Jefferies Financial Group Inc. Purchases Shares of 55,600 Independent Bank Corporation $IBCP

Jefferies Financial Group Inc. purchased a new stake in shares of Independent Bank Corporation (NASDAQ:IBCP) in the fourth quarter, HoldingsChannel.com reports. The firm purchased 55,600 shares of the financial services provider’s stock, valued at approximately $1,809,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Algebris UK Ltd. purchased a new position in Independent Bank in the fourth quarter valued at about $6,943,000. Larson Financial Group LLC purchased a new position in Independent Bank in the fourth quarter valued at about $26,000. Universal Beteiligungs und Servicegesellschaft mbH raised its position in Independent Bank by 36.0% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 15,743 shares of the financial services provider’s stock valued at $512,000 after purchasing an additional 4,166 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Independent Bank by 60.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,462 shares of the financial services provider’s stock valued at $178,000 after purchasing an additional 2,057 shares during the period. Finally, Hudson Edge Investment Partners Inc. raised its position in Independent Bank by 0.9% in the fourth quarter. Hudson Edge Investment Partners Inc. now owns 34,655 shares of the financial services provider’s stock valued at $1,127,000 after purchasing an additional 318 shares during the period. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on IBCP. DA Davidson upped their target price on Independent Bank from $36.00 to $37.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. Piper Sandler decreased their target price on Independent Bank from $39.00 to $37.00 and set a “neutral” rating for the company 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 MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $37.00.

Independent Bank Stock Performance

Shares of NASDAQ IBCP opened at $34.13 on Thursday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.13. The stock has a 50 day simple moving average of $33.61 and a 200-day simple moving average of $33.83. The company has a market cap of $703.42 million, a PE ratio of 10.19 and a beta of 0.71. Independent Bank Corporation has a 12-month low of $29.63 and a 12-month high of $39.17.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.02. Independent Bank had a net margin of 22.02% and a return on equity of 14.15%. The business had revenue of $58.90 million for the quarter, compared to analyst estimates of $60.36 million. On average, equities research analysts forecast that Independent Bank Corporation will post 3.54 EPS for the current year.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Shareholders of record on Monday, May 4th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Monday, May 4th. 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.