Independent Bank Co. (NASDAQ:IBCP) Holdings Boosted by Principal Financial Group Inc.

Principal Financial Group Inc. grew its holdings in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) by 28.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & 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 1.67% of Independent Bank worth $11,660,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in IBCP. HighTower Advisors LLC lifted its position in Independent Bank by 1.5% during the 3rd quarter. HighTower Advisors LLC now owns 26,672 shares of the financial services provider's stock worth $889,000 after acquiring an additional 384 shares in the last quarter. National Bank of Canada FI purchased a new stake in shares of Independent Bank during the third quarter valued at approximately $26,000. nVerses Capital LLC acquired a new position in shares of Independent Bank during the third quarter worth $27,000. Truist Financial Corp boosted its stake in shares of Independent Bank by 8.4% in the second quarter. Truist Financial Corp now owns 14,181 shares of the financial services provider's stock valued at $383,000 after purchasing an additional 1,100 shares during the period. Finally, Franklin Resources Inc. grew its holdings in Independent Bank by 3.9% during the 3rd quarter. Franklin Resources Inc. now owns 32,756 shares of the financial services provider's stock valued at $1,095,000 after purchasing an additional 1,217 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company's stock.

Analysts Set New Price Targets

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

Insider Activity at Independent Bank

In other Independent Bank news, EVP Gavin A. Mohr acquired 800 shares of the firm's stock in a transaction on Wednesday, November 20th. The stock was purchased at an average price of $36.71 per share, with a total value of $29,368.00. Following the completion of the acquisition, 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 is accessible through the SEC website. 5.45% of the stock is owned by corporate insiders.

Independent Bank Stock Up 0.1 %

Shares of Independent Bank stock traded up $0.05 on Monday, hitting $34.74. 57,319 shares of the company's stock traded hands, compared to its average volume of 61,984. Independent Bank Co. has a 52-week low of $22.53 and a 52-week high of $40.32. 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 stock has a market cap of $725.72 million, a P/E ratio of 11.82 and a beta of 1.02. The firm's 50-day moving average is $36.28 and its 200 day moving average is $32.95.

Independent Bank (NASDAQ:IBCP - Get Free Report) last posted its quarterly earnings data 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). The company had revenue of $77.84 million for the quarter, compared to the consensus estimate of $55.05 million. Independent Bank had a net margin of 19.93% and a return on equity of 15.26%. During the same quarter last year, the company earned $0.83 earnings per share. Equities analysts anticipate that Independent Bank Co. will post 3.02 earnings per share for the current year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, November 5th were paid a $0.24 dividend. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.96 dividend on an annualized basis and a yield of 2.76%. Independent Bank's dividend payout ratio (DPR) is 32.65%.

Independent Bank 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.