American Century Companies Inc. Acquires 48,301 Shares of Independent Bank Corporation $IBCP

American Century Companies Inc. increased its holdings in Independent Bank Corporation (NASDAQ:IBCP) by 8.1% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 643,540 shares of the financial services provider’s stock after purchasing an additional 48,301 shares during the period. American Century Companies Inc. owned approximately 3.11% of Independent Bank worth $19,934,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in IBCP. Assenagon Asset Management S.A. purchased a new position in Independent Bank in the 3rd quarter worth $6,394,000. CSM Advisors LLC bought a new position in shares of Independent Bank during the second quarter valued at about $6,611,000. Millennium Management LLC increased its holdings in shares of Independent Bank by 469.8% in the first quarter. Millennium Management LLC now owns 130,953 shares of the financial services provider’s stock worth $4,032,000 after buying an additional 107,972 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of 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 last quarter. Finally, Qube Research & Technologies Ltd lifted its stake in shares of Independent Bank by 22.9% in the 2nd quarter. Qube Research & Technologies Ltd now owns 128,701 shares of the financial services provider’s stock valued at $4,171,000 after acquiring an additional 23,942 shares during the last quarter. Institutional investors own 79.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on IBCP shares. Weiss Ratings raised Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 12th. Piper Sandler lifted their target price on shares of Independent Bank from $36.00 to $39.00 and gave the stock 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 given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $37.00.

Independent Bank Stock Performance

Independent Bank stock opened at $33.83 on Tuesday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09. The firm has a market cap of $699.94 million, a P/E ratio of 10.31 and a beta of 0.78. Independent Bank Corporation has a 1-year low of $26.75 and a 1-year high of $37.39. The firm has a 50-day moving average of $34.81 and a 200-day moving average of $33.09.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.06. The company had revenue of $46.80 million for the quarter, compared to the consensus estimate of $50.52 million. Independent Bank had a return on equity of 14.41% and a net margin of 21.73%. Sell-side analysts expect that Independent Bank Corporation will post 3.22 EPS for the current year.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Tuesday, February 3rd were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.3%. This is a boost from Independent Bank’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Tuesday, February 3rd. Independent Bank’s payout ratio is presently 34.15%.

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.