MQS Management LLC Makes New $297,000 Investment in Independent Bank Corporation (NASDAQ:IBCP)

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

Several other institutional investors have also added to or reduced their stakes in the company. Alps Advisors Inc. boosted its stake in Independent Bank by 9.8% in the 1st quarter. Alps Advisors Inc. now owns 11,589 shares of the financial services provider's stock valued at $357,000 after purchasing an additional 1,039 shares during the period. Envestnet Asset Management Inc. raised its holdings in Independent Bank by 36.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 15,079 shares of the financial services provider's stock valued at $464,000 after acquiring an additional 4,062 shares in the last quarter. Hudson Edge Investment Partners Inc. raised its holdings in Independent Bank by 44.5% in the 1st quarter. Hudson Edge Investment Partners Inc. now owns 31,258 shares of the financial services provider's stock valued at $962,000 after acquiring an additional 9,630 shares in the last quarter. SummerHaven Investment Management LLC raised its holdings in Independent Bank by 1.4% in the 1st quarter. SummerHaven Investment Management LLC now owns 29,010 shares of the financial services provider's stock valued at $893,000 after acquiring an additional 395 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in Independent Bank by 69.5% in the 1st quarter. SG Americas Securities LLC now owns 25,324 shares of the financial services provider's stock valued at $780,000 after acquiring an additional 10,384 shares in the last quarter. 79.43% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Independent Bank news, Director Terance L. Beia purchased 1,821 shares of the stock in a transaction dated Friday, June 13th. The stock was bought at an average price of $30.65 per share, with a total value of $55,813.65. Following the acquisition, the director owned 40,001 shares of the company's stock, valued at approximately $1,226,030.65. This represents a 4.77% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Michael M. Magee, Jr. sold 6,404 shares of the business'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 of the company's stock, valued at $259,811. This trade represents a 43.31% decrease in their position. The disclosure for this sale can be found here. 5.68% of the stock is currently owned by insiders.

Independent Bank Price Performance

NASDAQ IBCP traded down $0.22 during midday trading on Friday, hitting $34.15. The company had a trading volume of 30,697 shares, compared to its average volume of 102,648. The company has a market capitalization of $707.48 million, a PE ratio of 10.87 and a beta of 0.84. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. The firm has a 50-day moving average price of $32.24 and a 200-day moving average price of $32.46. Independent Bank Corporation has a twelve month low of $26.75 and a twelve month high of $40.32.

Independent Bank (NASDAQ:IBCP - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.74 EPS for the quarter, topping 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 company had revenue of $54.11 million during the quarter, compared to analysts' expectations of $46.25 million. As a group, analysts anticipate that Independent Bank Corporation will post 3.22 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The firm 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 was Monday, May 5th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.05%. Independent Bank's dividend payout ratio (DPR) is currently 33.12%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Piper Sandler dropped their price objective on Independent Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a report on Monday, April 28th. Keefe, Bruyette & Woods dropped their price objective 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.

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.