Independent Bank Co. (NASDAQ:IBCP) Shares Acquired by Cwm LLC

Cwm LLC increased its holdings in shares of Independent Bank Co. (NASDAQ:IBCP) by 47.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,287 shares of the financial services provider’s stock after acquiring an additional 2,025 shares during the period. Cwm LLC’s holdings in Independent Bank were worth $210,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Assenagon Asset Management S.A. acquired a new stake in Independent Bank in the second quarter valued at $3,147,000. Acadian Asset Management LLC grew its stake in shares of Independent Bank by 52.0% in the first quarter. Acadian Asset Management LLC now owns 331,483 shares of the financial services provider’s stock valued at $8,399,000 after buying an additional 113,408 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Independent Bank by 75.8% in the second quarter. AQR Capital Management LLC now owns 174,011 shares of the financial services provider’s stock valued at $4,698,000 after buying an additional 75,022 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Independent Bank by 16.8% in the second quarter. American Century Companies Inc. now owns 415,551 shares of the financial services provider’s stock valued at $11,220,000 after buying an additional 59,794 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its stake in Independent Bank by 86.6% during the 1st quarter. Russell Investments Group Ltd. now owns 109,203 shares of the financial services provider’s stock valued at $2,768,000 after purchasing an additional 50,681 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Independent Bank Stock Up 1.5 %

Shares of Independent Bank stock opened at $33.52 on Wednesday. The business’s fifty day moving average price is $33.14 and its two-hundred day moving average price is $28.99. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market capitalization of $700.64 million, a P/E ratio of 11.38 and a beta of 0.99. Independent Bank Co. has a 1-year low of $16.90 and a 1-year high of $35.97.

Independent Bank (NASDAQ:IBCP) last announced its earnings results on Thursday, July 25th. The financial services provider reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.17. Independent Bank had a return on equity of 16.90% and a net margin of 21.11%. The firm had revenue of $81.51 million for the quarter, compared to the consensus estimate of $53.50 million. During the same quarter in the previous year, the business earned $0.70 EPS. As a group, research analysts forecast that Independent Bank Co. will post 3.13 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on IBCP shares. Piper Sandler raised their price objective on Independent Bank from $27.00 to $37.50 and gave the company a “neutral” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $31.00 target price (up previously from $26.00) on shares of Independent Bank in a report on Monday, July 29th.

Insider Activity

In other news, Director Christina Keller sold 1,000 shares of Independent Bank stock in a transaction on Friday, August 2nd. The stock was 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 in the company, valued at approximately $182,243.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.45% of the stock is owned by insiders.

Independent Bank Company 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.