Empowered Funds LLC cut its stake in Independent Bank Co. (NASDAQ:IBCP – Free Report) by 11.6% in the third quarter, HoldingsChannel.com reports. The fund owned 79,065 shares of the financial services provider’s stock after selling 10,414 shares during the period. Empowered Funds LLC’s holdings in Independent Bank were worth $2,637,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently made changes to their positions in the company. Summit Global Investments bought a new stake in Independent Bank during the third quarter valued at approximately $344,000. Principal Financial Group Inc. grew its position in Independent Bank by 28.7% during the third quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock valued at $11,660,000 after buying an additional 77,874 shares during the period. nVerses Capital LLC bought a new stake in Independent Bank during the third quarter valued at approximately $27,000. CWM LLC grew 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 valued at $210,000 after buying an additional 2,025 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in Independent Bank by 36.8% during the third quarter. SG Americas Securities LLC now owns 15,655 shares of the financial services provider’s stock valued at $522,000 after purchasing an additional 4,210 shares in the last quarter. 79.43% of the stock is currently owned by institutional investors.
Independent Bank Trading Up 0.8 %
Shares of IBCP opened at $37.29 on Wednesday. Independent Bank Co. has a twelve month low of $20.50 and a twelve month high of $39.52. The company has a market cap of $778.99 million, a P/E ratio of 12.68 and a beta of 0.99. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. The company’s fifty day simple moving average is $34.06 and its 200-day simple moving average is $30.61.
Independent Bank Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, November 5th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.57%. The ex-dividend date was Tuesday, November 5th. Independent Bank’s dividend payout ratio is presently 32.65%.
Analyst Ratings Changes
IBCP has been the topic of several analyst reports. Piper Sandler lifted their price target on shares of Independent Bank from $27.00 to $37.50 and gave the company a “neutral” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $31.00 price target (up previously from $26.00) on shares of Independent Bank in a report on Monday, July 29th.
View Our Latest Research Report on IBCP
Insider Buying and Selling
In other Independent Bank news, Director Christina Keller sold 1,400 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $32.85, for a total transaction of $45,990.00. Following the transaction, the director now owns 4,163 shares of the company’s stock, valued at approximately $136,754.55. This trade represents a 25.17 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.48% of the stock is currently owned by insiders.
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.
See Also
- Five stocks we like better than Independent Bank
- 3 Home Improvement Stocks that Can Upgrade Your Portfolio
- Super Micro Computer Soars 28%: Is It Really Out of the Woods?
- Roth IRA Calculator: Calculate Your Potential Returns
- Traders Are Flocking Back to Oil: What’s Fueling the Optimism
- Industrial Products Stocks Investing
- 3 Hot Stock Trends to Ride Into 2025
Want to see what other hedge funds are holding IBCP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independent Bank Co. (NASDAQ:IBCP – Free Report).
Receive News & Ratings for Independent Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank and related companies with MarketBeat.com's FREE daily email newsletter.