Independent Bank Corporation $IBCP Shares Sold by FJ Capital Management LLC

FJ Capital Management LLC decreased its position in shares of Independent Bank Corporation (NASDAQ:IBCP) by 30.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 385,088 shares of the financial services provider’s stock after selling 165,106 shares during the quarter. Independent Bank comprises about 1.4% of FJ Capital Management LLC’s investment portfolio, making the stock its 21st largest holding. FJ Capital Management LLC owned about 1.86% of Independent Bank worth $12,527,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. State Street Corp boosted its holdings in shares of Independent Bank by 4.5% during the fourth quarter. State Street Corp now owns 657,276 shares of the financial services provider’s stock valued at $21,381,000 after acquiring an additional 28,516 shares during the period. American Century Companies Inc. boosted its holdings in shares of Independent Bank by 8.1% during the third quarter. American Century Companies Inc. now owns 643,540 shares of the financial services provider’s stock valued at $19,934,000 after acquiring an additional 48,301 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Independent Bank by 5.9% during the third quarter. JPMorgan Chase & Co. now owns 445,911 shares of the financial services provider’s stock valued at $13,812,000 after acquiring an additional 24,772 shares during the period. Millennium Management LLC boosted its holdings in shares of Independent Bank by 60.5% during the third quarter. Millennium Management LLC now owns 389,220 shares of the financial services provider’s stock valued at $12,056,000 after acquiring an additional 146,646 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Independent Bank by 25.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 377,891 shares of the financial services provider’s stock valued at $12,293,000 after acquiring an additional 76,811 shares during the period. Institutional investors and hedge funds own 79.43% of the company’s stock.

Independent Bank Price Performance

Shares of Independent Bank stock opened at $35.48 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.13. The company’s 50-day moving average price is $34.03 and its two-hundred day moving average price is $34.13. Independent Bank Corporation has a 52 week low of $29.63 and a 52 week high of $39.17. The stock has a market cap of $731.24 million, a PE ratio of 10.59 and a beta of 0.71.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.79 by $0.02. Independent Bank had a net margin of 22.02% and a return on equity of 14.15%. The firm had revenue of $58.90 million for the quarter, compared to analysts’ expectations of $60.36 million. As a group, sell-side analysts anticipate that Independent Bank Corporation will post 3.54 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Shareholders of record on Monday, May 4th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.2%. The ex-dividend date was Monday, May 4th. Independent Bank’s payout ratio is presently 33.43%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. DA Davidson upped their price objective on shares of Independent Bank from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of Independent Bank in a research report on Tuesday. Finally, Piper Sandler dropped their price target on shares of Independent Bank from $39.00 to $37.00 and set a “neutral” rating on the stock in a research report on Monday, April 27th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $37.00.

Insider Transactions at Independent Bank

In other Independent Bank news, EVP Stefanie M. Kimball sold 1,400 shares of the business’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $34.41, for a total transaction of $48,174.00. Following the sale, the executive vice president owned 64,327 shares in the company, valued at approximately $2,213,492.07. The trade was a 2.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 5.91% of the company’s stock.

About Independent Bank

Independent Bank Corporation (NASDAQ: IBCP) is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company’s offerings span traditional branch-based banking as well as digital and mobile platforms.

Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.