nVerses Capital LLC Takes Position in Independent Bank Co. (NASDAQ:IBCP)

nVerses Capital LLC acquired a new stake in Independent Bank Co. (NASDAQ:IBCP) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 800 shares of the financial services provider’s stock, valued at approximately $27,000.

Several other institutional investors have also modified their holdings of the company. Capital Asset Advisory Services LLC bought a new stake in Independent Bank during the first quarter worth approximately $248,000. Allspring Global Investments Holdings LLC lifted its position in shares of Independent Bank by 3.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 413,540 shares of the financial services provider’s stock valued at $10,483,000 after acquiring an additional 14,669 shares during the last quarter. Denali Advisors LLC lifted its position in shares of Independent Bank by 64.2% during the 1st quarter. Denali Advisors LLC now owns 8,700 shares of the financial services provider’s stock valued at $221,000 after acquiring an additional 3,400 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Independent Bank by 12.5% during the 1st quarter. Principal Financial Group Inc. now owns 270,146 shares of the financial services provider’s stock worth $6,848,000 after acquiring an additional 29,977 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in shares of Independent Bank by 41.3% in the 1st quarter. BNP Paribas Financial Markets now owns 44,650 shares of the financial services provider’s stock worth $1,132,000 after acquiring an additional 13,055 shares during the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Piper Sandler upped their target price on Independent Bank from $27.00 to $37.50 and gave the company a “neutral” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $31.00 price objective (up from $26.00) on shares of Independent Bank in a research note on Monday, July 29th.

Insider Activity at Independent Bank

In other Independent Bank news, Director Christina Keller sold 1,400 shares of Independent Bank stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $32.85, for a total transaction of $45,990.00. Following the completion of the sale, the director now owns 4,163 shares of the company’s stock, valued at $136,754.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 5.45% of the stock is currently owned by insiders.

Independent Bank Price Performance

IBCP opened at $33.23 on Thursday. The firm has a market capitalization of $694.57 million, a P/E ratio of 11.30 and a beta of 0.99. The stock has a fifty day moving average of $33.17 and a 200-day moving average of $29.05. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.30. Independent Bank Co. has a 12-month low of $16.90 and a 12-month high of $35.97.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.17. Independent Bank had a return on equity of 16.90% and a net margin of 21.11%. The firm had revenue of $81.51 million during the quarter, compared to the consensus estimate of $53.50 million. During the same period in the prior year, the business earned $0.70 EPS. Equities analysts forecast that Independent Bank Co. will post 3.13 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, November 5th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.89%. The ex-dividend date of this dividend is Tuesday, November 5th. Independent Bank’s dividend payout ratio is currently 32.65%.

Independent Bank Profile

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.