American Century Companies Inc. Grows Holdings in Independent Bank Corporation $IBCP

American Century Companies Inc. boosted its holdings in Independent Bank Corporation (NASDAQ:IBCP) by 8.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 567,685 shares of the financial services provider’s stock after purchasing an additional 44,071 shares during the quarter. American Century Companies Inc. owned about 2.74% of Independent Bank worth $17,479,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of IBCP. Wells Fargo & Company MN raised its position in Independent Bank by 20.8% in the 4th quarter. Wells Fargo & Company MN now owns 23,162 shares of the financial services provider’s stock valued at $807,000 after purchasing an additional 3,993 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in Independent Bank by 37.7% in the 4th quarter. Envestnet Asset Management Inc. now owns 11,017 shares of the financial services provider’s stock valued at $384,000 after buying an additional 3,018 shares during the period. Invesco Ltd. increased its stake in Independent Bank by 5.4% in the 4th quarter. Invesco Ltd. now owns 51,814 shares of the financial services provider’s stock valued at $1,805,000 after buying an additional 2,674 shares during the period. Raymond James Financial Inc. acquired a new position in Independent Bank in the 4th quarter valued at $410,000. Finally, Barclays PLC increased its stake in Independent Bank by 1.9% in the 4th quarter. Barclays PLC now owns 83,929 shares of the financial services provider’s stock valued at $2,924,000 after buying an additional 1,572 shares during the period. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Gavin A. Mohr purchased 2,000 shares of the stock in a transaction dated Tuesday, August 5th. The shares were acquired at an average cost of $29.64 per share, with a total value of $59,280.00. Following the purchase, the executive vice president directly owned 23,826 shares in the company, valued at $706,202.64. This trade represents a 9.16% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Terance L. Beia purchased 1,821 shares of the stock in a transaction dated Friday, June 13th. The shares were bought at an average cost of $30.65 per share, for a total transaction of $55,813.65. Following the completion of the purchase, the director owned 40,001 shares in the company, valued at approximately $1,226,030.65. This trade represents a 4.77% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 5.68% of the company’s stock.

Independent Bank Stock Performance

NASDAQ:IBCP opened at $32.81 on Monday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.39. Independent Bank Corporation has a fifty-two week low of $26.75 and a fifty-two week high of $40.32. The stock has a market cap of $679.50 million, a PE ratio of 10.69 and a beta of 0.87. The firm’s fifty day simple moving average is $32.21 and its 200-day simple moving average is $31.84.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Independent Bank had a net margin of 20.31% and a return on equity of 14.05%. The business had revenue of $55.94 million for the quarter, compared to analysts’ expectations of $47.72 million. Analysts expect 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 was paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Tuesday, August 5th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.2%. Independent Bank’s dividend payout ratio is 33.88%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. DA Davidson boosted their price objective on shares of Independent Bank from $35.00 to $37.00 and gave the company a “neutral” rating in a research note on Friday, July 25th. Piper Sandler dropped their price objective on shares of Independent Bank from $38.00 to $36.00 and set a “neutral” rating on the stock in a research note on Monday, April 28th. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $36.00.

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.