Charles Schwab Investment Management Inc. Purchases 114,487 Shares of Independent Bank Co. (NASDAQ:IBCP)

Charles Schwab Investment Management Inc. raised its position in Independent Bank Co. (NASDAQ:IBCP - Free Report) by 202.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 171,090 shares of the financial services provider's stock after acquiring an additional 114,487 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.82% of Independent Bank worth $5,706,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. nVerses Capital LLC purchased a new position in shares of Independent Bank during the 3rd quarter valued at about $27,000. Truist Financial Corp boosted its holdings in Independent Bank by 8.4% in the 2nd quarter. Truist Financial Corp now owns 14,181 shares of the financial services provider's stock worth $383,000 after buying an additional 1,100 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Independent Bank by 36.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider's stock worth $125,000 after buying an additional 1,225 shares in the last quarter. Bailard Inc. lifted its position in shares of Independent Bank by 8.8% in the second quarter. Bailard Inc. now owns 17,360 shares of the financial services provider's stock valued at $469,000 after acquiring an additional 1,400 shares in the last quarter. Finally, Federated Hermes Inc. raised its stake in Independent Bank by 1.2% during the 2nd quarter. Federated Hermes Inc. now owns 123,475 shares of the financial services provider's stock valued at $3,334,000 after purchasing an additional 1,476 shares during the period. 79.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods increased their price objective on shares of Independent Bank from $33.00 to $39.00 and gave the company a "market perform" rating in a report on Wednesday, December 4th.

Insider Transactions at Independent Bank

In other Independent Bank news, EVP Gavin A. Mohr acquired 800 shares of the business's stock in a transaction on Wednesday, November 20th. The shares were bought at an average price of $36.71 per share, with a total value of $29,368.00. Following the transaction, the executive vice president now directly owns 18,662 shares of the company's stock, valued at $685,082.02. The trade was a 4.48 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 5.45% of the company's stock.

Independent Bank Price Performance

Shares of IBCP traded up $0.07 during mid-day trading on Friday, hitting $37.73. 37,493 shares of the stock were exchanged, compared to its average volume of 93,809. The firm has a 50-day moving average of $35.69 and a two-hundred day moving average of $31.97. Independent Bank Co. has a 52-week low of $22.53 and a 52-week high of $40.32. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market cap of $788.18 million, a PE ratio of 12.81 and a beta of 1.02.

Independent Bank (NASDAQ:IBCP - Get Free Report) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.65 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.11). Independent Bank had a net margin of 19.93% and a return on equity of 15.26%. The business had revenue of $77.84 million for the quarter, compared to the consensus estimate of $55.05 million. During the same quarter last year, the business earned $0.83 EPS. On average, equities analysts predict that Independent Bank Co. will post 3.02 earnings per share for the current year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.54%. The ex-dividend date of this dividend was Tuesday, November 5th. Independent Bank's payout ratio is 32.65%.

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.