Allspring Global Investments Holdings LLC Cuts Position in Independent Bank Corporation (NASDAQ:IBCP)

Allspring Global Investments Holdings LLC cut its stake in Independent Bank Corporation (NASDAQ:IBCP) by 4.2% during the first quarter, HoldingsChannel reports. The fund owned 306,059 shares of the financial services provider’s stock after selling 13,440 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Independent Bank were worth $9,424,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in IBCP. Proficio Capital Partners LLC purchased a new position in shares of Independent Bank in the 4th quarter valued at $352,000. Charles Schwab Investment Management Inc. grew its stake in Independent Bank by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 172,346 shares of the financial services provider’s stock worth $6,003,000 after buying an additional 1,256 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Independent Bank during the 4th quarter worth $410,000. HighTower Advisors LLC grew its stake in Independent Bank by 2.2% during the 4th quarter. HighTower Advisors LLC now owns 27,270 shares of the financial services provider’s stock worth $950,000 after buying an additional 598 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in Independent Bank by 30.3% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 34,110 shares of the financial services provider’s stock worth $1,188,000 after buying an additional 7,928 shares during the last quarter. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Stock Up 2.5%

Shares of IBCP stock opened at $34.60 on Friday. Independent Bank Corporation has a 1-year low of $25.46 and a 1-year high of $40.32. The stock’s fifty day moving average price is $31.63 and its 200 day moving average price is $32.55. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.91 and a quick ratio of 0.90. The company has a market cap of $716.91 million, a price-to-earnings ratio of 11.02 and a beta of 0.84.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.04. The business had revenue of $54.11 million for the quarter, compared to analyst estimates of $46.25 million. Independent Bank had a return on equity of 14.71% and a net margin of 20.62%. On average, research analysts expect that Independent Bank Corporation will post 3.22 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date was Monday, May 5th. Independent Bank’s dividend payout ratio is presently 33.12%.

Analysts Set New Price Targets

IBCP has been the topic of several research analyst reports. Piper Sandler dropped their target price on Independent Bank from $38.00 to $36.00 and set a “neutral” rating on the stock in a research note on Monday, April 28th. Keefe, Bruyette & Woods dropped their target price on Independent Bank from $37.00 to $35.00 and set a “market perform” rating on the stock in a research note on Friday, April 25th.

Insider Transactions at Independent Bank

In other news, Director Terance L. Beia acquired 1,821 shares of the business’s stock in a transaction dated Friday, June 13th. The shares were acquired at an average cost of $30.65 per share, with a total value of $55,813.65. Following the completion of the acquisition, the director owned 40,001 shares of the company’s stock, valued at approximately $1,226,030.65. This trade represents a 4.77% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Michael M. Magee, Jr. sold 6,404 shares of the stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $31.00, for a total value of $198,524.00. Following the completion of the transaction, the director directly owned 8,381 shares in the company, valued at $259,811. This represents a 43.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.68% 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.