Wedge Capital Management L L P NC Sells 5,749 Shares of Independent Bank Co. (NASDAQ:IBCP)

Wedge Capital Management L L P NC lessened its stake in shares of Independent Bank Co. (NASDAQ:IBCP) by 22.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 20,219 shares of the financial services provider’s stock after selling 5,749 shares during the period. Wedge Capital Management L L P NC owned about 0.10% of Independent Bank worth $674,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Capital Asset Advisory Services LLC acquired a new position in shares of Independent Bank during the 1st quarter worth approximately $248,000. Allspring Global Investments Holdings LLC increased its holdings in Independent Bank by 3.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 413,540 shares of the financial services provider’s stock worth $10,483,000 after buying an additional 14,669 shares during the last quarter. Denali Advisors LLC raised its position in Independent Bank by 64.2% during the first quarter. Denali Advisors LLC now owns 8,700 shares of the financial services provider’s stock worth $221,000 after acquiring an additional 3,400 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Independent Bank by 12.5% in the first quarter. Principal Financial Group Inc. now owns 270,146 shares of the financial services provider’s stock valued at $6,848,000 after acquiring an additional 29,977 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position in shares of Independent Bank by 41.3% in the 1st quarter. BNP Paribas Financial Markets now owns 44,650 shares of the financial services provider’s stock valued at $1,132,000 after acquiring an additional 13,055 shares during the period. 79.43% of the stock is owned by institutional investors and hedge funds.

Independent Bank Stock Performance

NASDAQ IBCP opened at $34.94 on Friday. The stock has a market cap of $730.32 million, a PE ratio of 11.88 and a beta of 0.99. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a 50-day moving average of $33.05 and a 200-day moving average of $28.79. Independent Bank Co. has a 52-week low of $16.90 and a 52-week high of $35.97.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $81.51 million during the quarter, compared to the consensus estimate of $53.50 million. During the same period last year, the business posted $0.70 earnings per share. On average, sell-side analysts anticipate 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 was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date was Monday, August 5th. Independent Bank’s dividend payout ratio is 32.65%.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In related news, Director Christina Keller sold 1,400 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $32.85, for a total value of $45,990.00. Following the transaction, the director now directly owns 4,163 shares in the company, valued at approximately $136,754.55. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 5.45% of the company’s stock.

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.