Independent Bank Co. (NASDAQ:IBCP) Shares Purchased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. grew its position in shares of Independent Bank Co. (NASDAQ:IBCP) by 37.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,017 shares of the financial services provider’s stock after purchasing an additional 3,018 shares during the period. Envestnet Asset Management Inc. owned approximately 0.05% of Independent Bank worth $384,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in IBCP. Barclays PLC grew its holdings in Independent Bank by 38.1% during the 3rd quarter. Barclays PLC now owns 82,357 shares of the financial services provider’s stock worth $2,748,000 after acquiring an additional 22,728 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Independent Bank by 3.9% during the 3rd quarter. Franklin Resources Inc. now owns 32,756 shares of the financial services provider’s stock worth $1,095,000 after acquiring an additional 1,217 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Independent Bank by 28.7% during the third quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock worth $11,660,000 after purchasing an additional 77,874 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in Independent Bank by 40.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 132,234 shares of the financial services provider’s stock valued at $4,606,000 after purchasing an additional 38,157 shares in the last quarter. Finally, Dakota Wealth Management purchased a new position in Independent Bank in the fourth quarter valued at approximately $203,000. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. DA Davidson upped their target price on shares of Independent Bank from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Tuesday, January 28th. Piper Sandler decreased their price objective on shares of Independent Bank from $38.00 to $36.00 and set a “neutral” rating for the company in a research note on Monday, April 28th. Finally, Keefe, Bruyette & Woods cut their target price on Independent Bank from $37.00 to $35.00 and set a “market perform” rating on the stock in a research report on Friday, April 25th.

Insider Activity at Independent Bank

In other news, Director Michael M. Magee, Jr. sold 6,404 shares of the 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 completion of the transaction, the director now directly owns 8,381 shares of the company’s stock, valued at approximately $259,811. This represents a 43.31 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 5.68% of the stock is currently owned by insiders.

Independent Bank Stock Performance

Shares of IBCP opened at $31.34 on Tuesday. The company’s 50 day simple moving average is $30.68 and its 200-day simple moving average is $33.91. The firm has a market cap of $657.29 million, a PE ratio of 9.92 and a beta of 0.83. Independent Bank Co. has a 12-month low of $22.53 and a 12-month 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.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.74 earnings per share (EPS) 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 the consensus estimate of $46.25 million. As a group, equities analysts predict that Independent Bank Co. will post 3.22 EPS for the current year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Monday, May 5th will be given a dividend of $0.26 per share. The ex-dividend date is Monday, May 5th. This represents a $1.04 dividend on an annualized basis and a yield of 3.32%. Independent Bank’s payout ratio is 33.12%.

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.