Maltese Capital Management LLC Buys 67,859 Shares of Independent Bank Corporation $IBCP

Key Points

• Maltese Capital Management LLC boosted its stake in Independent Bank Corporation (NASDAQ:IBCP) by 77.9%, purchasing 67,859 shares to hold 155,000 shares (about 0.75% of the company) valued at $4.80 million at quarter-end.
• Institutional ownership is high at 79.43%, with multiple managers—including American Century, Geode, JPMorgan and Millennium—substantially increasing positions (Millennium added 146,646 shares, a 60.5% rise).
• Analyst sentiment is mixed: the consensus rating is "Hold" with a $37 price target (Piper Sandler raised its target to $39), while the company beat Q4 EPS estimates ($0.89 vs. $0.83) and raised its quarterly dividend to $0.28 (annualized $1.12, ~3.3% yield).

Maltese Capital Management LLC lifted its stake in Independent Bank Corporation (NASDAQ:IBCP - Free Report) by 77.9% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 155,000 shares of the financial services provider's stock after purchasing an additional 67,859 shares during the quarter. Maltese Capital Management LLC owned about 0.75% of Independent Bank worth $4,801,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. American Century Companies Inc. lifted its position in Independent Bank by 8.1% in the third quarter. American Century Companies Inc. now owns 643,540 shares of the financial services provider's stock worth $19,934,000 after buying an additional 48,301 shares during the last quarter. Geode Capital Management LLC increased its position in Independent Bank by 3.5% during the second quarter. Geode Capital Management LLC now owns 544,084 shares of the financial services provider's stock valued at $17,637,000 after acquiring an additional 18,463 shares during the last quarter. LSV Asset Management raised its stake in shares of Independent Bank by 1.0% in the second quarter. LSV Asset Management now owns 464,770 shares of the financial services provider's stock valued at $15,063,000 after acquiring an additional 4,744 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Independent Bank by 5.9% in the third quarter. JPMorgan Chase & Co. now owns 445,911 shares of the financial services provider's stock valued at $13,812,000 after acquiring an additional 24,772 shares during the period. Finally, Millennium Management LLC lifted its holdings in shares of Independent Bank by 60.5% in the 3rd quarter. Millennium Management LLC now owns 389,220 shares of the financial services provider's stock worth $12,056,000 after acquiring an additional 146,646 shares during the last quarter. Hedge funds and other institutional investors own 79.43% of the company's stock.

Analyst Ratings Changes

IBCP has been the topic of several analyst reports. Piper Sandler upped their price target on shares of Independent Bank from $36.00 to $39.00 and gave the company a "neutral" rating in a report on Monday, January 26th. Weiss Ratings raised shares of Independent Bank from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, January 12th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Independent Bank presently has a consensus rating of "Hold" and a consensus price target of $37.00.

Independent Bank Stock Performance

Shares of Independent Bank stock opened at $33.52 on Tuesday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.23. The stock's fifty day moving average is $34.89 and its two-hundred day moving average is $33.10. Independent Bank Corporation has a 52 week low of $26.75 and a 52 week high of $37.39. The company has a market capitalization of $690.18 million, a PE ratio of 10.22 and a beta of 0.78.

Independent Bank (NASDAQ:IBCP - Get Free Report) last released its earnings results on Thursday, January 22nd. The financial services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.06. The business had revenue of $46.80 million during the quarter, compared to the consensus estimate of $50.52 million. Independent Bank had a return on equity of 14.20% and a net margin of 21.73%. As a group, analysts expect that Independent Bank Corporation will post 3.22 earnings per share for the current year.

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Tuesday, February 3rd were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Tuesday, February 3rd. This is a positive change from Independent Bank's previous quarterly dividend of $0.26. Independent Bank's dividend payout ratio (DPR) is 34.15%.

Independent Bank Profile

Independent Bank Corporation NASDAQ: IBCP is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company's offerings span traditional branch-based banking as well as digital and mobile platforms.

Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.

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