Independent Bank Co. (NASDAQ:IBCP) Shares Sold by Legal & General Group Plc

Legal & General Group Plc lessened its holdings in shares of Independent Bank Co. (NASDAQ:IBCP) by 28.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 20,360 shares of the financial services provider’s stock after selling 7,995 shares during the quarter. Legal & General Group Plc owned approximately 0.10% of Independent Bank worth $709,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. PL Capital Advisors LLC boosted its holdings in Independent Bank by 3,383.0% in the fourth quarter. PL Capital Advisors LLC now owns 11,110,248 shares of the financial services provider’s stock valued at $386,970,000 after purchasing an additional 10,791,263 shares during the period. Principal Financial Group Inc. lifted its position in Independent Bank by 28.7% in the third quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock valued at $11,660,000 after purchasing an additional 77,874 shares during the period. Boston Partners lifted its holdings in Independent Bank by 22.5% in the fourth quarter. Boston Partners now owns 347,986 shares of the financial services provider’s stock valued at $12,120,000 after acquiring an additional 64,006 shares during the period. JPMorgan Chase & Co. boosted its holdings in Independent Bank by 15.3% during the fourth quarter. JPMorgan Chase & Co. now owns 447,690 shares of the financial services provider’s stock worth $15,593,000 after buying an additional 59,339 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in Independent Bank by 11.5% in the 4th 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 in the last quarter. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Independent Bank Stock Performance

Shares of IBCP stock opened at $30.81 on Tuesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. The company’s fifty day moving average price is $30.95 and its two-hundred day moving average price is $34.03. The firm has a market capitalization of $646.18 million, a P/E ratio of 9.75 and a beta of 0.85. Independent Bank Co. has a 12 month low of $22.53 and a 12 month high of $40.32.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.04. The business had revenue of $54.11 million during the quarter, compared to the consensus estimate of $46.25 million. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. On average, research analysts anticipate that Independent Bank Co. will post 3.22 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Monday, May 5th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 3.38%. The ex-dividend date is Monday, May 5th. Independent Bank’s payout ratio is currently 33.12%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on IBCP shares. DA Davidson raised their price objective on shares of Independent Bank from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 28th. Keefe, Bruyette & Woods cut their price target on Independent Bank from $37.00 to $35.00 and set a “market perform” rating for the company in a report on Friday. Finally, Piper Sandler lowered their price objective on Independent Bank from $38.00 to $36.00 and set a “neutral” rating for the company in a research report on Monday.

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.