Legacy Trust Acquires 39,141 Shares of Independent Bank Corporation $IBCP

Legacy Trust acquired a new position in Independent Bank Corporation (NASDAQ:IBCP) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 39,141 shares of the financial services provider’s stock, valued at approximately $1,431,000.

A number of other hedge funds also recently bought and sold shares of the company. Bank of America Corp DE lifted its holdings in Independent Bank by 50.6% in the first quarter. Bank of America Corp DE now owns 91,106 shares of the financial services provider’s stock valued at $3,034,000 after acquiring an additional 30,622 shares during the period. Arrowstreet Capital Limited Partnership boosted its position 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 worth $6,044,000 after purchasing an additional 30,582 shares during the last quarter. Sei Investments Co. grew its stake 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 purchasing an additional 28,961 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Independent Bank during the 3rd quarter valued at about $746,000. Finally, Commonwealth Equity Services LLC grew its stake in shares of Independent Bank by 467.4% during the 3rd quarter. Commonwealth Equity Services LLC now owns 35,611 shares of the financial services provider’s stock valued at $1,255,000 after purchasing an additional 29,335 shares during the period. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Independent Bank Trading Down 0.4%

NASDAQ:IBCP opened at $36.58 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a market capitalization of $807.61 million, a price-to-earnings ratio of 10.76 and a beta of 0.73. Independent Bank Corporation has a one year low of $29.83 and a one year high of $39.24. The business has a fifty day moving average price of $36.29 and a 200-day moving average price of $35.52.

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

Independent Bank Dividend Announcement

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

Analyst Ratings Changes

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

Insiders Place Their Bets

In other Independent Bank news, CEO William Kessel sold 2,000 shares of Independent Bank 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 $5,884,126.08. The trade was a 1.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.91% of the stock is owned by corporate insiders.

Independent Bank Company Profile

Independent Bank Corporation is a bank holding company that provides financial services through its subsidiary, Independent Bank. The company serves individuals, families and businesses, primarily in Michigan. Its offerings include personal and business checking and savings accounts, consumer and commercial lending, mortgage services, and digital banking. Business customers can also access services such as cash management and other treasury solutions. Independent Bank operates as a community-focused bank, combining branch-based service with online and mobile banking.