Principal Financial Group Inc. Grows Stock Holdings in Independent Bank Co. (NASDAQ:IBCP)

Principal Financial Group Inc. raised its holdings in shares of Independent Bank Co. (NASDAQ:IBCP) by 28.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 349,631 shares of the financial services provider’s stock after acquiring an additional 77,874 shares during the quarter. Principal Financial Group Inc. owned about 1.67% of Independent Bank worth $11,660,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in IBCP. Russell Investments Group Ltd. lifted its holdings in Independent Bank by 86.6% during the 1st quarter. Russell Investments Group Ltd. now owns 109,203 shares of the financial services provider’s stock worth $2,768,000 after purchasing an additional 50,681 shares in the last quarter. Boston Partners purchased a new stake in shares of Independent Bank in the first quarter worth about $1,168,000. Acadian Asset Management LLC boosted its position in shares of Independent Bank by 27.8% in the second quarter. Acadian Asset Management LLC now owns 423,631 shares of the financial services provider’s stock valued at $11,432,000 after acquiring an additional 92,148 shares during the period. Bank of New York Mellon Corp grew its stake in Independent Bank by 14.8% during the second quarter. Bank of New York Mellon Corp now owns 206,619 shares of the financial services provider’s stock valued at $5,579,000 after acquiring an additional 26,674 shares in the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in Independent Bank during the 2nd quarter worth approximately $3,147,000. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Independent Bank Trading Down 0.5 %

Shares of Independent Bank stock opened at $37.74 on Monday. The company has a 50 day simple moving average of $33.90 and a two-hundred day simple moving average of $30.44. The firm has a market cap of $788.54 million, a PE ratio of 12.84 and a beta of 0.99. Independent Bank Co. has a 1 year low of $20.50 and a 1 year high of $39.52. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88.

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

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, November 5th were issued a dividend of $0.24 per share. The ex-dividend date was Tuesday, November 5th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.54%. Independent Bank’s dividend payout ratio is 32.65%.

Insider Buying and Selling

In related news, Director Christina Keller sold 1,400 shares of the 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 transaction, the director now owns 4,163 shares of the company’s stock, valued at approximately $136,754.55. This trade represents a 25.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 5.45% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on IBCP shares. Piper Sandler boosted their price target on shares of 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 restated a “market perform” rating and set a $31.00 target price (up from $26.00) on shares of Independent Bank in a research report on Monday, July 29th.

About Independent Bank

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.