Wedge Capital Management L L P NC Grows Stock Holdings in Independent Bank Co. (NASDAQ:IBCP)

Wedge Capital Management L L P NC lifted its holdings in Independent Bank Co. (NASDAQ:IBCP) by 23.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,129 shares of the financial services provider’s stock after acquiring an additional 4,643 shares during the period. Wedge Capital Management L L P NC owned approximately 0.12% of Independent Bank worth $743,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in IBCP. Foundry Partners LLC increased its holdings in Independent Bank by 1.1% in the 4th quarter. Foundry Partners LLC now owns 213,225 shares of the financial services provider’s stock valued at $7,427,000 after purchasing an additional 2,355 shares in the last quarter. Barclays PLC boosted its position in shares of Independent Bank by 38.1% in the third quarter. Barclays PLC now owns 82,357 shares of the financial services provider’s stock worth $2,748,000 after buying an additional 22,728 shares during the period. Mackenzie Financial Corp acquired a new stake in shares of Independent Bank in the fourth quarter valued at about $538,000. Bank of America Corp DE grew its stake in shares of Independent Bank by 17.5% in the fourth quarter. Bank of America Corp DE now owns 124,784 shares of the financial services provider’s stock valued at $4,346,000 after buying an additional 18,602 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new stake in shares of Independent Bank during the 4th quarter valued at about $436,000. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Wall Street Analyst Weigh In

IBCP has been the subject of a number of analyst reports. Piper Sandler decreased their price target on Independent Bank from $38.00 to $36.00 and set a “neutral” rating for the company in a report on Monday, April 28th. Keefe, Bruyette & Woods reduced their target price on shares of Independent Bank from $37.00 to $35.00 and set a “market perform” rating on the stock in a research report on Friday, April 25th.

Independent Bank Stock Down 0.8%

Shares of Independent Bank stock opened at $31.65 on Thursday. Independent Bank Co. has a 1-year low of $23.48 and a 1-year high of $40.32. The company has a market capitalization of $655.82 million, a PE ratio of 10.02 and a beta of 0.84. 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 business has a 50-day moving average of $30.97 and a 200-day moving average of $33.24.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.04. Independent Bank had a return on equity of 15.43% and a net margin of 20.67%. The firm had revenue of $54.11 million during the quarter, compared to the consensus estimate of $46.25 million. As a group, equities analysts forecast that Independent Bank Co. will post 3.22 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date was Monday, May 5th. Independent Bank’s payout ratio is currently 33.12%.

Insider Buying and Selling

In related news, Director Michael M. Magee, Jr. sold 6,404 shares of Independent Bank stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $31.00, for a total value of $198,524.00. Following the completion of the transaction, the director now directly owns 8,381 shares in the company, valued at approximately $259,811. This trade represents a 43.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 5.68% of the company’s stock.

About Independent Bank

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.