Allspring Global Investments Holdings LLC Sells 37,674 Shares of Independent Bank Co. (NASDAQ:IBCP)

Allspring Global Investments Holdings LLC reduced its position in shares of Independent Bank Co. (NASDAQ:IBCP) by 10.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 320,885 shares of the financial services provider’s stock after selling 37,674 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Independent Bank were worth $10,702,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. nVerses Capital LLC acquired a new position in Independent Bank during the 3rd quarter worth approximately $27,000. CWM LLC raised its holdings in shares of Independent Bank by 1,729.2% in the second quarter. CWM LLC now owns 4,262 shares of the financial services provider’s stock valued at $115,000 after purchasing an additional 4,029 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Independent Bank by 36.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider’s stock worth $125,000 after purchasing an additional 1,225 shares in the last quarter. Comerica Bank acquired a new position in Independent Bank during the first quarter worth $173,000. Finally, Denali Advisors LLC grew its position in Independent Bank by 64.2% in the first quarter. Denali Advisors LLC now owns 8,700 shares of the financial services provider’s stock valued at $221,000 after purchasing an additional 3,400 shares in the last quarter. 79.43% of the stock is currently owned by institutional investors.

Insider Transactions at Independent Bank

In related news, Director Christina Keller sold 1,000 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $32.76, for a total value of $32,760.00. Following the sale, the director now owns 5,563 shares in the company, valued at approximately $182,243.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.45% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $31.00 price target (up from $26.00) on shares of Independent Bank in a research report on Monday, July 29th. Piper Sandler upped their target price on Independent Bank from $27.00 to $37.50 and gave the stock a “neutral” rating in a report on Monday, July 29th.

Independent Bank Price Performance

Shares of IBCP opened at $32.58 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.30. The company’s fifty day simple moving average is $33.20 and its 200 day simple moving average is $29.19. Independent Bank Co. has a 1-year low of $18.61 and a 1-year high of $35.97. The company has a market cap of $680.92 million, a price-to-earnings ratio of 10.44 and a beta of 0.99.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.11). Independent Bank had a return on equity of 16.90% and a net margin of 21.11%. The firm had revenue of $77.84 million for the quarter, compared to analyst estimates of $55.05 million. During the same quarter in the prior year, the firm earned $0.83 earnings per share. On average, research analysts forecast that Independent Bank Co. will post 3.13 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th will be given a $0.24 dividend. The ex-dividend date is Tuesday, November 5th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.95%. Independent Bank’s payout ratio is 30.77%.

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.