Allspring Global Investments Holdings LLC Reduces Position in Independent Bank Co. (NASDAQ:IBCP)

Allspring Global Investments Holdings LLC trimmed its position in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) by 10.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 320,885 shares of the financial services provider's stock after selling 37,674 shares during the quarter. Allspring Global Investments Holdings LLC owned about 1.54% of Independent Bank worth $10,702,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Assenagon Asset Management S.A. purchased a new position in shares of Independent Bank in the second quarter worth $3,147,000. Acadian Asset Management LLC raised its stake in Independent Bank by 52.0% in the 1st quarter. Acadian Asset Management LLC now owns 331,483 shares of the financial services provider's stock worth $8,399,000 after acquiring an additional 113,408 shares during the last quarter. AQR Capital Management LLC lifted its position in Independent Bank by 75.8% during the 2nd quarter. AQR Capital Management LLC now owns 174,011 shares of the financial services provider's stock worth $4,698,000 after acquiring an additional 75,022 shares during the period. American Century Companies Inc. grew its stake in Independent Bank by 16.8% during the 2nd quarter. American Century Companies Inc. now owns 415,551 shares of the financial services provider's stock valued at $11,220,000 after purchasing an additional 59,794 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in shares of Independent Bank by 86.6% in the first quarter. Russell Investments Group Ltd. now owns 109,203 shares of the financial services provider's stock valued at $2,768,000 after purchasing an additional 50,681 shares during the period. 79.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

IBCP has been the topic of several research reports. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $31.00 price target (up previously from $26.00) on shares of Independent Bank in a report on Monday, July 29th. Piper Sandler raised their target price on shares of Independent Bank from $27.00 to $37.50 and gave the stock a "neutral" rating in a report on Monday, July 29th.

Insiders Place Their Bets

In other Independent Bank news, Director Christina Keller sold 1,000 shares of the company's stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $32.76, for a total transaction of $32,760.00. Following the completion of the transaction, the director now directly owns 5,563 shares in the company, valued at approximately $182,243.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 5.45% of the stock is currently owned by company insiders.

Independent Bank Stock Performance

Independent Bank stock traded down $0.16 during mid-day trading on Friday, hitting $32.58. The company had a trading volume of 86,076 shares, compared to its average volume of 90,202. The company has a market capitalization of $680.92 million, a price-to-earnings ratio of 10.44 and a beta of 0.99. Independent Bank Co. has a 12-month low of $18.61 and a 12-month high of $35.97. The company's fifty day moving average is $33.20 and its 200-day moving average is $29.24. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.30.

Independent Bank (NASDAQ:IBCP - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.76 by ($0.11). Independent Bank had a return on equity of 16.90% and a net margin of 21.11%. The firm had revenue of $77.84 million for the quarter, compared to analysts' expectations of $55.05 million. During the same period last year, the company posted $0.83 earnings per share. Equities research analysts predict that Independent Bank Co. will post 3.13 EPS for the current year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, November 5th will be issued a $0.24 dividend. The ex-dividend date is Tuesday, November 5th. This represents a $0.96 dividend on an annualized basis and a yield of 2.95%. Independent Bank's payout ratio is 30.77%.

Independent Bank Company Profile

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.