nVerses Capital LLC Acquires New Shares in Independent Bank Co. (NASDAQ:IBCP)

nVerses Capital LLC acquired a new position in Independent Bank Co. (NASDAQ:IBCP) in the third quarter, Holdings Channel.com reports. The institutional investor acquired 800 shares of the financial services provider’s stock, valued at approximately $27,000.

Other hedge funds have also recently bought and sold shares of the company. CWM LLC boosted its position in Independent Bank by 47.5% during the third quarter. CWM LLC now owns 6,287 shares of the financial services provider’s stock worth $210,000 after purchasing an additional 2,025 shares during the period. SG Americas Securities LLC lifted its stake in shares of Independent Bank by 36.8% in the third quarter. SG Americas Securities LLC now owns 15,655 shares of the financial services provider’s stock worth $522,000 after buying an additional 4,210 shares during the last quarter. Truist Financial Corp grew its stake in Independent Bank by 8.4% in the 2nd quarter. Truist Financial Corp now owns 14,181 shares of the financial services provider’s stock valued at $383,000 after buying an additional 1,100 shares during the last quarter. Creative Planning grew its stake in Independent Bank by 5.4% in the 2nd quarter. Creative Planning now owns 43,174 shares of the financial services provider’s stock valued at $1,166,000 after buying an additional 2,209 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in Independent Bank by 75.8% in the 2nd quarter. AQR Capital Management LLC now owns 174,011 shares of the financial services provider’s stock worth $4,698,000 after acquiring an additional 75,022 shares during the period. 79.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on IBCP shares. Piper Sandler raised their price target on Independent Bank from $27.00 to $37.50 and gave the company a “neutral” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $31.00 target price (up previously from $26.00) on shares of Independent Bank in a report on Monday, July 29th.

Independent Bank Price Performance

Shares of Independent Bank stock opened at $33.23 on Thursday. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market cap of $694.57 million, a PE ratio of 11.30 and a beta of 0.99. The firm has a fifty day moving average price of $33.17 and a two-hundred day moving average price of $29.05. 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 earnings results on Thursday, July 25th. The financial services provider reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.17. Independent Bank had a net margin of 21.11% and a return on equity of 16.90%. The business had revenue of $81.51 million during the quarter, compared to analysts’ expectations of $53.50 million. During the same quarter last year, the company earned $0.70 earnings per share. Analysts expect that Independent Bank Co. will post 3.13 EPS for the current year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.89%. The ex-dividend date is Tuesday, November 5th. Independent Bank’s payout ratio is presently 32.65%.

Insider Activity

In related news, Director Christina Keller sold 1,400 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $32.85, for a total value of $45,990.00. Following the completion of the transaction, the director now directly owns 4,163 shares of the company’s stock, valued at $136,754.55. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 5.45% of the stock is currently owned by company insiders.

Independent Bank Company 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.