Independent Bank Corporation $IBCP Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its stake in shares of Independent Bank Corporation (NASDAQ:IBCP) by 15.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 254,965 shares of the financial services provider’s stock after selling 45,453 shares during the period. Allspring Global Investments Holdings LLC owned approximately 1.23% of Independent Bank worth $7,898,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of IBCP. EverSource Wealth Advisors LLC raised its stake in shares of Independent Bank by 2,062.9% during the second quarter. EverSource Wealth Advisors LLC now owns 757 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 722 shares during the last quarter. Ameritas Advisory Services LLC acquired a new position in Independent Bank in the 2nd quarter valued at $30,000. CWM LLC raised its position in Independent Bank by 5.2% during the 2nd quarter. CWM LLC now owns 6,828 shares of the financial services provider’s stock worth $221,000 after buying an additional 340 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in Independent Bank during the 1st quarter worth $287,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of Independent Bank in the 2nd quarter worth $298,000. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Price Performance

Independent Bank stock opened at $32.81 on Wednesday. The firm has a market capitalization of $678.84 million, a PE ratio of 10.06 and a beta of 0.80. Independent Bank Corporation has a 52 week low of $26.75 and a 52 week high of $37.13. The firm’s 50-day simple moving average is $32.52 and its 200 day simple moving average is $32.25. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.09.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings data on Tuesday, October 28th. The financial services provider reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.01. The firm had revenue of $45.80 million during the quarter, compared to analysts’ expectations of $50.18 million. Independent Bank had a return on equity of 14.54% and a net margin of 21.25%. On average, equities research analysts predict that Independent Bank Corporation will post 3.22 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Tuesday, November 4th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Tuesday, November 4th. Independent Bank’s payout ratio is currently 31.90%.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “hold (c+)” rating on shares of Independent Bank in a report on Monday, December 29th. Four equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $36.00.

Independent Bank Company Profile

Independent Bank Corporation (NASDAQ: IBCP) is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company’s offerings span traditional branch-based banking as well as digital and mobile platforms.

Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.