FMR LLC decreased its position in shares of Independent Bank Corporation (NASDAQ:IBCP) by 0.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 659,184 shares of the financial services provider’s stock after selling 787 shares during the period. FMR LLC owned about 3.09% of Independent Bank Corporation worth $13,645,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in IBCP. LSV Asset Management boosted its stake in Independent Bank Corporation by 47.7% in the first quarter. LSV Asset Management now owns 339,600 shares of the financial services provider’s stock worth $7,029,000 after buying an additional 109,700 shares during the period. Hillsdale Investment Management Inc. acquired a new stake in shares of Independent Bank Corporation during the first quarter worth about $948,000. Norges Bank acquired a new stake in shares of Independent Bank Corporation during the fourth quarter worth about $824,000. Bank of Montreal Can boosted its stake in shares of Independent Bank Corporation by 830.5% in the first quarter. Bank of Montreal Can now owns 37,668 shares of the financial services provider’s stock worth $780,000 after buying an additional 33,620 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Independent Bank Corporation by 8.7% in the first quarter. JPMorgan Chase & Co. now owns 343,044 shares of the financial services provider’s stock worth $7,101,000 after buying an additional 27,414 shares during the last quarter. Institutional investors and hedge funds own 81.98% of the company’s stock.
Independent Bank Corporation (NASDAQ:IBCP) traded down 0.72% during midday trading on Wednesday, hitting $20.65. 41,515 shares of the stock were exchanged. The firm’s 50 day moving average price is $21.21 and its 200 day moving average price is $21.14. Independent Bank Corporation has a 12 month low of $15.80 and a 12 month high of $23.65. The company has a market cap of $440.59 million, a PE ratio of 18.42 and a beta of 0.48.
Independent Bank Corporation (NASDAQ:IBCP) last posted its quarterly earnings data on Thursday, July 27th. The financial services provider reported $0.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by $0.02. Independent Bank Corporation had a net margin of 17.68% and a return on equity of 9.48%. The business had revenue of $31.94 million during the quarter, compared to analysts’ expectations of $32.55 million. On average, equities research analysts forecast that Independent Bank Corporation will post $1.22 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Monday, August 7th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.94%. The ex-dividend date was Thursday, August 3rd. Independent Bank Corporation’s payout ratio is 35.71%.
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A number of research firms have recently commented on IBCP. BidaskClub lowered shares of Independent Bank Corporation from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Boenning Scattergood reiterated a “hold” rating on shares of Independent Bank Corporation in a research report on Thursday, July 27th. DA Davidson began coverage on shares of Independent Bank Corporation in a research report on Wednesday, July 5th. They set a “neutral” rating and a $23.00 price target for the company. Zacks Investment Research upgraded shares of Independent Bank Corporation from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a research report on Friday, June 23rd. Finally, ValuEngine upgraded shares of Independent Bank Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $21.17.
Independent Bank Corporation Company Profile
Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank focuses on commercial banking industry. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services.
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