Principal Financial Group Inc. Sells 10,967 Shares of Independent Bank Corporation (NASDAQ:IBCP)

Principal Financial Group Inc. decreased its position in shares of Independent Bank Corporation (NASDAQ:IBCP) by 3.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 326,145 shares of the financial services provider’s stock after selling 10,967 shares during the period. Principal Financial Group Inc. owned 1.56% of Independent Bank worth $10,042,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Independent Bank by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 1,218,710 shares of the financial services provider’s stock valued at $42,448,000 after buying an additional 25,756 shares during the last quarter. American Century Companies Inc. raised its position in shares of Independent Bank by 11.5% during the fourth quarter. American Century Companies Inc. now owns 523,614 shares of the financial services provider’s stock valued at $18,237,000 after buying an additional 53,938 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Independent Bank by 15.3% during the fourth quarter. JPMorgan Chase & Co. now owns 447,690 shares of the financial services provider’s stock valued at $15,593,000 after buying an additional 59,339 shares during the last quarter. Boston Partners raised its position in shares of Independent Bank by 22.5% during the fourth quarter. Boston Partners now owns 347,986 shares of the financial services provider’s stock valued at $12,120,000 after buying an additional 64,006 shares during the last quarter. Finally, Foundry Partners LLC raised its position in shares of Independent Bank by 1.1% during the fourth quarter. Foundry Partners LLC now owns 213,225 shares of the financial services provider’s stock valued at $7,427,000 after buying an additional 2,355 shares during the last quarter. Institutional investors own 79.43% of the company’s stock.

Insider Buying and Selling at Independent Bank

In other news, Director Terance L. Beia acquired 1,821 shares of the company’s stock in a transaction on Friday, June 13th. The stock was bought at an average cost of $30.65 per share, with a total value of $55,813.65. Following the completion of the purchase, the director directly owned 40,001 shares of the company’s stock, valued at $1,226,030.65. This represents a 4.77% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael M. Magee, Jr. sold 6,404 shares of Independent Bank stock in a transaction 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 sale, the director owned 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 disclosure for this sale can be found here. 5.68% of the stock is owned by insiders.

Wall Street Analyst Weigh In

IBCP has been the subject of a number of recent research reports. Piper Sandler cut their target price 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. Keefe, Bruyette & Woods cut their target price 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.

Independent Bank Trading Up 2.1%

IBCP stock opened at $34.44 on Tuesday. The firm has a fifty day moving average price of $32.03 and a 200 day moving average price of $32.45. Independent Bank Corporation has a fifty-two week low of $26.75 and a fifty-two week high of $40.32. 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 firm has a market cap of $713.60 million, a PE ratio of 10.97 and a beta of 0.84.

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

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 5th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend was Monday, May 5th. Independent Bank’s payout ratio is 33.12%.

Independent Bank Company 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.