Foundry Partners LLC Cuts Holdings in Independent Bank Co. (NASDAQ:IBCP)

Foundry Partners LLC cut its position in shares of Independent Bank Co. (NASDAQ:IBCP) by 0.5% in the 1st quarter, HoldingsChannel.com reports. The fund owned 211,605 shares of the financial services provider’s stock after selling 960 shares during the period. Foundry Partners LLC’s holdings in Independent Bank were worth $5,364,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of IBCP. AJOVista LLC acquired a new stake in Independent Bank in the fourth quarter valued at approximately $38,000. Quadrant Capital Group LLC increased its stake 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 worth $53,000 after buying an additional 648 shares during the period. Fifth Third Bancorp lifted its holdings in Independent Bank by 524.2% in the 4th quarter. Fifth Third Bancorp now owns 2,060 shares of the financial services provider’s stock worth $54,000 after buying an additional 1,730 shares in the last quarter. Quest Partners LLC purchased a new position in Independent Bank in the 4th quarter valued at about $79,000. Finally, Denali Advisors LLC purchased a new position in Independent Bank in the 4th quarter valued at about $138,000. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

IBCP has been the topic of several recent analyst reports. DA Davidson reiterated 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 upgraded Independent Bank to a “hold” rating in a research note on Tuesday, June 11th.

Insider Transactions at Independent Bank

In other Independent Bank news, Director Christina Keller sold 2,400 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $23.62, for a total value of $56,688.00. Following the transaction, the director now owns 6,563 shares of the company’s stock, valued at $155,018.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Christina Keller sold 2,400 shares of Independent Bank stock in a transaction that occurred 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 sale, the director now owns 6,563 shares of the company’s stock, valued at $155,018.06. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Stefanie M. Kimball sold 1,700 shares of the stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $24.49, for a total value of $41,633.00. Following the completion of the transaction, the executive vice president now directly owns 61,784 shares of the company’s stock, valued at $1,513,090.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,600 shares of company stock worth $135,821. 5.45% of the stock is currently owned by insiders.

Independent Bank Stock Down 1.3 %

Shares of IBCP traded down $0.41 during midday trading on Thursday, hitting $31.47. The company had a trading volume of 91,580 shares, compared to its average volume of 87,164. The stock has a market cap of $657.72 million, a price-to-earnings ratio of 10.82 and a beta of 1.01. The company’s 50 day moving average price is $25.67 and its 200 day moving average price is $25.08. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.31. Independent Bank Co. has a 52 week low of $16.90 and a 52 week high of $32.47.

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

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, May 13th. Shareholders of record on Friday, May 3rd were paid a dividend of $0.24 per share. The ex-dividend date was Thursday, May 2nd. This represents a $0.96 annualized dividend and a yield of 3.05%. Independent Bank’s payout ratio is 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.