SG Americas Securities LLC Purchases 10,384 Shares of Independent Bank Corporation (NASDAQ:IBCP)

SG Americas Securities LLC boosted its position in Independent Bank Corporation (NASDAQ:IBCP) by 69.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,324 shares of the financial services provider’s stock after buying an additional 10,384 shares during the period. SG Americas Securities LLC owned approximately 0.12% of Independent Bank worth $780,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. PL Capital Advisors LLC increased its holdings in Independent Bank by 3,383.0% during 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 purchasing an additional 10,791,263 shares in the last quarter. Vanguard Group Inc. increased its holdings in Independent Bank by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 1,218,710 shares of the financial services provider’s stock worth $42,448,000 after purchasing an additional 25,756 shares in the last quarter. American Century Companies Inc. increased its holdings in Independent Bank by 11.5% during the 4th quarter. American Century Companies Inc. now owns 523,614 shares of the financial services provider’s stock worth $18,237,000 after purchasing an additional 53,938 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Independent Bank by 15.3% during the 4th quarter. JPMorgan Chase & Co. now owns 447,690 shares of the financial services provider’s stock worth $15,593,000 after purchasing an additional 59,339 shares in the last quarter. Finally, Boston Partners increased its holdings in Independent Bank by 22.5% during the 4th quarter. Boston Partners now owns 347,986 shares of the financial services provider’s stock worth $12,120,000 after purchasing an additional 64,006 shares in the last quarter. 79.43% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Michael M. Magee, Jr. sold 6,404 shares of the company’s stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $31.00, for a total value of $198,524.00. Following the transaction, the director now owns 8,381 shares in the company, valued at approximately $259,811. This represents a 43.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 5.68% of the stock is currently owned by corporate insiders.

Independent Bank Stock Performance

IBCP stock opened at $30.37 on Friday. The firm has a market cap of $629.27 million, a PE ratio of 9.67 and a beta of 0.84. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.27. The business has a 50 day moving average of $31.16 and a 200-day moving average of $32.93. Independent Bank Corporation has a 12-month low of $23.68 and a 12-month high of $40.32.

Independent Bank (NASDAQ:IBCP) last released its earnings results on Thursday, April 24th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.04. The company had revenue of $54.11 million during the quarter, compared to analyst estimates of $46.25 million. Independent Bank had a return on equity of 14.71% and a net margin of 20.62%. As a group, sell-side analysts expect that Independent Bank Corporation will post 3.22 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.42%. The ex-dividend date of this dividend was Monday, May 5th. Independent Bank’s dividend payout ratio is presently 33.12%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Keefe, Bruyette & Woods decreased their price objective on Independent Bank from $37.00 to $35.00 and set a “market perform” rating for the company in a report on Friday, April 25th. Piper Sandler decreased their price objective on Independent Bank from $38.00 to $36.00 and set a “neutral” rating for the company in a report on Monday, April 28th.

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.