MQS Management LLC Purchases Shares of 9,646 Independent Bank Corporation (NASDAQ:IBCP)

MQS Management LLC acquired a new stake in Independent Bank Corporation (NASDAQ:IBCP - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,646 shares of the financial services provider's stock, valued at approximately $297,000.

Other institutional investors have also modified their holdings of the company. Quadrant Capital Group LLC increased its position in Independent Bank by 10.9% in the 4th quarter. Quadrant Capital Group LLC now owns 2,890 shares of the financial services provider's stock worth $101,000 after purchasing an additional 283 shares during the last quarter. SummerHaven Investment Management LLC boosted its stake in shares of Independent Bank by 1.4% during the 1st quarter. SummerHaven Investment Management LLC now owns 29,010 shares of the financial services provider's stock worth $893,000 after acquiring an additional 395 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Independent Bank by 3.6% during 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 boosted its stake 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 acquiring an additional 569 shares in the last quarter. Finally, HighTower Advisors LLC boosted its stake in shares of Independent Bank by 2.2% during 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 and hedge funds own 79.43% of the company's stock.

Independent Bank Price Performance

IBCP stock traded up $0.07 during midday trading on Wednesday, reaching $33.54. 20,781 shares of the company's stock traded hands, compared to its average volume of 103,698. The company has a 50-day simple moving average of $32.13 and a two-hundred day simple moving average of $32.46. Independent Bank Corporation has a 1-year low of $26.75 and a 1-year high of $40.32. The company has a market cap of $694.98 million, a price-to-earnings ratio of 10.68 and a beta of 0.84. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.27.

Independent Bank (NASDAQ:IBCP - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, beating analysts' consensus estimates of $0.70 by $0.04. Independent Bank had a return on equity of 14.71% and a net margin of 20.62%. The firm had revenue of $54.11 million during the quarter, compared to analysts' expectations of $46.25 million. On average, analysts anticipate that Independent Bank Corporation will post 3.22 earnings per share for the current year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were paid a $0.26 dividend. The ex-dividend date was Monday, May 5th. This represents a $1.04 annualized dividend and a dividend yield of 3.10%. Independent Bank's dividend payout ratio (DPR) is currently 33.12%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on IBCP. Piper Sandler decreased their target price on 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 cut their price target on Independent Bank from $37.00 to $35.00 and set a "market perform" rating for the company in a report on Friday, April 25th.

Insider Buying and Selling at Independent Bank

In other news, Director Michael M. Magee, Jr. sold 6,404 shares of the firm's stock in a transaction 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 transaction, the director directly owned 8,381 shares in the company, valued at $259,811. This trade represents a 43.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Terance L. Beia purchased 1,821 shares of Independent Bank stock in a transaction dated Friday, June 13th. The stock was bought at an average price of $30.65 per share, for a total transaction of $55,813.65. Following the completion of the transaction, 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 disclosure for this purchase can be found here. 5.68% of the stock is currently owned by company insiders.

Independent Bank 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.