Nuveen Asset Management LLC cut its holdings in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) by 2.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 341,674 shares of the financial services provider's stock after selling 8,186 shares during the period. Nuveen Asset Management LLC owned 1.64% of Independent Bank worth $11,901,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of IBCP. Foundry Partners LLC grew its position in Independent Bank by 1.1% in the 4th quarter. Foundry Partners LLC now owns 213,225 shares of the financial services provider's stock valued at $7,427,000 after buying an additional 2,355 shares during the last quarter. Barclays PLC boosted its position in shares of Independent Bank by 38.1% in the 3rd quarter. Barclays PLC now owns 82,357 shares of the financial services provider's stock worth $2,748,000 after buying an additional 22,728 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of Independent Bank in the 4th quarter worth about $436,000. Vanguard Group Inc. boosted its position in shares of Independent Bank by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 1,218,710 shares of the financial services provider's stock worth $42,448,000 after buying an additional 25,756 shares in the last quarter. Finally, Proficio Capital Partners LLC purchased a new position in Independent Bank in the 4th quarter valued at about $352,000. 79.43% of the stock is currently owned by hedge funds and other institutional investors.
Independent Bank Stock Down 0.4%
Shares of Independent Bank stock traded down $0.12 on Friday, hitting $31.63. 87,119 shares of the company's stock traded hands, compared to its average volume of 107,438. The stock has a market cap of $655.41 million, a P/E ratio of 10.01 and a beta of 0.83. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. The firm's 50-day moving average is $30.81 and its 200 day moving average is $33.55. Independent Bank Co. has a 52-week low of $22.53 and a 52-week high of $40.32.
Independent Bank (NASDAQ:IBCP - Get Free Report) last released its earnings results on Thursday, April 24th. The financial services provider reported $0.74 EPS for the quarter, beating the consensus estimate of $0.70 by $0.04. Independent Bank had a return on equity of 15.43% and a net margin of 20.67%. The company had revenue of $54.11 million during the quarter, compared to analysts' expectations of $46.25 million. Equities analysts anticipate that Independent Bank Co. will post 3.22 earnings per share for the current 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. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date was Monday, May 5th. Independent Bank's dividend payout ratio (DPR) is 33.12%.
Insider Activity
In other news, Director Michael M. Magee, Jr. sold 6,404 shares of Independent Bank stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $31.00, for a total transaction of $198,524.00. Following the completion of the sale, the director now directly owns 8,381 shares in the company, valued at $259,811. The trade was a 43.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 5.68% of the company's stock.
Wall Street Analyst Weigh In
A number of research analysts have issued reports on IBCP shares. Piper Sandler reduced their target price on shares of Independent Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a report on Monday, April 28th. Keefe, Bruyette & Woods dropped their price objective 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.
Check Out Our Latest Report on IBCP
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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