UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $1.86 Million Stock Position in Independent Bank Co. (NASDAQ:IBCP)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its stake in shares of Independent Bank Co. (NASDAQ:IBCP) by 1.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 55,674 shares of the financial services provider’s stock after selling 584 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Independent Bank were worth $1,857,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. nVerses Capital LLC acquired a new position in Independent Bank during the third quarter worth $27,000. Truist Financial Corp increased its stake in shares of Independent Bank by 8.4% during the 2nd quarter. Truist Financial Corp now owns 14,181 shares of the financial services provider’s stock worth $383,000 after purchasing an additional 1,100 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Independent Bank by 36.0% during the 2nd 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 during the last quarter. Bailard Inc. raised its holdings in shares of Independent Bank by 8.8% in the 2nd quarter. Bailard Inc. now owns 17,360 shares of the financial services provider’s stock valued at $469,000 after purchasing an additional 1,400 shares during the period. Finally, Federated Hermes Inc. lifted its stake in Independent Bank by 1.2% in the 2nd quarter. Federated Hermes Inc. now owns 123,475 shares of the financial services provider’s stock valued at $3,334,000 after purchasing an additional 1,476 shares during the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Insider Buying and Selling

In other Independent Bank news, EVP Gavin A. Mohr purchased 800 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were acquired at an average cost of $36.71 per share, with a total value of $29,368.00. Following the completion of the transaction, the executive vice president now owns 18,662 shares in the company, valued at $685,082.02. The trade was a 4.48 % increase in their ownership of the stock. The purchase 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 insiders.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods boosted their price target on Independent Bank from $33.00 to $39.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th.

Independent Bank Price Performance

NASDAQ:IBCP opened at $37.97 on Monday. The firm’s fifty day moving average price is $35.80 and its two-hundred day moving average price is $32.16. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market cap of $793.19 million, a P/E ratio of 12.91 and a beta of 1.02. Independent Bank Co. has a one year low of $22.53 and a one year high of $40.32.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11). The company had revenue of $77.84 million during the quarter, compared to analyst estimates of $55.05 million. Independent Bank had a net margin of 19.93% and a return on equity of 15.26%. During the same quarter last year, the company posted $0.83 EPS. Equities analysts expect that Independent Bank Co. will post 3.02 earnings per share for the current year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th were paid a dividend of $0.24 per share. The ex-dividend date was Tuesday, November 5th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.53%. Independent Bank’s dividend payout ratio (DPR) is currently 32.65%.

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.