Russell Investments Group Ltd. Has $2.61 Million Stake in Independent Bank Corporation $IBCP

Key Points

• Russell Investments Group Ltd. reduced its stake in Independent Bank Corporation by 62.6% in the first quarter, owning about 0.41% of the company at a value of $2.6 million after selling over 141,000 shares.
• Independent Bank reported a quarterly EPS of $0.81, exceeding estimates, with revenue of $55.94 million, well above projected figures.
• The bank announced a quarterly dividend of $0.26 per share, yielding 3.2%, with a payout ratio of approximately 33.88%.

Russell Investments Group Ltd. reduced its holdings in shares of Independent Bank Corporation (NASDAQ:IBCP - Free Report) by 62.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 84,794 shares of the financial services provider's stock after selling 141,866 shares during the period. Russell Investments Group Ltd. owned about 0.41% of Independent Bank worth $2,611,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. Nuveen LLC acquired a new stake in shares of Independent Bank during the 1st quarter valued at about $13,123,000. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Independent Bank by 41.0% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 48,079 shares of the financial services provider's stock valued at $1,480,000 after acquiring an additional 13,969 shares in the last quarter. Vanguard Group Inc. boosted 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 acquiring an additional 116,339 shares in the last quarter. LSV Asset Management boosted 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 acquiring an additional 40,856 shares in the last quarter. Finally, US Bancorp DE boosted its position in shares of Independent Bank by 342.4% during the 1st quarter. US Bancorp DE now owns 1,995 shares of the financial services provider's stock valued at $61,000 after acquiring an additional 1,544 shares in the last quarter. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Independent Bank

In other news, Director Terance L. Beia purchased 1,821 shares of Independent Bank stock in a transaction on Friday, June 13th. The shares were purchased at an average cost 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 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 Securities & Exchange Commission, which is available through the SEC website. Also, EVP Gavin A. Mohr purchased 2,000 shares of Independent Bank stock in a transaction on Tuesday, August 5th. The stock was purchased at an average price of $29.64 per share, for a total transaction of $59,280.00. Following the completion of the transaction, the executive vice president owned 23,826 shares of the company's stock, valued at approximately $706,202.64. This represents a 9.16% increase in their ownership of the stock. The disclosure for this purchase can be found here. 5.68% of the stock is owned by insiders.

Analysts Set New Price Targets

Separately, DA Davidson lifted their target price on shares of 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, Independent Bank has an average rating of "Hold" and a consensus target price of $36.00.

Independent Bank Price Performance

NASDAQ:IBCP traded down $0.08 on Friday, reaching $32.89. The stock had a trading volume of 163,768 shares, compared to its average volume of 84,884. The company has a market capitalization of $681.15 million, a P/E ratio of 10.71 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 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 fifty day moving average price of $32.48 and a 200-day moving average price of $31.76.

Independent Bank (NASDAQ:IBCP - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.81 EPS for the quarter, beating analysts' consensus estimates of $0.78 by $0.03. The firm had revenue of $55.94 million for the quarter, compared to analyst estimates of $47.72 million. Independent Bank had a net margin of 20.31% and a return on equity of 14.05%. Research analysts forecast that Independent Bank Corporation will post 3.22 EPS for the current year.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th were given 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 3.2%. Independent Bank's payout ratio 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.