State Street Corp Has $21.60 Million Stock Holdings in Independent Bank Co. (NASDAQ:IBCP)

State Street Corp lifted its stake in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) by 4.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 647,579 shares of the financial services provider's stock after purchasing an additional 29,475 shares during the quarter. State Street Corp owned about 3.10% of Independent Bank worth $21,597,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. nVerses Capital LLC acquired a new position in shares of Independent Bank during the 3rd quarter valued at $27,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Independent Bank by 36.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider's stock worth $125,000 after acquiring an additional 1,225 shares during the period. CWM LLC grew its holdings in Independent Bank by 47.5% during the third quarter. CWM LLC now owns 6,287 shares of the financial services provider's stock worth $210,000 after acquiring an additional 2,025 shares during the period. Centiva Capital LP bought a new stake in Independent Bank in the third quarter worth about $279,000. Finally, Summit Global Investments acquired a new stake in Independent Bank in the 3rd quarter valued at about $344,000. Institutional investors and hedge funds own 79.43% of the company's stock.

Insider Activity

In other Independent Bank news, EVP Gavin A. Mohr purchased 800 shares of the company's stock in a transaction dated Wednesday, November 20th. The shares were bought at an average price of $36.71 per share, for a total transaction of $29,368.00. Following the purchase, the executive vice president now directly owns 18,662 shares in the company, valued at $685,082.02. This trade represents a 4.48 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.48% of the stock is currently owned by corporate insiders.

Independent Bank Trading Up 0.6 %

Shares of NASDAQ IBCP traded up $0.20 during mid-day trading on Tuesday, hitting $35.28. 39,320 shares of the company traded hands, compared to its average volume of 94,144. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. Independent Bank Co. has a 1 year low of $22.53 and a 1 year high of $40.32. The stock has a market capitalization of $737.14 million, a price-to-earnings ratio of 12.00 and a beta of 1.02. The business has a 50 day moving average of $36.22 and a two-hundred day moving average of $32.64.

Independent Bank (NASDAQ:IBCP - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $77.84 million during the quarter, compared to analysts' expectations of $55.05 million. During the same quarter last year, the company posted $0.83 EPS. On average, sell-side analysts anticipate that Independent Bank Co. will post 3.02 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, November 5th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.72%. The ex-dividend date of this dividend was Tuesday, November 5th. Independent Bank's dividend payout ratio is currently 32.65%.

Analysts Set New Price Targets

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

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.