Allspring Global Investments Holdings LLC Has $11.13 Million Holdings in Independent Bank Co. (NASDAQ:IBCP)

Allspring Global Investments Holdings LLC decreased its stake in shares of Independent Bank Co. (NASDAQ:IBCP) by 0.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 319,499 shares of the financial services provider’s stock after selling 1,386 shares during the period. Allspring Global Investments Holdings LLC owned 1.53% of Independent Bank worth $11,128,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. FMR LLC grew its stake in Independent Bank by 7.2% in the 3rd quarter. FMR LLC now owns 1,034,775 shares of the financial services provider’s stock valued at $34,510,000 after buying an additional 69,504 shares during the last quarter. State Street Corp grew its position in shares of Independent Bank by 4.8% in the third quarter. State Street Corp now owns 647,579 shares of the financial services provider’s stock valued at $21,597,000 after purchasing an additional 29,475 shares during the last quarter. Geode Capital Management LLC grew its holdings in Independent Bank by 0.4% in the 3rd quarter. Geode Capital Management LLC now owns 499,546 shares of the financial services provider’s stock valued at $16,663,000 after buying an additional 1,831 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Independent Bank by 28.7% in the 3rd quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock valued at $11,660,000 after buying an additional 77,874 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC grew its holdings in Independent Bank by 9.3% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 264,090 shares of the financial services provider’s stock valued at $8,807,000 after buying an additional 22,580 shares during the last quarter. 79.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

IBCP has been the topic of several research analyst reports. DA Davidson raised their price objective on shares of Independent Bank from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 28th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $41.00 price target (up from $39.00) on shares of Independent Bank in a research report on Friday, January 24th.

Insider Activity

In related news, EVP Gavin A. Mohr purchased 800 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were acquired at an average price of $36.71 per share, with a total value of $29,368.00. Following the purchase, the executive vice president now directly owns 18,662 shares in the company, valued at $685,082.02. This represents a 4.48 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 5.45% of the stock is owned by company insiders.

Independent Bank Stock Down 1.8 %

IBCP stock opened at $35.11 on Tuesday. Independent Bank Co. has a twelve month low of $22.53 and a twelve month high of $40.32. The company has a market cap of $733.45 million, a PE ratio of 11.11 and a beta of 1.03. The business’s 50-day simple moving average is $35.43 and its 200 day simple moving average is $34.66. 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 announced its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.10. Independent Bank had a return on equity of 15.43% and a net margin of 20.67%. On average, research analysts anticipate that Independent Bank Co. will post 3.22 earnings per share for the current year.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were given a dividend of $0.26 per share. This is a positive change from Independent Bank’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend was Tuesday, February 4th. Independent Bank’s payout ratio is 32.91%.

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.