Independent Bank Co. (NASDAQ:IBCP) Stake Increased by Tudor Investment Corp ET AL

Tudor Investment Corp ET AL raised its stake in Independent Bank Co. (NASDAQ:IBCP - Free Report) by 125.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 57,938 shares of the financial services provider's stock after acquiring an additional 32,291 shares during the quarter. Tudor Investment Corp ET AL owned approximately 0.28% of Independent Bank worth $2,018,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. PL Capital Advisors LLC grew its stake in Independent Bank by 3,383.0% in the 4th quarter. PL Capital Advisors LLC now owns 11,110,248 shares of the financial services provider's stock worth $386,970,000 after acquiring an additional 10,791,263 shares during the period. Vanguard Group Inc. grew its position in shares of Independent Bank by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 1,218,710 shares of the financial services provider's stock valued at $42,448,000 after purchasing an additional 25,756 shares during the period. American Century Companies Inc. increased its stake in Independent Bank by 11.5% in the fourth quarter. American Century Companies Inc. now owns 523,614 shares of the financial services provider's stock valued at $18,237,000 after purchasing an additional 53,938 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Independent Bank by 15.3% in the fourth quarter. JPMorgan Chase & Co. now owns 447,690 shares of the financial services provider's stock valued at $15,593,000 after purchasing an additional 59,339 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Independent Bank by 28.7% in the 3rd quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider's stock worth $11,660,000 after buying an additional 77,874 shares during the last quarter. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Michael M. Magee, Jr. sold 6,404 shares of the business's stock in a transaction that occurred 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 transaction, the director now directly owns 8,381 shares of the company's stock, valued at approximately $259,811. The trade was a 43.31 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 5.68% of the stock is owned by corporate insiders.

Independent Bank Trading Down 0.8 %

Shares of Independent Bank stock traded down $0.24 during trading hours on Friday, reaching $31.64. The stock had a trading volume of 70,986 shares, compared to its average volume of 108,292. The firm has a market capitalization of $663.59 million, a price-to-earnings ratio of 10.01 and a beta of 0.83. Independent Bank Co. has a 1 year low of $22.53 and a 1 year high of $40.32. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. The firm has a 50 day simple moving average of $30.53 and a two-hundred day simple moving average of $33.86.

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, beating the consensus estimate of $0.70 by $0.04. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. The firm had revenue of $54.11 million for the quarter, compared to analyst estimates of $46.25 million. As a group, equities research analysts anticipate that Independent Bank Co. will post 3.22 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Monday, May 5th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Monday, May 5th. This represents a $1.04 annualized dividend and a dividend yield of 3.29%. Independent Bank's payout ratio is 33.12%.

Analysts Set New Price Targets

A number of research analysts have recently commented on IBCP shares. DA Davidson upped their price objective on shares of Independent Bank from $37.00 to $39.00 and gave the company a "neutral" rating in a research note on Tuesday, January 28th. Keefe, Bruyette & Woods dropped their price target on shares of Independent Bank from $37.00 to $35.00 and set a "market perform" rating for the company in a research report on Friday, April 25th. Finally, Piper Sandler decreased their price target 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.

About Independent Bank

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.