Allspring Global Investments Holdings LLC Has $11.13 Million Holdings in Independent Bank Co. (NASDAQ:IBCP)

Allspring Global Investments Holdings LLC cut its holdings in shares of Independent Bank Co. (NASDAQ:IBCP) by 0.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 319,499 shares of the financial services provider’s stock after selling 1,386 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Independent Bank were worth $11,128,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. National Bank of Canada FI acquired a new position in shares of Independent Bank during the 3rd quarter worth about $26,000. nVerses Capital LLC acquired a new position in Independent Bank during the third quarter valued at approximately $27,000. Dakota Wealth Management acquired a new position in Independent Bank during the fourth quarter valued at approximately $203,000. CWM LLC increased 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 purchasing an additional 2,025 shares in the last quarter. Finally, Zacks Investment Management acquired a new stake in Independent Bank in the third quarter worth $221,000. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Stock Performance

Shares of IBCP opened at $35.11 on Tuesday. 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 Co. has a twelve month low of $22.53 and a twelve month high of $40.32. The firm’s 50 day moving average price is $35.43 and its two-hundred day moving average price is $34.66. The firm has a market cap of $733.45 million, a P/E ratio of 11.11 and a beta of 1.03.

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

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.96%. This is a positive change from Independent Bank’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, February 4th. Independent Bank’s payout ratio is 32.91%.

Insider Activity

In other Independent Bank news, EVP Gavin A. Mohr bought 800 shares of Independent Bank stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired 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 owns 18,662 shares of the company’s stock, valued at $685,082.02. This trade represents a 4.48 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 5.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on IBCP. DA Davidson boosted their price target on shares of Independent Bank from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Tuesday, January 28th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $41.00 target price (up from $39.00) on shares of Independent Bank in a report on Friday, January 24th.

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.