Victory Capital Management Inc. Has $826,000 Stake in Independent Bank Co. (NASDAQ:IBCP)

Victory Capital Management Inc. trimmed its position in shares of Independent Bank Co. (NASDAQ:IBCP) by 2.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 30,600 shares of the financial services provider’s stock after selling 700 shares during the period. Victory Capital Management Inc. owned approximately 0.15% of Independent Bank worth $826,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of IBCP. Assenagon Asset Management S.A. acquired a new stake in Independent Bank during the second quarter worth about $3,147,000. Acadian Asset Management LLC lifted its holdings in shares of Independent Bank by 52.0% in the first quarter. Acadian Asset Management LLC now owns 331,483 shares of the financial services provider’s stock worth $8,399,000 after acquiring an additional 113,408 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Independent Bank by 86.6% in the first quarter. Russell Investments Group Ltd. now owns 109,203 shares of the financial services provider’s stock worth $2,768,000 after acquiring an additional 50,681 shares during the last quarter. Boston Partners bought a new position in shares of Independent Bank in the first quarter worth about $1,168,000. Finally, Principal Financial Group Inc. lifted its holdings in shares of Independent Bank by 12.5% in the first 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 during the last quarter. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

IBCP has been the subject of a number of research reports. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $31.00 target price (up previously from $26.00) on shares of Independent Bank in a report on Monday, July 29th. Piper Sandler increased their target price on shares of Independent Bank from $27.00 to $37.50 and gave the stock a “neutral” rating in a report on Monday, July 29th. Five research analysts have rated the stock with a hold rating, According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $32.17.

Independent Bank Stock Down 3.9 %

Shares of NASDAQ IBCP opened at $33.91 on Friday. The company has a 50 day simple moving average of $32.95 and a 200 day simple moving average of $27.71. The firm has a market cap of $708.79 million, a PE ratio of 11.53 and a beta of 0.99. Independent Bank Co. has a 1 year low of $16.90 and a 1 year high of $35.97. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.88 and a quick ratio of 0.88.

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

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were issued a $0.24 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $0.96 dividend on an annualized basis and a yield of 2.83%. Independent Bank’s dividend payout ratio (DPR) is presently 32.65%.

Insider Activity at Independent Bank

In other Independent Bank news, Director Christina Keller sold 1,400 shares of the stock in a transaction that occurred 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 approximately $136,754.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.45% of the stock is owned by company insiders.

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.