Independent Bank Corporation $IBCP Position Cut by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its position in shares of Independent Bank Corporation (NASDAQ:IBCP) by 1.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 300,418 shares of the financial services provider’s stock after selling 5,641 shares during the period. Allspring Global Investments Holdings LLC owned 1.45% of Independent Bank worth $9,737,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. CWM LLC boosted its stake in Independent Bank by 5.2% during the 2nd quarter. CWM LLC now owns 6,828 shares of the financial services provider’s stock valued at $221,000 after purchasing an additional 340 shares during the period. Ameritas Advisory Services LLC bought a new stake in shares of Independent Bank during the second quarter valued at approximately $30,000. Hudson Edge Investment Partners Inc. boosted its position in shares of Independent Bank by 1.1% during the second quarter. Hudson Edge Investment Partners Inc. now owns 31,597 shares of the financial services provider’s stock worth $1,024,000 after buying an additional 339 shares during the period. SummerHaven Investment Management LLC grew its holdings in Independent Bank by 1.6% in the 2nd quarter. SummerHaven Investment Management LLC now owns 29,471 shares of the financial services provider’s stock worth $955,000 after buying an additional 461 shares in the last quarter. Finally, Wedge Capital Management L L P NC increased its position in Independent Bank by 2.6% in the 2nd quarter. Wedge Capital Management L L P NC now owns 24,768 shares of the financial services provider’s stock valued at $803,000 after acquiring an additional 639 shares during the period. Institutional investors and hedge funds own 79.43% of the company’s stock.

Independent Bank Stock Up 1.2%

Shares of IBCP stock opened at $31.19 on Friday. Independent Bank Corporation has a 1 year low of $26.75 and a 1 year high of $40.32. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.92 and a current ratio of 0.92. The business’s fifty day moving average is $31.72 and its 200-day moving average is $31.59. The stock has a market cap of $645.94 million, a PE ratio of 10.16 and a beta of 0.79.

Independent Bank (NASDAQ:IBCP) last announced its earnings results on Thursday, July 24th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. The business had revenue of $55.94 million during the quarter, compared to analysts’ expectations of $47.72 million. Independent Bank had a return on equity of 14.05% and a net margin of 20.31%. Equities analysts expect that Independent Bank Corporation will post 3.22 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, August 5th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Tuesday, August 5th. Independent Bank’s payout ratio is presently 33.88%.

Insider Activity at Independent Bank

In related news, EVP Gavin A. Mohr acquired 2,000 shares of the business’s stock in a transaction dated Tuesday, August 5th. The stock was bought at an average price of $29.64 per share, for a total transaction of $59,280.00. Following the transaction, the executive vice president owned 23,826 shares of the company’s stock, valued at approximately $706,202.64. The trade was a 9.16% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Stefanie M. Kimball sold 1,400 shares of the firm’s stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $32.64, for a total value of $45,696.00. Following the sale, the executive vice president directly owned 62,389 shares of the company’s stock, valued at approximately $2,036,376.96. This 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 owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on IBCP shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of Independent Bank in a research report on Wednesday, October 8th. DA Davidson upped their price objective 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. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Independent Bank has a consensus rating of “Hold” and an average price target of $36.00.

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.