Independent Bank Co. (NASDAQ:IBCP) Stake Boosted by Principal Financial Group Inc.

Principal Financial Group Inc. increased its stake in Independent Bank Co. (NASDAQ:IBCP) by 12.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 270,146 shares of the financial services provider’s stock after purchasing an additional 29,977 shares during the quarter. Principal Financial Group Inc. owned approximately 1.29% of Independent Bank worth $6,848,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. AJOVista LLC purchased a new position in Independent Bank during the 4th quarter valued at about $38,000. Quadrant Capital Group LLC grew its stake in Independent Bank by 46.4% during the 4th quarter. Quadrant Capital Group LLC now owns 2,045 shares of the financial services provider’s stock valued at $53,000 after acquiring an additional 648 shares in the last quarter. Fifth Third Bancorp grew its stake in Independent Bank by 524.2% during the 4th quarter. Fifth Third Bancorp now owns 2,060 shares of the financial services provider’s stock valued at $54,000 after acquiring an additional 1,730 shares in the last quarter. Quest Partners LLC purchased a new position in Independent Bank during the 4th quarter valued at about $79,000. Finally, Denali Advisors LLC purchased a new position in Independent Bank during the 4th quarter valued at about $138,000. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Insider Activity

In related news, Director Christina Keller sold 2,400 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $23.62, for a total value of $56,688.00. Following the completion of the sale, the director now directly owns 6,563 shares in the company, valued at approximately $155,018.06. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, SVP James J. Twarozynski sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $25.00, for a total value of $37,500.00. Following the completion of the sale, the senior vice president now directly owns 8,366 shares in the company, valued at approximately $209,150. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Christina Keller sold 2,400 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $23.62, for a total value of $56,688.00. Following the completion of the sale, the director now owns 6,563 shares of the company’s stock, valued at $155,018.06. The disclosure for this sale can be found here. Insiders sold a total of 5,600 shares of company stock worth $135,821 in the last three months. 5.48% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on IBCP shares. Piper Sandler raised Independent Bank to a “hold” rating in a research note on Tuesday, June 11th. DA Davidson reaffirmed a “neutral” rating and set a $28.00 target price on shares of Independent Bank in a research note on Tuesday, April 30th.

Independent Bank Stock Down 1.5 %

Shares of Independent Bank stock traded down $0.38 during trading on Friday, hitting $25.67. 8,165 shares of the stock traded hands, compared to its average volume of 84,295. The stock has a market cap of $536.55 million, a P/E ratio of 8.83 and a beta of 1.01. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.87 and a current ratio of 0.87. Independent Bank Co. has a twelve month low of $16.45 and a twelve month high of $27.88. The company has a fifty day moving average price of $25.12 and a two-hundred day moving average price of $24.95.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.11. The business had revenue of $52.76 million during the quarter, compared to analyst estimates of $51.50 million. Independent Bank had a return on equity of 16.55% and a net margin of 20.45%. Equities research analysts predict that Independent Bank Co. will post 2.96 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, May 13th. Stockholders of record on Friday, May 3rd were issued a dividend of $0.24 per share. The ex-dividend date was Thursday, May 2nd. This represents a $0.96 annualized dividend and a dividend yield of 3.74%. Independent Bank’s dividend payout ratio is 32.65%.

Independent Bank 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.