Boston Partners Takes Position in Independent Bank Co. (NASDAQ:IBCP) (2024)

Boston Partners bought a new stake in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 46,076 shares of the financial services provider's stock, valued at approximately $1,168,000. Boston Partners owned about 0.22% of Independent Bank as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of IBCP. AJOVista LLC acquired a new position in Independent Bank in the fourth quarter valued at $38,000. Quadrant Capital Group LLC raised its holdings in shares of Independent Bank by 46.4% during the 4th quarter. Quadrant Capital Group LLC now owns 2,045 shares of the financial services provider's stock valued at $53,000 after buying an additional 648 shares during the period. Fifth Third Bancorp lifted its position in Independent Bank by 524.2% during the 4th quarter. Fifth Third Bancorp now owns 2,060 shares of the financial services provider's stock worth $54,000 after acquiring an additional 1,730 shares in the last quarter. Quest Partners LLC acquired a new stake in Independent Bank in the fourth quarter valued at approximately $79,000. Finally, Comerica Bank acquired a new position in shares of Independent Bank during the first quarter worth $173,000. Institutional investors and hedge funds own 79.43% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on IBCP shares. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $31.00 price target (up previously from $26.00) on shares of Independent Bank in a research note on Monday, July 29th. DA Davidson reissued a "neutral" rating and issued a $28.00 price target on shares of Independent Bank in a report on Tuesday, April 30th. Finally, Piper Sandler raised their price target on shares of Independent Bank from $27.00 to $37.50 and gave the stock a "neutral" rating in a research report on Monday, July 29th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat, Independent Bank presently has an average rating of "Hold" and a consensus price target of $32.17.

Read Our Latest Stock Report on Independent Bank

Insider Buying and Selling at Independent Bank

In related news, EVP Stefanie M. Kimball sold 1,700 shares of the stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $24.49, for a total transaction of $41,633.00. Following the completion of the sale, the executive vice president now directly owns 61,784 shares of the company's stock, valued at $1,513,090.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, EVP Stefanie M. Kimball sold 1,700 shares of Independent Bank stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $24.49, for a total transaction of $41,633.00. Following the transaction, the executive vice president now owns 61,784 shares in the company, valued at $1,513,090.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Christina Keller sold 1,000 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $32.76, for a total transaction of $32,760.00. Following the completion of the sale, the director now directly owns 5,563 shares of the company's stock, valued at $182,243.88. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,100 shares of company stock valued at $131,081. 5.45% of the stock is owned by corporate insiders.

Independent Bank Stock Performance

IBCP stock traded down $1.58 during trading on Monday, hitting $31.21. 133,953 shares of the company's stock traded hands, compared to its average volume of 91,755. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.31. The stock has a fifty day moving average price of $27.47 and a two-hundred day moving average price of $25.76. Independent Bank Co. has a 52 week low of $16.90 and a 52 week high of $35.97. The stock has a market capitalization of $652.29 million, a price-to-earnings ratio of 10.52 and a beta of 1.01.

Independent Bank (NASDAQ:IBCP - Get Free Report) last released its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.88 earnings per share for the quarter, topping analysts' consensus estimates of $0.71 by $0.17. Independent Bank had a net margin of 21.11% and a return on equity of 17.24%. The business had revenue of $81.51 million for the quarter, compared to analysts' expectations of $53.50 million. During the same quarter last year, the company earned $0.70 EPS. As a group, equities analysts anticipate that Independent Bank Co. will post 3.13 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, August 5th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.08%. The ex-dividend date is Monday, August 5th. Independent Bank's dividend payout ratio (DPR) is presently 32.65%.

About Independent Bank

(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.

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