Foundry Partners LLC Grows Stock Position in Independent Bank Co. (NASDAQ:IBCP)

Foundry Partners LLC boosted its stake in shares of Independent Bank Co. (NASDAQ:IBCP) by 0.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 210,870 shares of the financial services provider’s stock after acquiring an additional 1,970 shares during the quarter. Foundry Partners LLC owned 1.01% of Independent Bank worth $7,033,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Independent Bank by 1.2% during the first quarter. Vanguard Group Inc. now owns 1,080,542 shares of the financial services provider’s stock valued at $27,392,000 after purchasing an additional 12,851 shares during the period. Dimensional Fund Advisors LP grew its holdings in Independent Bank by 1.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 985,364 shares of the financial services provider’s stock worth $26,603,000 after acquiring an additional 10,193 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Independent Bank by 3.1% in the second quarter. Renaissance Technologies LLC now owns 594,800 shares of the financial services provider’s stock valued at $16,060,000 after acquiring an additional 18,000 shares during the period. Acadian Asset Management LLC raised its stake in shares of Independent Bank by 27.8% during the second quarter. Acadian Asset Management LLC now owns 423,631 shares of the financial services provider’s stock valued at $11,432,000 after acquiring an additional 92,148 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of Independent Bank by 16.8% during the second quarter. American Century Companies Inc. now owns 415,551 shares of the financial services provider’s stock worth $11,220,000 after purchasing an additional 59,794 shares during the period. 79.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Piper Sandler upped their price target on Independent Bank from $27.00 to $37.50 and gave the company a “neutral” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $31.00 price target (up previously from $26.00) on shares of Independent Bank in a research note on Monday, July 29th.

Independent Bank Stock Performance

Independent Bank stock opened at $37.07 on Thursday. Independent Bank Co. has a fifty-two week low of $20.50 and a fifty-two week high of $39.52. The stock has a market cap of $774.39 million, a price-to-earnings ratio of 12.61 and a beta of 0.99. The stock’s 50 day simple moving average is $34.15 and its two-hundred day simple moving average is $30.65. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11). The firm had revenue of $77.84 million during the quarter, compared to the consensus estimate of $55.05 million. Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. During the same quarter last year, the company posted $0.83 EPS. As a group, analysts expect that Independent Bank Co. will post 3.02 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date was Tuesday, November 5th. Independent Bank’s dividend payout ratio is 32.65%.

Insider Activity

In other news, Director Christina Keller sold 1,400 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $32.85, for a total transaction of $45,990.00. Following the completion of the transaction, the director now directly owns 4,163 shares in the company, valued at $136,754.55. This trade represents a 25.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 5.45% of the company’s stock.

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.