Nuveen LLC Invests $13.12 Million in Independent Bank Corporation $IBCP

Key Points

• Nuveen LLC has invested approximately $13.12 million in Independent Bank Corporation ($IBCP) by acquiring 426,204 shares, equating to about 2.03% ownership in the company.
• The stock of Independent Bank reached a market cap of $647.19 million and posted a net margin of 20.31% with earnings per share of $0.81 in the most recent quarter.
• Independent Bank recently declared a quarterly dividend of $0.26 per share, providing an annualized yield of 3.3% and a payout ratio of 33.88%.

Nuveen LLC acquired a new position in shares of Independent Bank Corporation (NASDAQ:IBCP - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 426,204 shares of the financial services provider's stock, valued at approximately $13,123,000. Nuveen LLC owned approximately 2.03% of Independent Bank at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Independent Bank by 9.5% during the 1st quarter. Vanguard Group Inc. now owns 1,335,049 shares of the financial services provider's stock valued at $41,106,000 after purchasing an additional 116,339 shares during the last quarter. LSV Asset Management increased its position in shares of Independent Bank by 9.7% during the 1st quarter. LSV Asset Management now owns 460,026 shares of the financial services provider's stock valued at $14,164,000 after purchasing an additional 40,856 shares during the last quarter. Tudor Investment Corp ET AL increased its position in shares of Independent Bank by 125.9% during the 4th quarter. Tudor Investment Corp ET AL now owns 57,938 shares of the financial services provider's stock valued at $2,018,000 after purchasing an additional 32,291 shares during the last quarter. Bank of America Corp DE increased its position in shares of Independent Bank by 17.5% during the 4th quarter. Bank of America Corp DE now owns 124,784 shares of the financial services provider's stock valued at $4,346,000 after purchasing an additional 18,602 shares during the last quarter. Finally, Mackenzie Financial Corp bought a new position in shares of Independent Bank during the 4th quarter valued at approximately $538,000. 79.43% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Independent Bank

In other Independent Bank news, EVP Gavin A. Mohr purchased 2,000 shares of the firm's stock in a transaction on Tuesday, August 5th. The stock was bought at an average cost of $29.64 per share, for a total transaction of $59,280.00. Following the completion of the purchase, the executive vice president owned 23,826 shares in the company, valued at $706,202.64. This represents a 9.16% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Terance L. Beia purchased 1,821 shares of the firm's stock in a transaction on Friday, June 13th. The stock was acquired at an average price of $30.65 per share, with a total value of $55,813.65. Following the completion of the purchase, the director owned 40,001 shares of the company's stock, valued at $1,226,030.65. The trade was a 4.77% increase in their position. The disclosure for this purchase can be found here. Company insiders own 5.68% of the company's stock.

Analyst Ratings Changes

Separately, DA Davidson upped their price objective on Independent Bank from $35.00 to $37.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $36.00.

Independent Bank Stock Up 0.4%

Shares of NASDAQ IBCP traded up $0.14 during mid-day trading on Wednesday, reaching $33.28. 56,220 shares of the company were exchanged, compared to its average volume of 87,256. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.39. The stock has a market cap of $689.23 million, a price-to-earnings ratio of 10.84 and a beta of 0.87. Independent Bank Corporation has a 1 year low of $26.75 and a 1 year high of $40.32. The firm has a 50-day moving average of $32.38 and a 200 day moving average of $31.83.

Independent Bank (NASDAQ:IBCP - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts' consensus estimates of $0.78 by $0.03. The firm had revenue of $55.94 million during the quarter, compared to analysts' expectations of $47.72 million. Independent Bank had a return on equity of 14.05% and a net margin of 20.31%. On average, research analysts expect that Independent Bank Corporation will post 3.22 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th were paid a $0.26 dividend. The ex-dividend date was Tuesday, August 5th. This represents a $1.04 dividend on an annualized basis and a yield of 3.1%. Independent Bank's dividend payout ratio (DPR) is 33.88%.

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.