Fmr LLC Buys 69,504 Shares of Independent Bank Co. (NASDAQ:IBCP)

Fmr LLC lifted its position in Independent Bank Co. (NASDAQ:IBCP) by 7.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 1,034,775 shares of the financial services provider’s stock after purchasing an additional 69,504 shares during the period. Fmr LLC owned about 4.95% of Independent Bank worth $34,510,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. nVerses Capital LLC bought a new position in Independent Bank in the 3rd quarter worth $27,000. Truist Financial Corp raised its stake in Independent Bank by 8.4% in the second quarter. Truist Financial Corp now owns 14,181 shares of the financial services provider’s stock worth $383,000 after buying an additional 1,100 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Independent Bank by 36.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider’s stock worth $125,000 after buying an additional 1,225 shares during the period. Bailard Inc. boosted its position in Independent Bank by 8.8% during the 2nd quarter. Bailard Inc. now owns 17,360 shares of the financial services provider’s stock valued at $469,000 after acquiring an additional 1,400 shares in the last quarter. Finally, Federated Hermes Inc. boosted its position in Independent Bank by 1.2% during the 2nd quarter. Federated Hermes Inc. now owns 123,475 shares of the financial services provider’s stock valued at $3,334,000 after acquiring an additional 1,476 shares in the last quarter. 79.43% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Independent Bank news, EVP Gavin A. Mohr acquired 800 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was acquired at an average cost of $36.71 per share, for a total transaction of $29,368.00. Following the completion of the transaction, the executive vice president now directly owns 18,662 shares of the company’s stock, valued at $685,082.02. This represents a 4.48 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Christina Keller sold 1,400 shares of Independent Bank stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $32.85, for a total value of $45,990.00. Following the completion of the sale, the director now owns 4,163 shares in the company, valued at approximately $136,754.55. The trade was a 25.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 5.45% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods increased their price target on shares of Independent Bank from $33.00 to $39.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th.

Independent Bank Price Performance

IBCP stock opened at $38.02 on Monday. Independent Bank Co. has a 52 week low of $22.08 and a 52 week high of $40.32. The firm has a market capitalization of $794.39 million, a P/E ratio of 12.93 and a beta of 1.02. The company has a fifty day simple moving average of $35.24 and a two-hundred day simple moving average of $31.71. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18.

Independent Bank (NASDAQ:IBCP) last issued its earnings results on Thursday, October 24th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11). The company had revenue of $77.84 million for the quarter, compared to analysts’ expectations of $55.05 million. Independent Bank had a net margin of 19.93% and a return on equity of 15.26%. During the same period in the prior year, the firm posted $0.83 earnings per share. Analysts anticipate that Independent Bank Co. will post 3.02 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date of this dividend was Tuesday, November 5th. Independent Bank’s dividend payout ratio (DPR) is presently 32.65%.

Independent Bank Company 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.