LSV Asset Management Cuts Stock Position in Independent Bank Corporation $IBCP

LSV Asset Management lowered its holdings in Independent Bank Corporation (NASDAQ:IBCP) by 7.4% during the 4th quarter, Holdings Channel reports. The firm owned 407,993 shares of the financial services provider’s stock after selling 32,620 shares during the period. LSV Asset Management’s holdings in Independent Bank were worth $13,272,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. American Century Companies Inc. lifted its position in shares of Independent Bank by 8.1% during the 3rd quarter. American Century Companies Inc. now owns 643,540 shares of the financial services provider’s stock valued at $19,934,000 after buying an additional 48,301 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Independent Bank by 5.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 445,911 shares of the financial services provider’s stock valued at $13,812,000 after buying an additional 24,772 shares during the last quarter. Millennium Management LLC lifted its position in shares of Independent Bank by 60.5% during the 3rd quarter. Millennium Management LLC now owns 389,220 shares of the financial services provider’s stock valued at $12,056,000 after buying an additional 146,646 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Independent Bank by 2.3% during the 3rd quarter. Principal Financial Group Inc. now owns 305,460 shares of the financial services provider’s stock valued at $9,462,000 after buying an additional 6,788 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of Independent Bank by 4.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 298,986 shares of the financial services provider’s stock valued at $9,206,000 after buying an additional 12,855 shares during the last quarter. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Wall Street Analysts Forecast Growth

IBCP has been the topic of a number of recent research reports. Piper Sandler dropped their price target on Independent Bank from $39.00 to $37.00 and set a “neutral” rating on the stock in a research report on Monday, April 27th. DA Davidson increased their price objective on Independent Bank from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $37.00.

Independent Bank Stock Performance

Shares of IBCP opened at $33.90 on Tuesday. The stock has a market capitalization of $698.68 million, a price-to-earnings ratio of 10.12 and a beta of 0.71. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.92 and a current ratio of 0.92. The stock’s 50-day simple moving average is $33.58 and its 200 day simple moving average is $33.78. Independent Bank Corporation has a 52-week low of $29.63 and a 52-week high of $37.39.

Independent Bank (NASDAQ:IBCP) last announced its earnings results on Thursday, April 23rd. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.02. The business had revenue of $58.90 million for the quarter, compared to analyst estimates of $60.36 million. Independent Bank had a return on equity of 14.15% and a net margin of 22.02%. Research analysts forecast that Independent Bank Corporation will post 3.54 EPS for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Shareholders of record on Monday, May 4th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Monday, May 4th. Independent Bank’s dividend payout ratio is currently 33.43%.

About Independent Bank

Independent Bank Corporation (NASDAQ: IBCP) is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company’s offerings span traditional branch-based banking as well as digital and mobile platforms.

Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.