Voya Investment Management LLC Has $829,000 Position in Independent Bank Corporation $IBCP

Voya Investment Management LLC raised its stake in shares of Independent Bank Corporation (NASDAQ:IBCP) by 39.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,927 shares of the financial services provider’s stock after buying an additional 7,628 shares during the period. Voya Investment Management LLC owned about 0.13% of Independent Bank worth $829,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of IBCP. SummerHaven Investment Management LLC raised its holdings in shares of Independent Bank by 1.4% during the 1st quarter. SummerHaven Investment Management LLC now owns 29,010 shares of the financial services provider’s stock valued at $893,000 after purchasing an additional 395 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Independent Bank by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,352 shares of the financial services provider’s stock valued at $395,000 after purchasing an additional 399 shares in the last quarter. Versant Capital Management Inc raised its holdings in shares of Independent Bank by 408.6% during the 1st quarter. Versant Capital Management Inc now owns 890 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 715 shares in the last quarter. Rafferty Asset Management LLC raised its holdings in shares of Independent Bank by 5.6% during the 1st quarter. Rafferty Asset Management LLC now owns 18,066 shares of the financial services provider’s stock valued at $556,000 after purchasing an additional 952 shares in the last quarter. Finally, Alps Advisors Inc. raised its holdings in shares of Independent Bank by 9.8% during the 1st quarter. Alps Advisors Inc. now owns 11,589 shares of the financial services provider’s stock valued at $357,000 after purchasing an additional 1,039 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, DA Davidson lifted their target price on shares of Independent Bank from $35.00 to $37.00 and gave the stock a “neutral” rating in a report on Friday, July 25th. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $36.00.

Independent Bank Price Performance

NASDAQ:IBCP opened at $31.63 on Thursday. The firm has a market cap of $655.06 million, a PE ratio of 10.30 and a beta of 0.87. Independent Bank Corporation has a 12 month low of $26.75 and a 12 month high of $40.32. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.39. The company’s 50-day moving average price is $32.02 and its two-hundred day moving average price is $31.57.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.81 EPS for the quarter, beating 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 firm had revenue of $55.94 million for the quarter, compared to analyst estimates of $47.72 million. On average, equities analysts anticipate that Independent Bank Corporation will post 3.22 EPS for the current fiscal year.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th were issued a $0.26 dividend. The ex-dividend date was Tuesday, August 5th. This represents a $1.04 annualized dividend and a yield of 3.3%. Independent Bank’s dividend payout ratio (DPR) is 33.88%.

Insider Buying and Selling at Independent Bank

In related news, EVP Stefanie M. Kimball sold 1,400 shares of the firm’s stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $32.64, for a total value of $45,696.00. Following the completion of the transaction, the executive vice president owned 62,389 shares of the company’s stock, valued at approximately $2,036,376.96. This trade represents a 2.19% 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 hyperlink. Also, EVP Gavin A. Mohr bought 2,000 shares of the company’s stock in a transaction dated Tuesday, August 5th. The stock was purchased at an average cost of $29.64 per share, for a total transaction of $59,280.00. Following the completion of the acquisition, the executive vice president owned 23,826 shares in the company, valued at $706,202.64. This trade represents a 9.16% increase in their position. The disclosure for this purchase can be found here. Company insiders own 5.68% of the company’s stock.

Independent Bank 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.