Truist Financial Corp Boosts Stake in Independent Bank Co. (NASDAQ:IBCP)

Truist Financial Corp increased its stake in shares of Independent Bank Co. (NASDAQ:IBCP) by 8.4% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 14,181 shares of the financial services provider’s stock after purchasing an additional 1,100 shares during the period. Truist Financial Corp owned approximately 0.07% of Independent Bank worth $383,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in IBCP. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Independent Bank by 36.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider’s stock worth $125,000 after acquiring an additional 1,225 shares in the last quarter. Bailard Inc. raised its position in Independent Bank by 8.8% during the second quarter. Bailard Inc. now owns 17,360 shares of the financial services provider’s stock worth $469,000 after acquiring an additional 1,400 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Independent Bank by 2.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 53,664 shares of the financial services provider’s stock worth $1,362,000 after acquiring an additional 1,438 shares during the last quarter. Federated Hermes Inc. grew its holdings in Independent Bank by 1.2% in the second quarter. Federated Hermes Inc. now owns 123,475 shares of the financial services provider’s stock valued at $3,334,000 after purchasing an additional 1,476 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in Independent Bank by 0.6% in the second quarter. Principal Financial Group Inc. now owns 271,757 shares of the financial services provider’s stock valued at $7,337,000 after purchasing an additional 1,611 shares during the period. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Independent Bank

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

Analyst Upgrades and Downgrades

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

Independent Bank Trading Up 0.5 %

Shares of IBCP stock opened at $34.94 on Friday. The business’s 50 day moving average is $33.05 and its two-hundred day moving average is $28.79. The company has a market cap of $730.32 million, a PE ratio of 11.88 and a beta of 0.99. 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 released its quarterly earnings results 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 analysts’ expectations of $53.50 million. Independent Bank had a return on equity of 16.90% and a net margin of 21.11%. During the same period in the previous year, the business posted $0.70 earnings per share. Equities analysts predict 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 given a $0.24 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $0.96 annualized dividend and a dividend yield of 2.75%. Independent Bank’s dividend payout ratio 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.