Sei Investments Co. raised its position in shares of Independent Bank Co. (NASDAQ:IBCP – Free Report) by 21.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,624 shares of the financial services provider’s stock after acquiring an additional 2,928 shares during the quarter. Sei Investments Co. owned approximately 0.08% of Independent Bank worth $449,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. CWM LLC raised its stake in Independent Bank by 1,729.2% in the 2nd quarter. CWM LLC now owns 4,262 shares of the financial services provider’s stock valued at $115,000 after purchasing an additional 4,029 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Independent Bank by 36.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider’s stock worth $125,000 after buying an additional 1,225 shares in the last quarter. Comerica Bank purchased a new position in shares of Independent Bank in the first quarter worth about $173,000. Denali Advisors LLC boosted its position in Independent Bank by 64.2% during the first quarter. Denali Advisors LLC now owns 8,700 shares of the financial services provider’s stock worth $221,000 after acquiring an additional 3,400 shares during the last quarter. Finally, Capital Asset Advisory Services LLC purchased a new stake in Independent Bank during the 1st quarter valued at about $248,000. Hedge funds and other institutional investors own 79.43% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research analysts have recently weighed in on IBCP shares. Keefe, Bruyette & Woods restated a “market perform” rating and set a $31.00 target price (up from $26.00) on shares of Independent Bank in a report on Monday, July 29th. Piper Sandler boosted their price objective on Independent Bank from $27.00 to $37.50 and gave the stock a “neutral” rating in a research note on Monday, July 29th.
Independent Bank Price Performance
Shares of IBCP stock opened at $32.31 on Thursday. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market capitalization of $675.34 million, a PE ratio of 10.99 and a beta of 0.99. The firm’s 50-day moving average is $32.82 and its two-hundred day moving average is $28.45. Independent Bank Co. has a 12 month low of $16.90 and a 12 month high of $35.97.
Independent Bank (NASDAQ:IBCP – Get Free Report) last released its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.88 EPS for the quarter, beating the consensus estimate of $0.71 by $0.17. The firm had revenue of $81.51 million for the quarter, compared to analyst estimates of $53.50 million. Independent Bank had a net margin of 21.11% and a return on equity of 16.90%. During the same quarter in the previous year, the company earned $0.70 EPS. Analysts predict that Independent Bank Co. will post 3.13 earnings per share for the current year.
Independent Bank Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date was Monday, August 5th. Independent Bank’s dividend payout ratio is presently 32.65%.
Insider Buying and Selling
In other Independent Bank news, Director Christina Keller sold 1,000 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $32.76, for a total value of $32,760.00. Following the transaction, the director now owns 5,563 shares of the company’s stock, valued at $182,243.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 5.45% of the company’s stock.
Independent Bank Company 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.
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