Cwm LLC Grows Stake in Independent Bank Co. (NASDAQ:IBCP)

Cwm LLC increased its stake in Independent Bank Co. (NASDAQ:IBCP) by 47.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,287 shares of the financial services provider’s stock after acquiring an additional 2,025 shares during the period. Cwm LLC’s holdings in Independent Bank were worth $210,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake 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 purchasing an additional 1,225 shares during the last quarter. Comerica Bank purchased a new position in Independent Bank during the first quarter valued at approximately $173,000. Denali Advisors LLC grew its stake 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 worth $221,000 after purchasing an additional 3,400 shares during the period. Capital Asset Advisory Services LLC acquired a new stake in shares of Independent Bank during the 1st quarter worth approximately $248,000. Finally, Axxcess Wealth Management LLC acquired a new stake in shares of Independent Bank during the 1st quarter worth approximately $258,000. Institutional investors own 79.43% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on IBCP. Piper Sandler increased their target price on Independent Bank from $27.00 to $37.50 and gave the company a “neutral” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $31.00 price target (up previously from $26.00) on shares of Independent Bank in a report on Monday, July 29th.

Independent Bank Stock Up 1.5 %

Shares of NASDAQ:IBCP opened at $33.52 on Wednesday. The business has a 50-day moving average price of $33.14 and a 200 day moving average price of $28.99. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $700.64 million, a price-to-earnings ratio of 11.38 and a beta of 0.99. 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 earnings results on Thursday, July 25th. The financial services provider reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.17. The company had revenue of $81.51 million during the quarter, compared to the consensus estimate 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 company posted $0.70 EPS. Sell-side analysts expect that Independent Bank Co. will post 3.13 EPS for the current year.

Insider Activity

In related 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 transaction of $45,990.00. Following the completion of the sale, the director now owns 4,163 shares in the company, valued at $136,754.55. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 5.45% of the company’s stock.

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.