Independent Bank Corporation $IBCP Shares Newly Purchased by Legacy Trust

Legacy Trust acquired a new stake in shares of Independent Bank Corporation (NASDAQ:IBCP) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 39,141 shares of the financial services provider’s stock, valued at approximately $1,431,000. Legacy Trust owned about 0.18% of Independent Bank as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the company. Bank of America Corp DE raised its holdings in Independent Bank by 50.6% in the first quarter. Bank of America Corp DE now owns 91,106 shares of the financial services provider’s stock worth $3,034,000 after buying an additional 30,622 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Independent Bank by 20.3% during the first quarter. Arrowstreet Capital Limited Partnership now owns 181,515 shares of the financial services provider’s stock valued at $6,044,000 after buying an additional 30,582 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of Independent Bank by 467.4% during the third quarter. Commonwealth Equity Services LLC now owns 35,611 shares of the financial services provider’s stock valued at $1,255,000 after buying an additional 29,335 shares during the last quarter. Sei Investments Co. grew its holdings in shares of Independent Bank by 35.5% during the first quarter. Sei Investments Co. now owns 110,479 shares of the financial services provider’s stock valued at $3,679,000 after buying an additional 28,961 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Independent Bank during the third quarter valued at approximately $746,000. 79.43% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Price Performance

Shares of NASDAQ:IBCP opened at $36.58 on Friday. Independent Bank Corporation has a fifty-two week low of $29.83 and a fifty-two week high of $39.24. The business has a 50-day simple moving average of $36.29 and a two-hundred day simple moving average of $35.52. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a market cap of $807.61 million, a price-to-earnings ratio of 10.76 and a beta of 0.73.

Independent Bank (NASDAQ:IBCP) last posted its earnings results on Tuesday, October 27th. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.03). The company had revenue of $71.07 million for the quarter, compared to the consensus estimate of $68.86 million. Independent Bank had a net margin of 21.63% and a return on equity of 14.14%. On average, analysts expect that Independent Bank Corporation will post 3.54 earnings per share for the current year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Tuesday, November 3rd will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, November 3rd. Independent Bank’s payout ratio is presently 32.94%.

Insider Buying and Selling at Independent Bank

In related news, CEO William Kessel sold 2,000 shares of the stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $37.28, for a total transaction of $74,560.00. Following the transaction, the chief executive officer owned 157,836 shares in the company, valued at $5,884,126.08. This represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.91% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Piper Sandler boosted their price objective on shares of Independent Bank from $42.00 to $43.00 and gave the stock an “overweight” rating in a report on Thursday, October 29th. DA Davidson upped their price objective on Independent Bank from $40.00 to $42.00 and gave the company a “neutral” rating in a research report on Wednesday, October 28th. Weiss Ratings reiterated a “buy (b)” rating on shares of Independent Bank in a research note on Friday, September 4th. Finally, Keefe, Bruyette & Woods increased their target price on Independent Bank from $37.00 to $38.00 and gave the company a “market perform” rating in a research note on Friday, July 24th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $41.00.

About Independent Bank

Independent Bank Corporation is a bank holding company that provides financial services through its subsidiary, Independent Bank. The company serves individuals, families and businesses, primarily in Michigan. Its offerings include personal and business checking and savings accounts, consumer and commercial lending, mortgage services, and digital banking. Business customers can also access services such as cash management and other treasury solutions. Independent Bank operates as a community-focused bank, combining branch-based service with online and mobile banking.