Denali Advisors LLC Has $221,000 Stock Position in Independent Bank Co. (NASDAQ:IBCP)

Denali Advisors LLC raised its position in Independent Bank Co. (NASDAQ:IBCP) by 64.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,700 shares of the financial services provider’s stock after acquiring an additional 3,400 shares during the period. Denali Advisors LLC’s holdings in Independent Bank were worth $221,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. AJOVista LLC acquired a new position in Independent Bank in the 4th quarter valued at approximately $38,000. Quadrant Capital Group LLC increased its holdings 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 purchasing an additional 648 shares in the last quarter. Fifth Third Bancorp increased its holdings 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 purchasing an additional 1,730 shares in the last quarter. Quest Partners LLC acquired a new stake in shares of Independent Bank in the 4th quarter valued at about $79,000. Finally, Capital Asset Advisory Services LLC acquired a new stake in shares of Independent Bank in the 1st quarter valued at about $248,000. Institutional investors and hedge funds own 79.43% of the company’s stock.

Independent Bank Stock Performance

Independent Bank stock traded down $0.41 during midday trading on Wednesday, reaching $26.05. 39,084 shares of the company’s stock were exchanged, compared to its average volume of 84,895. Independent Bank Co. has a 52 week low of $16.45 and a 52 week high of $27.88. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market cap of $544.45 million, a price-to-earnings ratio of 8.94 and a beta of 1.01. The stock’s 50-day simple moving average is $25.08 and its 200 day simple moving average is $24.94.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.11. Independent Bank had a return on equity of 16.55% and a net margin of 20.45%. The company had revenue of $52.76 million during the quarter, compared to analysts’ expectations of $51.50 million. On average, analysts expect that Independent Bank Co. will post 2.96 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 13th. Investors of record on Friday, May 3rd were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.69%. The ex-dividend date of this dividend was Thursday, May 2nd. Independent Bank’s dividend payout ratio (DPR) is currently 32.65%.

Wall Street Analyst Weigh In

IBCP has been the topic of several recent research reports. DA Davidson reissued a “neutral” rating and issued a $28.00 price target on shares of Independent Bank in a research note on Tuesday, April 30th. Piper Sandler raised Independent Bank to a “hold” rating in a research report on Tuesday, June 11th.

Insider Activity at Independent Bank

In other Independent Bank news, Director Christina Keller sold 2,400 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $23.62, for a total transaction of $56,688.00. Following the completion of the transaction, the director now directly owns 6,563 shares in the company, valued at $155,018.06. The sale was disclosed in a document filed 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 on Monday, April 29th. The shares were sold at an average price of $25.00, for a total value of $37,500.00. Following the sale, the senior vice president now owns 8,366 shares of the company’s stock, valued at $209,150. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Christina Keller sold 2,400 shares of the business’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $23.62, for a total transaction 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,600 shares of company stock worth $135,821. Company insiders own 5.48% of the company’s stock.

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.