Millennium Management LLC raised its position in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) by 174.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,981 shares of the financial services provider's stock after acquiring an additional 14,606 shares during the quarter. Millennium Management LLC owned approximately 0.11% of Independent Bank worth $800,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Aquatic Capital Management LLC acquired a new position in Independent Bank in the 4th quarter valued at $42,000. Tower Research Capital LLC TRC boosted its stake in Independent Bank by 246.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,439 shares of the financial services provider's stock worth $50,000 after purchasing an additional 1,024 shares during the last quarter. Quantbot Technologies LP purchased a new stake in shares of Independent Bank during the fourth quarter worth $58,000. Quadrant Capital Group LLC raised its position in shares of Independent Bank by 10.9% in the fourth quarter. Quadrant Capital Group LLC now owns 2,890 shares of the financial services provider's stock valued at $101,000 after buying an additional 283 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new stake in shares of Independent Bank in the fourth quarter valued at about $127,000. Hedge funds and other institutional investors own 79.43% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on IBCP. Piper Sandler lowered their price target on shares of Independent Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a research report on Monday, April 28th. Keefe, Bruyette & Woods decreased their target price on shares of 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.
Read Our Latest Analysis on Independent Bank
Independent Bank Trading Up 1.0%
NASDAQ:IBCP traded up $0.31 during trading hours on Tuesday, hitting $31.89. The company had a trading volume of 55,035 shares, compared to its average volume of 107,537. Independent Bank Co. has a 1 year low of $23.48 and a 1 year high of $40.32. The company has a market cap of $660.79 million, a P/E ratio of 10.09 and a beta of 0.84. The company has a 50-day moving average of $30.90 and a 200 day moving average of $33.25. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18.
Independent Bank (NASDAQ:IBCP - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.04. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. The firm had revenue of $54.11 million during the quarter, compared to analyst estimates of $46.25 million. Sell-side analysts expect that Independent Bank Co. will post 3.22 earnings per share for the current year.
Independent Bank Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, May 5th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.26%. Independent Bank's dividend payout ratio is currently 33.12%.
Insider Transactions at Independent Bank
In related news, Director Michael M. Magee, Jr. sold 6,404 shares of the stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $31.00, for a total value of $198,524.00. Following the completion of the transaction, the director now directly 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 5.68% of the company's stock.
About Independent Bank
(
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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