213,319 Shares in Independent Bank Corporation $IBCP Acquired by Algebris UK Ltd.

Algebris UK Ltd. acquired a new position in Independent Bank Corporation (NASDAQ:IBCP) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 213,319 shares of the financial services provider’s stock, valued at approximately $6,943,000.

Several other institutional investors also recently modified their holdings of IBCP. Millennium Management LLC increased its stake in Independent Bank by 60.5% in the third quarter. Millennium Management LLC now owns 389,220 shares of the financial services provider’s stock valued at $12,056,000 after acquiring an additional 146,646 shares during the last quarter. Maltese Capital Management LLC increased its stake in Independent Bank by 77.9% in the third quarter. Maltese Capital Management LLC now owns 155,000 shares of the financial services provider’s stock valued at $4,801,000 after acquiring an additional 67,859 shares during the last quarter. American Century Companies Inc. increased its stake in Independent Bank by 8.1% in the third quarter. American Century Companies Inc. now owns 643,540 shares of the financial services provider’s stock valued at $19,934,000 after acquiring an additional 48,301 shares during the last quarter. Qube Research & Technologies Ltd increased its stake in Independent Bank by 37.0% in the third quarter. Qube Research & Technologies Ltd now owns 176,353 shares of the financial services provider’s stock valued at $5,463,000 after acquiring an additional 47,652 shares during the last quarter. Finally, UBS Group AG increased its stake in Independent Bank by 168.7% in the third quarter. UBS Group AG now owns 64,068 shares of the financial services provider’s stock valued at $1,985,000 after acquiring an additional 40,223 shares during the last quarter. 79.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

IBCP has been the topic of a number of research analyst reports. DA Davidson increased their target price on Independent Bank from $36.00 to $37.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Piper Sandler reduced their price target on shares of Independent Bank from $39.00 to $37.00 and set a “neutral” rating on the stock in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $37.00.

Independent Bank Stock Up 1.4%

Shares of Independent Bank stock opened at $33.63 on Thursday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.92 and a current ratio of 0.92. Independent Bank Corporation has a 52-week low of $29.63 and a 52-week high of $37.39. The stock has a market capitalization of $693.11 million, a price-to-earnings ratio of 10.04 and a beta of 0.71. The company’s 50 day moving average price is $33.54 and its 200-day moving average price is $33.71.

Independent Bank (NASDAQ:IBCP) last posted its earnings results on Thursday, April 23rd. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.02. The company had revenue of $58.90 million for the quarter, compared to analysts’ expectations of $60.36 million. Independent Bank had a return on equity of 14.15% and a net margin of 22.02%. Equities research analysts forecast that Independent Bank Corporation will post 3.54 EPS for the current year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Monday, May 4th were paid a $0.28 dividend. The ex-dividend date of this dividend was Monday, May 4th. This represents a $1.12 annualized dividend and a dividend yield of 3.3%. Independent Bank’s dividend payout ratio (DPR) is presently 33.43%.

About Independent Bank

Independent Bank Corporation (NASDAQ: IBCP) is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company’s offerings span traditional branch-based banking as well as digital and mobile platforms.

Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.