Allspring Global Investments Holdings LLC Has $7.05 Million Stock Holdings in Independent Bank Co. (NASDAQ:IBCP)

Allspring Global Investments Holdings LLC boosted its position in Independent Bank Co. (NASDAQ:IBCP) by 36.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 415,842 shares of the financial services provider’s stock after buying an additional 109,986 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 1.97% of Independent Bank worth $7,053,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Tower Research Capital LLC TRC grew its position in shares of Independent Bank by 198.9% in the first quarter. Tower Research Capital LLC TRC now owns 1,405 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 935 shares during the last quarter. Advisor Group Holdings Inc. grew its holdings in Independent Bank by 113.4% in the 4th quarter. Advisor Group Holdings Inc. now owns 4,246 shares of the financial services provider’s stock valued at $102,000 after buying an additional 2,256 shares during the last quarter. Citigroup Inc. grew its holdings in Independent Bank by 15.8% in the 4th quarter. Citigroup Inc. now owns 6,414 shares of the financial services provider’s stock valued at $153,000 after buying an additional 877 shares during the last quarter. UBS Group AG grew its stake in shares of Independent Bank by 21.1% in the third quarter. UBS Group AG now owns 8,252 shares of the financial services provider’s stock worth $158,000 after acquiring an additional 1,436 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of Independent Bank by 38.3% in the first quarter. SG Americas Securities LLC now owns 9,958 shares of the financial services provider’s stock worth $177,000 after acquiring an additional 2,757 shares during the last quarter. 78.80% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Price Performance

Shares of Independent Bank stock opened at $20.31 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 0.84. The firm’s 50-day simple moving average is $18.61 and its 200-day simple moving average is $18.23. Independent Bank Co. has a twelve month low of $14.90 and a twelve month high of $24.97. The firm has a market cap of $425.37 million, a P/E ratio of 7.13 and a beta of 0.94.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 13th. Shareholders of record on Friday, November 3rd will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 4.53%. The ex-dividend date of this dividend is Thursday, November 2nd. Independent Bank’s payout ratio is 32.28%.

Analyst Ratings Changes

IBCP has been the topic of several research analyst reports. DA Davidson restated a “neutral” rating on shares of Independent Bank in a research report on Friday, July 7th. StockNews.com initiated coverage on Independent Bank in a research report on Thursday, October 5th. They set a “hold” rating on the stock.

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 across Lower Michigan. It offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services.