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

Allspring Global Investments Holdings LLC decreased its stake in Independent Bank Corporation (NASDAQ:IBCP) by 6.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 237,968 shares of the financial services provider’s stock after selling 16,997 shares during the period. Allspring Global Investments Holdings LLC owned approximately 1.15% of Independent Bank worth $7,741,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Integrated Wealth Concepts LLC purchased a new position in Independent Bank during the 1st quarter valued at about $287,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Independent Bank by 4.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,816 shares of the financial services provider’s stock valued at $364,000 after acquiring an additional 464 shares in the last quarter. Millennium Management LLC increased its holdings in Independent Bank by 469.8% during the 1st quarter. Millennium Management LLC now owns 130,953 shares of the financial services provider’s stock valued at $4,032,000 after acquiring an additional 107,972 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Independent Bank by 4.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 298,986 shares of the financial services provider’s stock valued at $9,206,000 after acquiring an additional 12,855 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Independent Bank by 24.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 71,115 shares of the financial services provider’s stock valued at $2,190,000 after acquiring an additional 13,926 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on IBCP. DA Davidson restated a “neutral” rating and set a $36.00 target price on shares of Independent Bank in a report on Friday, March 20th. 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. Finally, Piper Sandler upped 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. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $36.67.

Independent Bank Stock Performance

Shares of IBCP opened at $33.78 on Tuesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.92 and a current ratio of 0.93. The company has a market capitalization of $695.53 million, a price-to-earnings ratio of 10.30 and a beta of 0.76. The company’s 50 day simple moving average is $34.67 and its 200 day simple moving average is $33.17. Independent Bank Corporation has a 1 year low of $27.08 and a 1 year high of $37.39.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating 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 business had revenue of $46.80 million for the quarter, compared to the consensus estimate of $50.52 million. On average, sell-side analysts predict that Independent Bank Corporation will post 3.22 EPS for the current year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Tuesday, February 3rd were issued a $0.28 dividend. The ex-dividend date was Tuesday, February 3rd. This is a positive change from Independent Bank’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 3.3%. Independent Bank’s payout ratio is presently 34.15%.

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.