Independent Bank Corporation $IBCP Shares Purchased by Sei Investments Co.

Sei Investments Co. boosted its stake in Independent Bank Corporation (NASDAQ:IBCP) by 35.5% during the first quarter, Holdings Channel.com reports. The institutional investor owned 110,479 shares of the financial services provider’s stock after acquiring an additional 28,961 shares during the period. Sei Investments Co.’s holdings in Independent Bank were worth $3,679,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. Y Intercept Hong Kong Ltd raised its holdings in shares of Independent Bank by 204.6% in the first quarter. Y Intercept Hong Kong Ltd now owns 64,512 shares of the financial services provider’s stock worth $2,148,000 after acquiring an additional 43,332 shares during the last quarter. Hsbc Holdings PLC boosted its stake in shares of Independent Bank by 68.7% during the fourth quarter. Hsbc Holdings PLC now owns 41,334 shares of the financial services provider’s stock valued at $1,340,000 after acquiring an additional 16,829 shares during the last quarter. Algebris UK Ltd. purchased a new stake in Independent Bank during the 4th quarter worth about $6,943,000. Jefferies Financial Group Inc. purchased a new stake in Independent Bank during the 4th quarter worth about $1,809,000. Finally, Sterling Capital Management LLC raised its stake in Independent Bank by 609.9% in the 1st quarter. Sterling Capital Management LLC now owns 8,256 shares of the financial services provider’s stock valued at $275,000 after purchasing an additional 7,093 shares during the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Insider Activity

In other news, EVP Stefanie M. Kimball sold 1,400 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $34.41, for a total value of $48,174.00. Following the transaction, the executive vice president owned 64,327 shares of the company’s stock, valued at approximately $2,213,492.07. This trade represents a 2.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 5.91% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have issued reports on IBCP. Piper Sandler raised their price target on shares of Independent Bank from $37.00 to $42.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Keefe, Bruyette & Woods raised their target price on shares of Independent Bank from $37.00 to $38.00 and gave the stock a “market perform” rating in a research report on Friday, July 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Independent Bank in a research note on Tuesday, June 9th. DA Davidson boosted their price target on Independent Bank from $36.00 to $37.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Finally, Hovde Group raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $36.00 to $41.00 in a research note on Friday, July 10th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $39.50.

Independent Bank Stock Performance

NASDAQ IBCP opened at $38.50 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.92 and a quick ratio of 0.92. Independent Bank Corporation has a 1-year low of $29.83 and a 1-year high of $39.24. The firm has a market capitalization of $793.49 million, a P/E ratio of 11.19 and a beta of 0.71. The business’s 50-day simple moving average is $35.99 and its 200-day simple moving average is $34.93.

Independent Bank (NASDAQ:IBCP) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.06. Independent Bank had a net margin of 22.32% and a return on equity of 14.31%. The firm had revenue of $61.64 million during the quarter, compared to the consensus estimate of $60.08 million. During the same quarter in the prior year, the company earned $0.81 EPS. Equities analysts predict that Independent Bank Corporation will post 3.59 EPS for the current year.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th will be given a $0.28 dividend. The ex-dividend date of this dividend is Tuesday, August 4th. This represents a $1.12 annualized dividend and a dividend yield of 2.9%. Independent Bank’s dividend payout ratio is presently 32.56%.

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.