Foundry Partners LLC Purchases 1,970 Shares of Independent Bank Co. (NASDAQ:IBCP)

Foundry Partners LLC boosted its holdings in Independent Bank Co. (NASDAQ:IBCP) by 0.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 210,870 shares of the financial services provider’s stock after acquiring an additional 1,970 shares during the quarter. Foundry Partners LLC’s holdings in Independent Bank were worth $7,033,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Russell Investments Group Ltd. lifted its holdings in shares of Independent Bank by 86.6% during 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 in the last quarter. Principal Financial Group Inc. lifted its stake in Independent Bank by 28.7% during the 3rd quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock valued at $11,660,000 after acquiring an additional 77,874 shares during the period. Boston Partners purchased a new stake in shares of Independent Bank during the 1st quarter valued at about $1,168,000. Acadian Asset Management LLC grew its stake in shares of Independent Bank by 27.8% in the second quarter. Acadian Asset Management LLC now owns 423,631 shares of the financial services provider’s stock worth $11,432,000 after acquiring an additional 92,148 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Independent Bank by 14.8% during the second quarter. Bank of New York Mellon Corp now owns 206,619 shares of the financial services provider’s stock valued at $5,579,000 after purchasing an additional 26,674 shares during the last quarter. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Stock Performance

IBCP opened at $37.07 on Thursday. Independent Bank Co. has a 12-month low of $20.50 and a 12-month high of $39.52. The company has a market cap of $774.39 million, a price-to-earnings ratio of 12.61 and a beta of 0.99. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. The company’s 50 day moving average is $34.15 and its 200 day moving average is $30.65.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.11). The business had revenue of $77.84 million for the quarter, compared to analysts’ expectations of $55.05 million. Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. During the same quarter in the prior year, the business earned $0.83 EPS. On average, equities research analysts predict 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. Shareholders of record on Tuesday, November 5th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.59%. The ex-dividend date of this dividend was Tuesday, November 5th. Independent Bank’s dividend payout ratio is presently 32.65%.

Insiders Place Their Bets

In other Independent Bank news, Director Christina Keller sold 1,400 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $32.85, for a total value of $45,990.00. Following the completion of the transaction, the director now directly owns 4,163 shares in the company, valued at $136,754.55. This represents a 25.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 5.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on IBCP. 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. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $31.00 price target (up from $26.00) on shares of Independent Bank in a research note on Monday, July 29th.

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.