Independent Bank Co. (NASDAQ:IBCP) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. raised its position in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) by 28.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 349,631 shares of the financial services provider's stock after buying an additional 77,874 shares during the quarter. Principal Financial Group Inc. owned about 1.67% of Independent Bank worth $11,660,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. nVerses Capital LLC purchased a new position in Independent Bank in the 3rd quarter worth about $27,000. CWM LLC raised its holdings in shares of Independent Bank by 1,729.2% during the second quarter. CWM LLC now owns 4,262 shares of the financial services provider's stock valued at $115,000 after purchasing an additional 4,029 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Independent Bank by 36.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider's stock worth $125,000 after purchasing an additional 1,225 shares during the last quarter. Comerica Bank bought a new stake in Independent Bank in the 1st quarter worth approximately $173,000. Finally, Axxcess Wealth Management LLC bought a new stake in Independent Bank in the 1st quarter worth approximately $258,000. Institutional investors own 79.43% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on IBCP shares. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $31.00 price objective (up from $26.00) on shares of Independent Bank in a research note on Monday, July 29th. Piper Sandler boosted their price target on shares of Independent Bank from $27.00 to $37.50 and gave the stock a "neutral" rating in a research note on Monday, July 29th.

Independent Bank Trading Down 2.0 %

IBCP traded down $0.74 on Monday, hitting $37.00. The company had a trading volume of 57,921 shares, compared to its average volume of 96,268. The company has a market cap of $773.08 million, a PE ratio of 12.84 and a beta of 0.99. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. The business's fifty day simple moving average is $33.90 and its 200 day simple moving average is $30.44. Independent Bank Co. has a 12-month low of $20.50 and a 12-month high of $39.52.

Independent Bank (NASDAQ:IBCP - Get Free Report) last released its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 EPS for the quarter, missing analysts' consensus estimates of $0.76 by ($0.11). Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. The firm had revenue of $77.84 million for the quarter, compared to analysts' expectations of $55.05 million. During the same period in the prior year, the firm posted $0.83 earnings per share. Equities research analysts expect that Independent Bank Co. will post 3.02 EPS for the current year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date was Tuesday, November 5th. Independent Bank's payout ratio is presently 32.65%.

Insiders Place Their Bets

In related news, Director Christina Keller sold 1,400 shares of Independent Bank stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $32.85, for a total value of $45,990.00. Following the completion of the sale, the director now directly owns 4,163 shares in the company, valued at $136,754.55. The trade was a 25.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 5.45% of the company's stock.

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.