Independent Bank Co. (NASDAQ:IBCP) Shares Sold by Northern Trust Corp

Northern Trust Corp cut its stake in Independent Bank Co. (NASDAQ:IBCP) by 2.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 218,933 shares of the financial services provider’s stock after selling 5,621 shares during the quarter. Northern Trust Corp owned about 1.05% of Independent Bank worth $7,625,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Quadrant Capital Group LLC increased its stake in shares of Independent Bank by 10.9% in the 4th 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. Rhumbline Advisers increased its stake in shares of Independent Bank by 0.9% in the 4th quarter. Rhumbline Advisers now owns 41,649 shares of the financial services provider’s stock worth $1,451,000 after acquiring an additional 374 shares during the last quarter. Sterling Capital Management LLC increased its stake in shares of Independent Bank by 4.0% in the 4th quarter. Sterling Capital Management LLC now owns 14,721 shares of the financial services provider’s stock worth $513,000 after acquiring an additional 569 shares during the last quarter. HighTower Advisors LLC increased its stake in shares of Independent Bank by 2.2% in the 4th quarter. HighTower Advisors LLC now owns 27,270 shares of the financial services provider’s stock worth $950,000 after acquiring an additional 598 shares during the last quarter. Finally, MetLife Investment Management LLC increased its stake in shares of Independent Bank by 9.3% in the 4th quarter. MetLife Investment Management LLC now owns 11,954 shares of the financial services provider’s stock worth $416,000 after acquiring an additional 1,020 shares during the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Independent Bank

In related news, Director Michael M. Magee, Jr. sold 6,404 shares of the firm’s stock in a transaction dated 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 in the company, valued at $259,811. This trade represents a 43.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 5.68% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

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

Independent Bank Stock Down 1.0%

Shares of NASDAQ:IBCP opened at $32.44 on Monday. The business has a 50-day moving average price of $30.65 and a 200 day moving average price of $33.85. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $672.19 million, a price-to-earnings ratio of 10.27 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.

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 analysts’ consensus estimates of $0.70 by $0.04. The firm had revenue of $54.11 million during the quarter, compared to the consensus estimate of $46.25 million. Independent Bank had a return on equity of 15.43% and a net margin of 20.67%. Sell-side analysts expect that Independent Bank Co. will post 3.22 EPS for the current year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 5th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date was Monday, May 5th. Independent Bank’s dividend payout ratio (DPR) 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.