Quest Partners LLC buys 5,072 shares of Independent Bank Co. (NASDAQ:IBCP)

Quest Partners LLC raised its position in shares of Independent Bank Co. (NASDAQ:IBCP – Free Report) by 80.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,354 shares of the financial services provider’s stock after acquiring an additional 5,072 shares during the period. Quest Partners LLC’s holdings in Independent Bank were worth $307,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have recently made changes to their positions in the company. Quadrant Capital Group LLC boosted its stake in Independent Bank by 46.4% in the fourth quarter. Quadrant Capital Group LLC now owns 2,045 shares of the financial services provider’s stock worth $53,000 after acquiring an additional 648 shares during the period. CWM LLC raised its stake in Independent Bank by 1,729.2% in the second quarter. CWM LLC now owns 4,262 shares of the financial services provider’s stock worth $115,000 after acquiring an additional 4,029 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake 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 acquiring an additional 1,225 shares during the period. Comerica Bank acquired a new position in shares of Independent Bank in the first quarter worth approximately $173,000. Finally, Denali Advisors LLC boosted its stake in Independent Bank by 64.2% in the first quarter. Denali Advisors LLC now owns 8,700 shares of the financial services provider’s stock worth $221,000 after acquiring an additional 3,400 shares during the period. 79.43% of shares are currently owned by institutional investors.

Insider transactions at Independent Bank

In other news, Director Christina Keller sold 1,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now directly owns 5,563 shares of the company’s stock, valued at $182,243.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. 5.45% of shares are held by insiders.

Analysts set new price targets

IBCP has been the subject of several recent analyst reports. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $31.00 target price (up from $26.00) on shares of Independent Bank in a research note on Monday, July 29th . Piper Sandler boosted their price target on Independent Bank from $27.00 to $37.50 and gave the company a “neutral” rating in a research note on Monday, July 29th. Five equities research analysts have rated the stock with a hold rating. Independent Bank has a consensus rating of “Hold” and an average price target of $32.17, based on data from MarketBeat.com.

Check out the latest stock report on Independent Bank

Independent bank price performance

Shares of IBCP stock opened at $33.62 on Friday. Independent Bank Co. it has a 52 week low of $16.90 and a 52 week high of $35.97. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.88, and a current ratio of 0.88. The company’s 50-day moving average price is $32.23, and its two-hundred-day moving average price is $27.36. The firm has a market cap of $702.66 million, a PE ratio of 11.44 and a beta of 0.99.

Independent Bank (NASDAQ:IBCP – Get Free Report ) last posted its earnings results on Thursday, July 25th. The financial services provider reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.17. Independent Bank had a return on equity of 16.90% and a net margin of 21.11%. The company had revenue of $81.51 million for the quarter, compared to analyst estimates of $53.50 million. In the same period last year, the firm earned $0.70 per share. On average, equities analysts anticipate that Independent Bank Co. will post 3.13 EPS for the current year.

Independent Bank announces dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were given a dividend of $0.24 per share. This represents a dividend of $0.96 on an annualized basis and a dividend yield of 2.86%. The ex-dividend date of this dividend was Monday, August 5. The payment rate of the Independent Bank is 32.65%.

Independent Bank Company Profile

(Free Report)

Independent Bank Corporation operates as the bank holding company for Independent Bank providing commercial banking services to individuals and businesses in rural and suburban Michigan communities. It offers current and savings accounts, commercial loans, direct and indirect consumer financing, mortgage loans and safe deposit box services.

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