Ameriprise Financial Inc. Trims Holdings in Independent Bank Co. (NASDAQ:IBCP)

Ameriprise Financial Inc. decreased its holdings in Independent Bank Co. (NASDAQ:IBCP) by 7.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 133,287 shares of the financial services provider’s stock after selling 10,257 shares during the quarter. Ameriprise Financial Inc. owned about 0.64% of Independent Bank worth $4,642,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. PL Capital Advisors LLC lifted its stake in shares of Independent Bank by 3,383.0% in the 4th quarter. PL Capital Advisors LLC now owns 11,110,248 shares of the financial services provider’s stock worth $386,970,000 after acquiring an additional 10,791,263 shares during the period. Vanguard Group Inc. lifted its stake in shares of Independent Bank by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 1,218,710 shares of the financial services provider’s stock worth $42,448,000 after acquiring an additional 25,756 shares during the period. American Century Companies Inc. lifted its stake in shares of 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 worth $18,237,000 after acquiring an additional 53,938 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Independent Bank by 15.3% in the 4th quarter. JPMorgan Chase & Co. now owns 447,690 shares of the financial services provider’s stock worth $15,593,000 after acquiring an additional 59,339 shares during the period. Finally, Boston Partners lifted its stake in shares of Independent Bank by 22.5% in the 4th quarter. Boston Partners now owns 347,986 shares of the financial services provider’s stock worth $12,120,000 after acquiring an additional 64,006 shares during the period. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Independent Bank Stock Performance

Shares of NASDAQ IBCP opened at $31.44 on Monday. The company has a market cap of $651.47 million, a PE ratio of 9.95 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 debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. The company has a 50-day simple moving average of $30.77 and a 200-day simple moving average of $33.75.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.74 EPS 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, equities analysts anticipate that Independent Bank Co. will post 3.22 earnings per share for the current year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were issued a dividend of $0.26 per share. The ex-dividend date was Monday, May 5th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.31%. Independent Bank’s dividend payout ratio (DPR) is presently 33.12%.

Insider Transactions at Independent Bank

In related news, Director Michael M. Magee, Jr. sold 6,404 shares of the firm’s stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $31.00, for a total value of $198,524.00. Following the sale, the director now directly owns 8,381 shares of the company’s stock, valued at approximately $259,811. This trade represents a 43.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.68% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. DA Davidson increased their price target 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 cut their price target on shares of Independent Bank from $38.00 to $36.00 and set a “neutral” rating for the company in a report on Monday, April 28th. Finally, Keefe, Bruyette & Woods cut their price target on shares of Independent Bank from $37.00 to $35.00 and set a “market perform” rating for the company in a report on Friday, April 25th.

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.