Invesco Ltd. Buys 2,674 Shares of Independent Bank Co. (NASDAQ:IBCP)

Invesco Ltd. grew its stake in Independent Bank Co. (NASDAQ:IBCP) by 5.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 51,814 shares of the financial services provider’s stock after acquiring an additional 2,674 shares during the period. Invesco Ltd. owned 0.25% of Independent Bank worth $1,805,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Quantbot Technologies LP bought a new position in Independent Bank in the 4th quarter worth approximately $58,000. Quadrant Capital Group LLC raised its position in shares of Independent Bank by 10.9% during the fourth quarter. Quadrant Capital Group LLC now owns 2,890 shares of the financial services provider’s stock worth $101,000 after acquiring an additional 283 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new position in shares of Independent Bank during the fourth quarter valued at $127,000. KLP Kapitalforvaltning AS bought a new position in Independent Bank in the fourth quarter valued at about $160,000. Finally, Dakota Wealth Management acquired a new stake in Independent Bank in the fourth quarter worth about $203,000. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. DA Davidson raised their target price 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. Piper Sandler reduced their price objective on shares of Independent Bank from $38.00 to $36.00 and set a “neutral” rating on the stock in a research note on Monday. Finally, Keefe, Bruyette & Woods cut their price target on Independent Bank from $37.00 to $35.00 and set a “market perform” rating on the stock in a research note on Friday, April 25th.

Independent Bank Stock Performance

Shares of IBCP stock opened at $31.06 on Wednesday. The stock has a market cap of $651.42 million, a PE ratio of 9.83 and a beta of 0.85. The stock has a 50-day moving average of $30.88 and a 200-day moving average of $34.01. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. Independent Bank Co. has a one year low of $22.53 and a one year high of $40.32.

Independent Bank (NASDAQ:IBCP) last posted its earnings results on Thursday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, topping 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 company had revenue of $54.11 million for the quarter, compared to analyst estimates of $46.25 million. As a group, sell-side analysts expect that Independent Bank Co. will post 3.22 earnings per share for the current year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Monday, May 5th will be issued a dividend of $0.26 per share. The ex-dividend date is Monday, May 5th. This represents a $1.04 annualized dividend and a yield of 3.35%. Independent Bank’s dividend payout ratio is presently 33.12%.

Insiders Place Their Bets

In other news, Director Michael M. Magee, Jr. sold 6,404 shares of the stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $31.00, for a total transaction of $198,524.00. Following the completion of the sale, the director now owns 8,381 shares of the company’s stock, valued at $259,811. This represents a 43.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 5.68% of the company’s 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 in Michigan. It offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services.