Independent Bank Co. (NASDAQ:IBCP) Shares Sold by Foundry Partners LLC

Foundry Partners LLC decreased its holdings in Independent Bank Co. (NASDAQ:IBCP) by 1.3% in the second quarter, Holdings Channel reports. The fund owned 208,900 shares of the financial services provider’s stock after selling 2,705 shares during the period. Foundry Partners LLC’s holdings in Independent Bank were worth $5,640,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in IBCP. Dimensional Fund Advisors LP increased its position in Independent Bank by 1.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 977,832 shares of the financial services provider’s stock worth $25,444,000 after purchasing an additional 13,962 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in Independent Bank by 46.4% in the fourth quarter. Quadrant Capital Group LLC now owns 2,045 shares of the financial services provider’s stock valued at $53,000 after acquiring an additional 648 shares during the last quarter. Hillsdale Investment Management Inc. purchased a new position in Independent Bank in the fourth quarter worth approximately $3,675,000. Trexquant Investment LP raised its position in Independent Bank by 9.6% in the fourth quarter. Trexquant Investment LP now owns 30,959 shares of the financial services provider’s stock valued at $806,000 after purchasing an additional 2,717 shares during the period. Finally, Quest Partners LLC acquired a new position in shares of Independent Bank in the 4th quarter valued at $79,000. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Independent Bank Trading Down 0.2 %

IBCP traded down $0.06 during mid-day trading on Friday, hitting $33.10. 4,607 shares of the stock were exchanged, compared to its average volume of 92,966. The firm’s fifty day moving average is $31.42 and its two-hundred day moving average is $26.98. Independent Bank Co. has a 1-year low of $16.90 and a 1-year high of $35.97. The company has a market cap of $691.86 million, a PE ratio of 11.28 and a beta of 1.01. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.30.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.17. Independent Bank had a net margin of 21.11% and a return on equity of 16.90%. The firm had revenue of $81.51 million during the quarter, compared to analysts’ expectations of $53.50 million. During the same quarter in the previous year, the business posted $0.70 earnings per share. Equities analysts forecast that Independent Bank Co. will post 3.13 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.90%. The ex-dividend date was Monday, August 5th. Independent Bank’s payout ratio is presently 32.65%.

Insider Buying and Selling

In other Independent Bank news, Director Christina Keller sold 2,400 shares of Independent Bank stock in a transaction dated 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 of the company’s stock, valued at approximately $155,018.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.45% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on IBCP. Piper Sandler boosted their price objective on shares of Independent Bank from $27.00 to $37.50 and gave the company a “neutral” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $31.00 price objective (up from $26.00) on shares of Independent Bank in a report on Monday, July 29th. Five equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $32.17.

About Independent Bank

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.