Independent Bank Corporation $IBCP Shares Acquired by LSV Asset Management

LSV Asset Management increased its holdings in Independent Bank Corporation (NASDAQ:IBCP) by 1.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 464,770 shares of the financial services provider’s stock after purchasing an additional 4,744 shares during the period. LSV Asset Management owned 2.24% of Independent Bank worth $15,063,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. boosted its stake in Independent Bank by 36.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 15,079 shares of the financial services provider’s stock worth $464,000 after buying an additional 4,062 shares during the last quarter. Allianz Asset Management GmbH lifted its holdings in shares of Independent Bank by 34.2% during the 1st quarter. Allianz Asset Management GmbH now owns 10,600 shares of the financial services provider’s stock worth $326,000 after acquiring an additional 2,700 shares during the period. GSA Capital Partners LLP boosted its position in shares of Independent Bank by 61.4% in the first quarter. GSA Capital Partners LLP now owns 26,722 shares of the financial services provider’s stock worth $823,000 after acquiring an additional 10,170 shares during the last quarter. US Bancorp DE grew its holdings in Independent Bank by 342.4% in the first 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. Finally, Vanguard Group Inc. increased its position in Independent Bank by 9.5% during the first quarter. Vanguard Group Inc. now owns 1,335,049 shares of the financial services provider’s stock worth $41,106,000 after purchasing an additional 116,339 shares during the last quarter. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on IBCP shares. Weiss Ratings lowered shares of Independent Bank from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. DA Davidson increased their target price on Independent Bank from $35.00 to $37.00 and gave the stock a “neutral” rating in a research report on Friday, July 25th. Four equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $36.00.

Insider Buying and Selling

In other Independent Bank news, EVP Stefanie M. Kimball sold 1,400 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president owned 62,389 shares in the company, valued at $2,036,376.96. This represents a 2.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 5.68% of the company’s stock.

Independent Bank Stock Performance

NASDAQ:IBCP opened at $30.35 on Thursday. The firm’s fifty day simple moving average is $31.17 and its 200 day simple moving average is $31.80. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.39. Independent Bank Corporation has a twelve month low of $26.75 and a twelve month high of $40.32. The firm has a market capitalization of $628.00 million, a price-to-earnings ratio of 9.31 and a beta of 0.86.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings results on Tuesday, October 28th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.01. The firm had revenue of $45.80 million during the quarter, compared to the consensus estimate of $50.18 million. Independent Bank had a return on equity of 14.76% and a net margin of 21.25%. As a group, equities research analysts expect that Independent Bank Corporation will post 3.22 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Tuesday, November 4th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Tuesday, November 4th. Independent Bank’s dividend payout ratio (DPR) is presently 31.90%.

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.