Empowered Funds LLC Sells 11,411 Shares of Independent Bank Co. (NASDAQ:IBCP)

Empowered Funds LLC lessened its stake in Independent Bank Co. (NASDAQ:IBCPFree Report) by 14.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 67,654 shares of the financial services provider’s stock after selling 11,411 shares during the quarter. Empowered Funds LLC owned about 0.32% of Independent Bank worth $2,356,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. National Bank of Canada FI bought a new stake in Independent Bank in the third quarter valued at about $26,000. nVerses Capital LLC acquired a new position in Independent Bank in the third quarter valued at about $27,000. Dakota Wealth Management acquired a new position in Independent Bank in the fourth quarter valued at about $203,000. CWM LLC grew its stake in Independent Bank by 47.5% in the third quarter. CWM LLC now owns 6,287 shares of the financial services provider’s stock valued at $210,000 after acquiring an additional 2,025 shares during the period. Finally, Zacks Investment Management acquired a new position in Independent Bank in the third quarter valued at about $221,000. Institutional investors own 79.43% of the company’s stock.

Insider Activity at Independent Bank

In related news, EVP Gavin A. Mohr purchased 800 shares of Independent Bank stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased 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 of the company’s stock, valued at approximately $685,082.02. This trade represents a 4.48 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.45% of the company’s stock.

Independent Bank Stock Down 1.8 %

IBCP stock opened at $35.11 on Friday. 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 stock has a market capitalization of $733.59 million, a P/E ratio of 11.11 and a beta of 1.03. The business has a 50-day moving average of $35.48 and a 200-day moving average of $34.65. Independent Bank Co. has a fifty-two week low of $22.53 and a fifty-two week high of $40.32.

Independent Bank (NASDAQ:IBCPGet Free Report) last posted its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.10. Independent Bank had a return on equity of 15.43% and a net margin of 20.67%. On average, sell-side analysts anticipate that Independent Bank Co. will post 3.22 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were given a dividend of $0.26 per share. The ex-dividend date was Tuesday, February 4th. This is a boost from Independent Bank’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.96%. Independent Bank’s dividend payout ratio is 32.91%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. DA Davidson boosted their target price on Independent Bank from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Tuesday, January 28th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $41.00 target price (up from $39.00) on shares of Independent Bank in a research note on Friday, January 24th.

Get Our Latest Report on IBCP

Independent Bank Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Independent Bank (NASDAQ:IBCP)

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