Assenagon Asset Management S.A. Decreases Stake in Independent Bank Corporation $IBCP

Assenagon Asset Management S.A. cut its holdings in Independent Bank Corporation (NASDAQ:IBCP) by 24.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 155,418 shares of the financial services provider’s stock after selling 51,022 shares during the period. Assenagon Asset Management S.A. owned about 0.75% of Independent Bank worth $5,056,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. American Century Companies Inc. grew its holdings in Independent Bank by 8.1% during the third quarter. American Century Companies Inc. now owns 643,540 shares of the financial services provider’s stock valued at $19,934,000 after purchasing an additional 48,301 shares during the period. Geode Capital Management LLC raised its stake in Independent Bank by 3.5% in the 2nd quarter. Geode Capital Management LLC now owns 544,084 shares of the financial services provider’s stock valued at $17,637,000 after acquiring an additional 18,463 shares during the period. JPMorgan Chase & Co. raised its stake in Independent Bank by 5.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 445,911 shares of the financial services provider’s stock valued at $13,812,000 after acquiring an additional 24,772 shares during the period. Millennium Management LLC lifted its holdings in Independent Bank by 60.5% during the third quarter. Millennium Management LLC now owns 389,220 shares of the financial services provider’s stock valued at $12,056,000 after purchasing an additional 146,646 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Independent Bank by 2.3% during the third quarter. Principal Financial Group Inc. now owns 305,460 shares of the financial services provider’s stock valued at $9,462,000 after purchasing an additional 6,788 shares during the last quarter. 79.43% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Stock Performance

NASDAQ:IBCP opened at $32.41 on Friday. The stock has a market cap of $667.32 million, a P/E ratio of 9.88 and a beta of 0.78. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.23. The business’s 50-day moving average price is $34.80 and its two-hundred day moving average price is $33.09. Independent Bank Corporation has a twelve month low of $26.75 and a twelve month high of $37.39.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.06. Independent Bank had a net margin of 21.73% and a return on equity of 14.20%. The company had revenue of $46.80 million for the quarter, compared to analysts’ expectations of $50.52 million. As a group, equities analysts predict that Independent Bank Corporation will post 3.22 EPS for the current fiscal year.

Independent Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Tuesday, February 3rd were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Tuesday, February 3rd. This is an increase from Independent Bank’s previous quarterly dividend of $0.26. Independent Bank’s dividend payout ratio (DPR) is currently 34.15%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Weiss Ratings raised shares of Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 12th. Piper Sandler lifted their price objective on shares of Independent Bank from $36.00 to $39.00 and gave the company a “neutral” rating in a research note on Monday, January 26th. Finally, DA Davidson reissued a “neutral” rating and set a $36.00 target price on shares of Independent Bank in a report on Friday, March 20th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Independent Bank has an average rating of “Hold” and an average target price of $36.67.

About Independent Bank

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.