Independent Bank Corporation $IBCP Shares Newly Acquired by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Independent Bank Corporation (NASDAQ:IBCP) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 21,157 shares of the financial services provider’s stock, valued at approximately $746,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership increased its holdings in Independent Bank by 20.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 181,515 shares of the financial services provider’s stock valued at $6,044,000 after buying an additional 30,582 shares in the last quarter. Sei Investments Co. lifted its position in shares of Independent Bank by 35.5% during the 1st quarter. Sei Investments Co. now owns 110,479 shares of the financial services provider’s stock valued at $3,679,000 after acquiring an additional 28,961 shares during the period. Bank of America Corp DE boosted its stake in shares of Independent Bank by 50.6% during the 1st quarter. Bank of America Corp DE now owns 91,106 shares of the financial services provider’s stock worth $3,034,000 after acquiring an additional 30,622 shares in the last quarter. Hsbc Holdings PLC boosted its stake in shares of Independent Bank by 68.7% during the 4th quarter. Hsbc Holdings PLC now owns 41,334 shares of the financial services provider’s stock worth $1,340,000 after acquiring an additional 16,829 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its stake in shares of Independent Bank by 40.7% during the 1st quarter. Quantinno Capital Management LP now owns 32,611 shares of the financial services provider’s stock worth $1,086,000 after acquiring an additional 9,439 shares in the last quarter. 79.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO William Kessel sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $37.28, for a total transaction of $74,560.00. Following the transaction, the chief executive officer owned 157,836 shares of the company’s stock, valued at approximately $5,884,126.08. This represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 5.91% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on IBCP shares. Piper Sandler upped their price target on Independent Bank from $42.00 to $43.00 and gave the stock an “overweight” rating in a report on Thursday, October 29th. DA Davidson lifted their price objective on Independent Bank from $40.00 to $42.00 and gave the stock a “neutral” rating in a report on Wednesday, October 28th. Weiss Ratings reiterated a “buy (b)” rating on shares of Independent Bank in a research report on Friday, September 4th. Finally, Keefe, Bruyette & Woods boosted their target price on Independent Bank from $37.00 to $38.00 and gave the stock a “market perform” rating in a research report on Friday, July 24th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Independent Bank currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.00.

Independent Bank Stock Performance

Shares of IBCP stock opened at $36.31 on Monday. The firm has a 50-day moving average price of $36.27 and a 200 day moving average price of $35.48. Independent Bank Corporation has a twelve month low of $29.83 and a twelve month high of $39.24. The company has a market capitalization of $801.72 million, a price-to-earnings ratio of 10.68 and a beta of 0.73. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings results on Tuesday, October 27th. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.03). Independent Bank had a return on equity of 14.14% and a net margin of 21.63%. The firm had revenue of $71.07 million for the quarter, compared to analyst estimates of $68.86 million. Research analysts forecast that Independent Bank Corporation will post 3.54 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Tuesday, November 3rd will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Tuesday, November 3rd. This represents a $1.12 annualized dividend and a dividend yield of 3.1%. Independent Bank’s dividend payout ratio is presently 32.94%.

Independent Bank Company Profile

Independent Bank Corp. is the bank holding company for Independent Bank, a community banking institution headquartered in Ionia, Michigan. The bank serves individuals, families, farmers, small businesses and commercial customers through a network of branches and digital banking services across Michigan’s Lower Peninsula.

Independent Bank offers a range of financial products, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, home equity financing, agricultural loans and commercial lending.