Independent Bank Corporation (NASDAQ:IBCP) Shares Bought by GSA Capital Partners LLP

GSA Capital Partners LLP increased its holdings in Independent Bank Corporation (NASDAQ:IBCP) by 61.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,722 shares of the financial services provider’s stock after purchasing an additional 10,170 shares during the quarter. GSA Capital Partners LLP owned 0.13% of Independent Bank worth $823,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Raymond James Financial Inc. acquired a new position in shares of Independent Bank in the 4th quarter valued at $410,000. Sei Investments Co. raised its holdings in Independent Bank by 8.3% during the 4th quarter. Sei Investments Co. now owns 102,480 shares of the financial services provider’s stock worth $3,569,000 after buying an additional 7,840 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in Independent Bank during the fourth quarter valued at about $160,000. Vanguard Group Inc. lifted its stake in 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 in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Independent Bank by 15.3% in the fourth quarter. JPMorgan Chase & Co. now owns 447,690 shares of the financial services provider’s stock worth $15,593,000 after buying an additional 59,339 shares during the period. 79.43% of the stock is owned by institutional investors and hedge funds.

Independent Bank Trading Down 1.5%

NASDAQ:IBCP opened at $30.09 on Friday. The stock has a market cap of $623.46 million, a PE ratio of 9.80 and a beta of 0.87. 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 current ratio of 0.91 and a quick ratio of 0.90. The stock’s 50-day moving average is $32.32 and its two-hundred day moving average is $32.36.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. Independent Bank had a net margin of 20.31% and a return on equity of 14.13%. The business had revenue of $55.94 million during the quarter, compared to analysts’ expectations of $47.72 million. As a group, equities research analysts forecast that Independent Bank Corporation will post 3.22 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Tuesday, August 5th. Independent Bank’s payout ratio is currently 33.88%.

Insider Activity at Independent Bank

In other news, Director Terance L. Beia acquired 1,821 shares of the business’s stock in a transaction that occurred on Friday, June 13th. The stock was acquired at an average cost of $30.65 per share, for a total transaction of $55,813.65. Following the completion of the acquisition, the director owned 40,001 shares in the company, valued at approximately $1,226,030.65. The trade was a 4.77% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.68% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

IBCP has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods cut their price target on shares of Independent Bank from $37.00 to $35.00 and set a “market perform” rating on the stock in a report on Friday, April 25th. DA Davidson lifted their price objective on shares of Independent Bank from $35.00 to $37.00 and gave the stock a “neutral” rating in a research report on Friday, July 25th. Finally, Piper Sandler reduced their target price on Independent Bank from $38.00 to $36.00 and set a “neutral” rating for the company in a report on Monday, April 28th.

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.