Independent Bank Corporation (IBCP) Shares Bought by Boston Partners
Boston Partners increased its stake in shares of Independent Bank Corporation (NASDAQ:IBCP) by 13.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 160,400 shares of the financial services provider’s stock after buying an additional 19,000 shares during the period. Boston Partners owned about 0.75% of Independent Bank Corporation worth $3,489,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of IBCP. LSV Asset Management raised its stake in shares of Independent Bank Corporation by 47.7% in the first quarter. LSV Asset Management now owns 339,600 shares of the financial services provider’s stock valued at $7,029,000 after buying an additional 109,700 shares during the period. Russell Investments Group Ltd. raised its stake in shares of Independent Bank Corporation by 27.9% in the second quarter. Russell Investments Group Ltd. now owns 343,981 shares of the financial services provider’s stock valued at $7,481,000 after buying an additional 74,994 shares during the period. Rothschild Asset Management Inc. raised its stake in shares of Independent Bank Corporation by 76.1% in the second quarter. Rothschild Asset Management Inc. now owns 164,684 shares of the financial services provider’s stock valued at $3,582,000 after buying an additional 71,188 shares during the period. Thrivent Financial For Lutherans bought a new stake in shares of Independent Bank Corporation during the first quarter valued at about $1,211,000. Finally, Hillsdale Investment Management Inc. bought a new stake in shares of Independent Bank Corporation during the first quarter valued at about $948,000. Hedge funds and other institutional investors own 81.98% of the company’s stock.
Shares of Independent Bank Corporation (IBCP) opened at 20.50 on Monday. The stock has a market capitalization of $437.39 million, a price-to-earnings ratio of 18.29 and a beta of 0.48. Independent Bank Corporation has a 52 week low of $15.80 and a 52 week high of $23.65. The firm’s 50-day moving average is $21.16 and its 200-day moving average is $21.13.
Independent Bank Corporation (NASDAQ:IBCP) last posted its quarterly earnings data on Thursday, July 27th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by $0.02. Independent Bank Corporation had a return on equity of 9.48% and a net margin of 17.68%. The business had revenue of $31.94 million for the quarter, compared to analysts’ expectations of $32.55 million. On average, equities research analysts anticipate that Independent Bank Corporation will post $1.22 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Monday, August 7th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, August 3rd. This represents a $0.40 annualized dividend and a yield of 1.95%. Independent Bank Corporation’s dividend payout ratio is presently 35.71%.
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A number of brokerages have issued reports on IBCP. Zacks Investment Research upgraded shares of Independent Bank Corporation from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a research note on Tuesday, April 25th. ValuEngine upgraded shares of Independent Bank Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Boenning Scattergood reiterated a “hold” rating on shares of Independent Bank Corporation in a research note on Thursday, July 27th. BidaskClub lowered shares of Independent Bank Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Finally, DA Davidson began coverage on shares of Independent Bank Corporation in a research note on Wednesday, July 5th. They set a “neutral” rating and a $23.00 price target on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $21.17.
Independent Bank Corporation Company Profile
Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank focuses on commercial banking industry. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services.
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