Wellington Management Group LLP held its position in shares of Independent Bank Corporation (NASDAQ:IBCP) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 33,872 shares of the financial services provider’s stock at the end of the first quarter. Wellington Management Group LLP owned about 0.16% of Independent Bank Corporation worth $701,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in IBCP. State Street Corp raised its stake in shares of Independent Bank Corporation by 4.2% in the fourth quarter. State Street Corp now owns 407,458 shares of the financial services provider’s stock worth $8,842,000 after buying an additional 16,297 shares in the last quarter. Ameriprise Financial Inc. acquired a new stake in shares of Independent Bank Corporation during the first quarter worth about $474,000. KBC Group NV increased its stake in shares of Independent Bank Corporation by 19.0% in the first quarter. KBC Group NV now owns 15,434 shares of the financial services provider’s stock worth $319,000 after buying an additional 2,467 shares during the last quarter. Bank of Montreal Can increased its stake in shares of Independent Bank Corporation by 830.5% in the first quarter. Bank of Montreal Can now owns 37,668 shares of the financial services provider’s stock worth $780,000 after buying an additional 33,620 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Independent Bank Corporation during the fourth quarter worth about $824,000. Institutional investors own 81.98% of the company’s stock.
Independent Bank Corporation (IBCP) traded up 0.24% on Friday, hitting $20.50. 95,724 shares of the company’s stock traded hands. Independent Bank Corporation has a one year low of $15.80 and a one year high of $23.65. The stock has a 50-day moving average of $21.16 and a 200-day moving average of $21.13. The stock has a market cap of $437.39 million, a PE ratio of 18.29 and a beta of 0.48.
Independent Bank Corporation (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.29 by $0.02. The company had revenue of $31.94 million during the quarter, compared to analysts’ expectations of $32.55 million. Independent Bank Corporation had a net margin of 17.68% and a return on equity of 9.48%. On average, equities analysts forecast that Independent Bank Corporation will post $1.22 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Monday, August 7th were issued a $0.10 dividend. The ex-dividend date was Thursday, August 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.95%. Independent Bank Corporation’s dividend payout ratio is presently 35.71%.
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IBCP has been the subject of a number of recent research reports. Zacks Investment Research raised shares of Independent Bank Corporation from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a research report on Tuesday, April 25th. ValuEngine raised shares of Independent Bank Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. DA Davidson initiated coverage on shares of Independent Bank Corporation in a report on Wednesday, July 5th. They issued a “neutral” rating and a $23.00 target price for the company. BidaskClub downgraded shares of Independent Bank Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Finally, Boenning Scattergood reaffirmed a “hold” rating on shares of Independent Bank Corporation in a report on Thursday, July 27th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $21.17.
About Independent Bank Corporation
Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank focuses on commercial banking industry. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services.
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