Principal Financial Group Inc. trimmed its position in shares of Independent Bank Corporation (NASDAQ:IBCP - Free Report) by 3.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 326,145 shares of the financial services provider's stock after selling 10,967 shares during the quarter. Principal Financial Group Inc. owned about 1.56% of Independent Bank worth $10,042,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Boston Partners lifted its stake in shares of Independent Bank by 22.5% in the 4th quarter. Boston Partners now owns 347,986 shares of the financial services provider's stock worth $12,120,000 after purchasing an additional 64,006 shares during the period. JPMorgan Chase & Co. raised its stake in Independent Bank by 15.3% during the 4th quarter. JPMorgan Chase & Co. now owns 447,690 shares of the financial services provider's stock worth $15,593,000 after acquiring an additional 59,339 shares during the period. American Century Companies Inc. raised its stake in Independent Bank by 11.5% during the 4th quarter. American Century Companies Inc. now owns 523,614 shares of the financial services provider's stock worth $18,237,000 after acquiring an additional 53,938 shares during the period. Tudor Investment Corp ET AL raised its stake in 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 worth $2,018,000 after acquiring an additional 32,291 shares during the period. Finally, Vanguard Group Inc. raised its stake in Independent Bank by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 1,218,710 shares of the financial services provider's stock worth $42,448,000 after acquiring an additional 25,756 shares during the period. 79.43% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of equities research analysts have commented on the stock. Piper Sandler cut their price objective on shares of 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 cut 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 report on Friday, April 25th.
View Our Latest Stock Report on Independent Bank
Independent Bank Price Performance
IBCP traded down $0.15 during trading on Friday, reaching $34.22. 29,261 shares of the company traded hands, compared to its average volume of 102,642. The firm has a fifty day simple moving average of $32.24 and a 200 day simple moving average of $32.46. Independent Bank Corporation has a 12-month low of $26.75 and a 12-month high of $40.32. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 0.91. The company has a market cap of $708.93 million, a P/E ratio of 10.88 and a beta of 0.84.
Independent Bank (NASDAQ:IBCP - Get Free Report) last posted its 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 net margin of 20.62% and a return on equity of 14.71%. The firm had revenue of $54.11 million during the quarter, compared to analyst estimates of $46.25 million. On average, equities analysts forecast that Independent Bank Corporation will post 3.22 EPS for the current year.
Independent Bank Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 5th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 3.04%. The ex-dividend date of this dividend was Monday, May 5th. Independent Bank's payout ratio is 33.12%.
Insider Buying and Selling at Independent Bank
In other Independent Bank news, Director Michael M. Magee, Jr. sold 6,404 shares of the company's stock in a transaction on 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 owned 8,381 shares in the company, valued at $259,811. This represents a 43.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Terance L. Beia purchased 1,821 shares of the stock in a transaction dated Friday, June 13th. The stock was purchased at an average price of $30.65 per share, for a total transaction of $55,813.65. Following the completion of the acquisition, the director directly owned 40,001 shares in the company, valued at approximately $1,226,030.65. This represents a 4.77% increase in their position. The disclosure for this purchase can be found here. 5.68% of the stock is owned by insiders.
Independent Bank Company Profile
(
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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