Rafferty Asset Management LLC Reduces Stake in Independent Bank Co. (NASDAQ:IBCP)

Rafferty Asset Management LLC lowered its position in Independent Bank Co. (NASDAQ:IBCP) by 27.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,114 shares of the financial services provider’s stock after selling 6,345 shares during the period. Rafferty Asset Management LLC owned approximately 0.08% of Independent Bank worth $596,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. Quadrant Capital Group LLC boosted its position in Independent Bank by 10.9% in the fourth quarter. Quadrant Capital Group LLC now owns 2,890 shares of the financial services provider’s stock valued at $101,000 after buying an additional 283 shares during the last quarter. Rhumbline Advisers boosted its position in Independent Bank by 0.9% in the fourth quarter. Rhumbline Advisers now owns 41,649 shares of the financial services provider’s stock valued at $1,451,000 after buying an additional 374 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Independent Bank by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,352 shares of the financial services provider’s stock valued at $395,000 after buying an additional 399 shares during the last quarter. Sterling Capital Management LLC boosted its position in Independent Bank by 4.0% in the 4th quarter. Sterling Capital Management LLC now owns 14,721 shares of the financial services provider’s stock worth $513,000 after purchasing an additional 569 shares in the last quarter. Finally, HighTower Advisors LLC boosted its position in Independent Bank by 2.2% in the 4th quarter. HighTower Advisors LLC now owns 27,270 shares of the financial services provider’s stock worth $950,000 after purchasing an additional 598 shares in the last quarter. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Independent Bank Trading Down 0.7%

Independent Bank stock opened at $31.60 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. Independent Bank Co. has a 12 month low of $22.53 and a 12 month high of $40.32. The stock’s 50 day simple moving average is $30.77 and its two-hundred day simple moving average is $33.81. The firm has a market cap of $654.78 million, a PE ratio of 10.00 and a beta of 0.83.

Independent Bank (NASDAQ:IBCP) last announced its earnings results on Thursday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.04. The business had revenue of $54.11 million during the quarter, compared to the consensus estimate of $46.25 million. Independent Bank had a return on equity of 15.43% and a net margin of 20.67%. Analysts anticipate that Independent Bank Co. will post 3.22 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 3.29%. The ex-dividend date of this dividend was Monday, May 5th. Independent Bank’s payout ratio is 33.12%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on IBCP shares. DA Davidson upped their price objective on Independent Bank from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 28th. Piper Sandler lowered their price objective on Independent Bank from $38.00 to $36.00 and set a “neutral” rating on the stock in a research report on Monday, April 28th. Finally, Keefe, Bruyette & Woods lowered their price objective on Independent Bank from $37.00 to $35.00 and set a “market perform” rating on the stock in a research report on Friday, April 25th.

Insider Transactions at Independent Bank

In other news, Director Michael M. Magee, Jr. sold 6,404 shares of the company’s stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $31.00, for a total transaction of $198,524.00. Following the completion of the transaction, the director now directly owns 8,381 shares of the company’s stock, valued at $259,811. This represents a 43.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 5.68% of the company’s stock.

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.