Independent Bank Corporation (NASDAQ:IBCP) Shares Acquired by GAMMA Investing LLC

GAMMA Investing LLC lifted its stake in shares of Independent Bank Corporation (NASDAQ:IBCP) by 51,388.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,268 shares of the financial services provider’s stock after purchasing an additional 9,250 shares during the period. GAMMA Investing LLC’s holdings in Independent Bank were worth $301,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Rhumbline Advisers raised its stake in Independent Bank by 0.9% during the 4th quarter. Rhumbline Advisers now owns 41,649 shares of the financial services provider’s stock valued at $1,451,000 after purchasing an additional 374 shares during the period. Hudson Edge Investment Partners Inc. boosted its position in shares of Independent Bank by 41.4% in the fourth quarter. Hudson Edge Investment Partners Inc. now owns 21,628 shares of the financial services provider’s stock worth $753,000 after buying an additional 6,333 shares during the period. PL Capital Advisors LLC grew its holdings in shares of Independent Bank by 3,383.0% during the fourth quarter. PL Capital Advisors LLC now owns 11,110,248 shares of the financial services provider’s stock valued at $386,970,000 after buying an additional 10,791,263 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in Independent Bank during the fourth quarter valued at $352,000. Finally, Bailard Inc. lifted its stake in Independent Bank by 13.3% in the 4th quarter. Bailard Inc. now owns 21,260 shares of the financial services provider’s stock worth $740,000 after acquiring an additional 2,500 shares in the last quarter. 79.43% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Stock Up 0.1%

Shares of IBCP opened at $30.40 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 0.91. The company has a 50-day simple moving average of $31.19 and a 200-day simple moving average of $32.87. Independent Bank Corporation has a 52 week low of $23.68 and a 52 week high of $40.32. The firm has a market capitalization of $629.89 million, a P/E ratio of 9.68 and a beta of 0.84.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings results 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 20.62% and a return on equity of 14.71%. The firm had revenue of $54.11 million during the quarter, compared to analyst estimates of $46.25 million. On average, equities research analysts expect that Independent Bank Corporation will post 3.22 earnings per share for the current year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders 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 3.42%. The ex-dividend date was Monday, May 5th. Independent Bank’s dividend payout ratio is currently 33.12%.

Insider Buying and Selling at Independent Bank

In related news, Director Michael M. Magee, Jr. sold 6,404 shares of the business’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 transaction of $198,524.00. Following the completion of the sale, the director now directly owns 8,381 shares of the company’s stock, valued at $259,811. The trade was a 43.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 5.68% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Piper Sandler reduced their price target on shares of Independent Bank from $38.00 to $36.00 and set a “neutral” rating for the company in a research report on Monday, April 28th. Keefe, Bruyette & Woods dropped their price objective on shares of 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.

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.