American Century Companies Inc. Raises Stake in Independent Bank Corporation $IBCP

American Century Companies Inc. increased its position in Independent Bank Corporation (NASDAQ:IBCP) by 4.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 595,239 shares of the financial services provider’s stock after buying an additional 27,554 shares during the period. American Century Companies Inc. owned about 2.87% of Independent Bank worth $19,292,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Ameritas Advisory Services LLC acquired a new position in Independent Bank in the 2nd quarter valued at $30,000. US Bancorp DE grew its position in shares of Independent Bank by 342.4% in the first quarter. US Bancorp DE now owns 1,995 shares of the financial services provider’s stock valued at $61,000 after purchasing an additional 1,544 shares during the period. CWM LLC grew its position in shares of Independent Bank by 5.2% in the second quarter. CWM LLC now owns 6,828 shares of the financial services provider’s stock valued at $221,000 after purchasing an additional 340 shares during the period. Integrated Wealth Concepts LLC acquired a new position in Independent Bank in the first quarter valued at $287,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in Independent Bank during the second quarter worth about $298,000. Institutional investors and hedge funds own 79.43% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $36.00.

Independent Bank Trading Down 1.0%

Shares of IBCP opened at $33.15 on Wednesday. Independent Bank Corporation has a 12 month low of $26.75 and a 12 month high of $38.91. The stock’s 50-day moving average is $31.31 and its two-hundred day moving average is $31.82. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market cap of $685.94 million, a PE ratio of 10.17 and a beta of 0.86.

Independent Bank (NASDAQ:IBCP) last posted its earnings results on Tuesday, October 28th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.01. The business had revenue of $45.80 million during the quarter, compared to analyst estimates of $50.18 million. Independent Bank had a return on equity of 14.76% and a net margin of 21.25%. Equities analysts forecast that Independent Bank Corporation will post 3.22 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Tuesday, November 4th were paid a $0.26 dividend. The ex-dividend date was Tuesday, November 4th. This represents a $1.04 annualized dividend and a dividend yield of 3.1%. Independent Bank’s dividend payout ratio is 31.90%.

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.