The Manufacturers Life Insurance Company Sells 919 Shares of Independent Bank Co. (NASDAQ:IBCP)

The Manufacturers Life Insurance Company cut its holdings in shares of Independent Bank Co. (NASDAQ:IBCP) by 0.2% in the 2nd quarter, Holdings Channel reports. The firm owned 421,152 shares of the financial services provider’s stock after selling 919 shares during the period. The Manufacturers Life Insurance Company’s holdings in Independent Bank were worth $11,371,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of IBCP. Vanguard Group Inc. lifted its position in shares of Independent Bank by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 1,080,542 shares of the financial services provider’s stock worth $27,392,000 after buying an additional 12,851 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of 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 valued at $26,603,000 after purchasing an additional 10,193 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Independent Bank by 3.1% in the 2nd quarter. Renaissance Technologies LLC now owns 594,800 shares of the financial services provider’s stock valued at $16,060,000 after purchasing an additional 18,000 shares in the last quarter. Acadian Asset Management LLC increased its position in Independent Bank by 27.8% during the 2nd quarter. Acadian Asset Management LLC now owns 423,631 shares of the financial services provider’s stock worth $11,432,000 after purchasing an additional 92,148 shares in the last quarter. Finally, American Century Companies Inc. increased its position in Independent Bank by 16.8% during the 2nd 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 in the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on IBCP. Piper Sandler boosted their target price on shares of Independent Bank from $27.00 to $37.50 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $31.00 price objective (up previously 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, According to data from MarketBeat, Independent Bank presently has an average rating of “Hold” and an average target price of $32.17.

Independent Bank Trading Down 0.4 %

IBCP opened at $31.36 on Friday. The company’s 50 day moving average price is $33.08 and its two-hundred day moving average price is $28.17. The firm has a market capitalization of $655.49 million, a price-to-earnings ratio of 10.65 and a beta of 0.99. Independent Bank Co. has a fifty-two week low of $16.90 and a fifty-two week high of $35.97. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.88 and a quick ratio of 0.88.

Independent Bank (NASDAQ:IBCP) last posted 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. The business had revenue of $81.51 million during the quarter, compared to the consensus estimate of $53.50 million. Independent Bank had a return on equity of 16.90% and a net margin of 21.11%. During the same period in the prior year, the business posted $0.70 earnings per share. As a group, research analysts predict that Independent Bank Co. will post 3.13 earnings per share for the current year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.06%. The ex-dividend date was Monday, August 5th. Independent Bank’s payout ratio is presently 32.65%.

Insider Buying and Selling at Independent Bank

In other news, Director Christina Keller sold 1,400 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $32.85, for a total value of $45,990.00. Following the sale, the director now directly owns 4,163 shares of the company’s stock, valued at approximately $136,754.55. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 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.