Barclays PLC Acquires 22,728 Shares of Independent Bank Co. (NASDAQ:IBCP)

Barclays PLC boosted its stake in shares of Independent Bank Co. (NASDAQ:IBCP) by 38.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 82,357 shares of the financial services provider’s stock after buying an additional 22,728 shares during the quarter. Barclays PLC’s holdings in Independent Bank were worth $2,748,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its stake in shares of Independent Bank by 28.7% in the third quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock worth $11,660,000 after acquiring an additional 77,874 shares during the period. Acadian Asset Management LLC lifted its position in shares of Independent Bank by 27.8% in the 2nd quarter. Acadian Asset Management LLC now owns 423,631 shares of the financial services provider’s stock worth $11,432,000 after purchasing an additional 92,148 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Independent Bank by 14.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 206,619 shares of the financial services provider’s stock worth $5,579,000 after purchasing an additional 26,674 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Independent Bank by 202.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 171,090 shares of the financial services provider’s stock valued at $5,706,000 after purchasing an additional 114,487 shares during the last quarter. Finally, State Street Corp increased its position in shares of Independent Bank by 4.8% during the third quarter. State Street Corp now owns 647,579 shares of the financial services provider’s stock worth $21,597,000 after buying an additional 29,475 shares during the period. Institutional investors own 79.43% of the company’s stock.

Analyst Upgrades and Downgrades

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

Independent Bank Price Performance

Shares of IBCP opened at $35.28 on Wednesday. The firm has a market cap of $737.14 million, a PE ratio of 12.00 and a beta of 1.02. Independent Bank Co. has a 52-week low of $22.53 and a 52-week high of $40.32. The business’s 50 day moving average price is $36.25 and its two-hundred day moving average price is $32.72. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88.

Independent Bank (NASDAQ:IBCP) last released its earnings results on Thursday, October 24th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11). The company had revenue of $77.84 million for 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 in the previous year, the firm earned $0.83 EPS. On average, equities analysts anticipate that Independent Bank Co. will post 3.02 EPS for the current year.

Independent Bank Announces Dividend

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 $0.24 dividend. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.96 annualized dividend and a dividend yield of 2.72%. Independent Bank’s dividend payout ratio is presently 32.65%.

Insider Activity at Independent Bank

In other news, EVP Gavin A. Mohr acquired 800 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was purchased at an average price of $36.71 per share, for a total transaction of $29,368.00. Following the completion of the acquisition, the executive vice president now directly owns 18,662 shares in the company, valued at $685,082.02. The trade was a 4.48 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 5.48% of the stock is currently owned by corporate 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.