PL Capital Advisors LLC Sells 12,000 Shares of Independent Bank Co. (NASDAQ:IBCP)

PL Capital Advisors LLC reduced its holdings in Independent Bank Co. (NASDAQ:IBCP) by 3.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 328,985 shares of the financial services provider’s stock after selling 12,000 shares during the period. Independent Bank accounts for about 3.0% of PL Capital Advisors LLC’s portfolio, making the stock its 9th largest holding. PL Capital Advisors LLC owned about 1.58% of Independent Bank worth $8,560,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Bailard Inc. acquired a new position in shares of Independent Bank during the 4th quarter worth about $330,000. Wedge Capital Management L L P NC increased its stake in shares of Independent Bank by 6.8% during the 4th quarter. Wedge Capital Management L L P NC now owns 21,139 shares of the financial services provider’s stock worth $550,000 after purchasing an additional 1,345 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Independent Bank by 1.9% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 398,871 shares of the financial services provider’s stock worth $10,379,000 after purchasing an additional 7,455 shares during the last quarter. Fifth Third Bancorp increased its stake in shares of Independent Bank by 524.2% during the 4th quarter. Fifth Third Bancorp now owns 2,060 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 1,730 shares during the last quarter. Finally, Denali Advisors LLC acquired a new position in shares of Independent Bank during the 4th quarter worth about $138,000. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Hovde Group started coverage on shares of Independent Bank in a report on Monday, March 4th. They set a “market perform” rating for the company.

Independent Bank Stock Performance

Shares of IBCP stock opened at $24.99 on Friday. The company has a market capitalization of $522.54 million, a price-to-earnings ratio of 8.50 and a beta of 0.97. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.85 and a current ratio of 0.86. The company has a 50-day simple moving average of $24.31 and a 200 day simple moving average of $23.55. Independent Bank Co. has a 52 week low of $14.90 and a 52 week high of $27.39.

Independent Bank (NASDAQ:IBCP) last announced its earnings results on Thursday, January 25th. The financial services provider reported $0.79 EPS for the quarter, topping the consensus estimate of $0.71 by $0.08. The business had revenue of $49.21 million during the quarter, compared to the consensus estimate of $51.50 million. Independent Bank had a net margin of 20.45% and a return on equity of 16.88%. On average, sell-side analysts predict that Independent Bank Co. will post 2.99 earnings per share for the current year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, May 13th. Investors of record on Friday, May 3rd will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.84%. The ex-dividend date is Thursday, May 2nd. Independent Bank’s 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.