Rhumbline Advisers Cuts Stock Position in Independent Bank Co. (NASDAQ:IBCP)

Rhumbline Advisers cut its holdings in Independent Bank Co. (NASDAQ:IBCP) by 1.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 46,539 shares of the financial services provider’s stock after selling 537 shares during the quarter. Rhumbline Advisers owned 0.22% of Independent Bank worth $1,257,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in IBCP. Principal Financial Group Inc. increased its position in shares of Independent Bank by 12.5% during the first quarter. Principal Financial Group Inc. now owns 270,146 shares of the financial services provider’s stock worth $6,848,000 after purchasing an additional 29,977 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Independent Bank by 86.6% during the first quarter. Russell Investments Group Ltd. now owns 109,203 shares of the financial services provider’s stock worth $2,768,000 after purchasing an additional 50,681 shares in the last quarter. Boston Partners purchased a new stake in shares of Independent Bank during the first quarter worth approximately $1,168,000. Bank of New York Mellon Corp increased its position in shares of Independent Bank by 14.8% during the second quarter. Bank of New York Mellon Corp now owns 206,619 shares of the financial services provider’s stock worth $5,579,000 after purchasing an additional 26,674 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of Independent Bank during the second quarter worth approximately $3,147,000. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Christina Keller sold 1,000 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $32.76, for a total value of $32,760.00. Following the transaction, the director now owns 5,563 shares of the company’s stock, valued at approximately $182,243.88. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 5.45% of the company’s stock.

Analyst Ratings Changes

IBCP has been the subject of several research reports. Piper Sandler boosted their price target on Independent Bank from $27.00 to $37.50 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $31.00 price target (up from $26.00) on shares of Independent Bank in a research report on Monday, July 29th. Five analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Independent Bank currently has a consensus rating of “Hold” and an average target price of $32.17.

Independent Bank Stock Performance

NASDAQ IBCP opened at $33.91 on Friday. The stock’s fifty day moving average is $32.95 and its two-hundred day moving average is $27.71. The firm has a market capitalization of $708.79 million, a P/E ratio of 11.53 and a beta of 0.99. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.88 and a current ratio of 0.88. Independent Bank Co. has a fifty-two week low of $16.90 and a fifty-two week high of $35.97.

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

Independent Bank Dividend Announcement

The firm also recently declared 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 2.83%. The ex-dividend date was Monday, August 5th. Independent Bank’s dividend payout ratio (DPR) is presently 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.