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. Keefe, Bruyette & Woods reduced 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.

Insider Activity at Independent Bank

In related news, Director Michael M. Magee, Jr. sold 6,404 shares of the stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $31.00, for a total transaction of $198,524.00. Following the completion of the transaction, the director now owns 8,381 shares in the company, valued at approximately $259,811. This represents a 43.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 5.68% of the stock is owned by company insiders.

Independent Bank Stock Up 1.9%

Shares of NASDAQ IBCP traded up $0.59 during trading on Friday, hitting $31.43. The stock had a trading volume of 59,339 shares, compared to its average volume of 107,396. Independent Bank Co. has a 12 month low of $23.48 and a 12 month high of $40.32. 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 company has a market capitalization of $651.26 million, a PE ratio of 9.95 and a beta of 0.83. The firm has a fifty day moving average of $30.82 and a two-hundred day moving average of $33.36.

Independent Bank (NASDAQ:IBCP - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.04. The company had revenue of $54.11 million during the quarter, compared to analyst estimates of $46.25 million. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. As a group, equities research analysts forecast that Independent Bank Co. will post 3.22 EPS for the current fiscal year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 5th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, May 5th. This represents a $1.04 annualized dividend and a yield of 3.31%. Independent Bank's payout ratio is currently 33.12%.

Independent Bank Company 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.