Campbell & CO Investment Adviser LLC Purchases 2,443 Shares of Independent Bank Corporation $IBCP

Campbell & CO Investment Adviser LLC grew its position in Independent Bank Corporation (NASDAQ:IBCP) by 13.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,405 shares of the financial services provider’s stock after buying an additional 2,443 shares during the quarter. Campbell & CO Investment Adviser LLC owned 0.10% of Independent Bank worth $661,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Vanguard Group Inc. raised its position in Independent Bank by 9.5% during the first quarter. Vanguard Group Inc. now owns 1,335,049 shares of the financial services provider’s stock valued at $41,106,000 after purchasing an additional 116,339 shares in the last quarter. FJ Capital Management LLC raised its holdings in shares of Independent Bank by 1.9% during the 1st quarter. FJ Capital Management LLC now owns 683,156 shares of the financial services provider’s stock worth $21,034,000 after buying an additional 12,672 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Independent Bank by 8.4% during the 1st quarter. American Century Companies Inc. now owns 567,685 shares of the financial services provider’s stock worth $17,479,000 after buying an additional 44,071 shares during the last quarter. LSV Asset Management boosted its stake in Independent Bank by 9.7% in the first quarter. LSV Asset Management now owns 460,026 shares of the financial services provider’s stock valued at $14,164,000 after buying an additional 40,856 shares in the last quarter. Finally, Nuveen LLC bought a new position in Independent Bank in the first quarter valued at about $13,123,000. Institutional investors and hedge funds own 79.43% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Stefanie M. Kimball sold 1,400 shares of the firm’s stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $32.64, for a total transaction of $45,696.00. Following the completion of the transaction, the executive vice president directly owned 62,389 shares of the company’s stock, valued at $2,036,376.96. This trade represents a 2.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 5.68% of the stock is owned by insiders.

Independent Bank Stock Performance

NASDAQ:IBCP opened at $31.07 on Friday. The stock’s 50-day moving average is $31.30 and its 200-day moving average is $31.80. Independent Bank Corporation has a 1-year low of $26.75 and a 1-year high of $40.32. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.39. The stock has a market cap of $642.90 million, a P/E ratio of 9.53 and a beta of 0.86.

Independent Bank (NASDAQ:IBCP) last posted its earnings results on Tuesday, October 28th. The financial services provider reported $0.84 EPS for the quarter, topping the consensus estimate of $0.83 by $0.01. Independent Bank had a net margin of 21.25% and a return on equity of 14.76%. The business had revenue of $45.80 million for the quarter, compared to the consensus estimate of $50.18 million. Equities research analysts anticipate that Independent Bank Corporation will post 3.22 earnings per share for the current year.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Tuesday, November 4th were paid a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, November 4th. This represents a $1.04 annualized dividend and a dividend yield of 3.3%. Independent Bank’s payout ratio is currently 31.90%.

Analysts Set New Price Targets

IBCP has been the subject of a number of research reports. DA Davidson increased their target price on shares of Independent Bank from $35.00 to $37.00 and gave the stock a “neutral” rating in a report on Friday, July 25th. Weiss Ratings downgraded shares of Independent Bank from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $36.00.

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.