Independent Bank Corporation $IBCP Shares Purchased by Hudson Edge Investment Partners Inc.

Hudson Edge Investment Partners Inc. grew its stake in shares of Independent Bank Corporation (NASDAQ:IBCP) by 1.1% in the second quarter, according to its most recent filing with the SEC. The fund owned 31,597 shares of the financial services provider’s stock after acquiring an additional 339 shares during the period. Hudson Edge Investment Partners Inc. owned about 0.15% of Independent Bank worth $1,024,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Versant Capital Management Inc grew its holdings in shares of Independent Bank by 408.6% in the 1st quarter. Versant Capital Management Inc now owns 890 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 715 shares during the last quarter. US Bancorp DE boosted its position in shares of Independent Bank by 342.4% in the 1st quarter. US Bancorp DE now owns 1,995 shares of the financial services provider’s stock valued at $61,000 after purchasing an additional 1,544 shares during the period. Dakota Wealth Management increased its stake in Independent Bank by 27.6% in the 1st quarter. Dakota Wealth Management now owns 7,432 shares of the financial services provider’s stock worth $229,000 after purchasing an additional 1,606 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in Independent Bank in the 1st quarter worth about $287,000. Finally, MQS Management LLC acquired a new stake in Independent Bank during the 1st quarter worth about $297,000. 79.43% of the stock is owned by institutional investors.

Independent Bank Stock Performance

Shares of IBCP stock opened at $30.30 on Friday. The company has a market capitalization of $627.51 million, a price-to-earnings ratio of 9.87 and a beta of 0.79. Independent Bank Corporation has a 1-year low of $26.75 and a 1-year high of $40.32. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.39. The stock’s fifty day simple moving average is $31.66 and its 200-day simple moving average is $31.59.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Independent Bank had a return on equity of 14.05% and a net margin of 20.31%.The firm had revenue of $55.94 million during the quarter, compared to analyst estimates of $47.72 million. On average, sell-side analysts predict that Independent Bank Corporation will post 3.22 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, August 5th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Tuesday, August 5th. This represents a $1.04 dividend on an annualized basis and a yield of 3.4%. Independent Bank’s payout ratio is presently 33.88%.

Insider Activity at Independent Bank

In related news, EVP Gavin A. Mohr purchased 2,000 shares of the stock in a transaction dated Tuesday, August 5th. The shares were acquired at an average cost of $29.64 per share, for a total transaction of $59,280.00. Following the acquisition, the executive vice president directly owned 23,826 shares in the company, valued at approximately $706,202.64. The trade was a 9.16% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Stefanie M. Kimball sold 1,400 shares of the company’s stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $32.64, for a total transaction of $45,696.00. Following the completion of the transaction, the executive vice president directly owned 62,389 shares in the company, valued at $2,036,376.96. This trade represents a 2.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.68% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, DA Davidson raised their target price on shares of Independent Bank from $35.00 to $37.00 and gave the stock a “neutral” rating in a report on Friday, July 25th. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $36.00.

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.