Principal Financial Group Inc. Acquires 77,874 Shares of Independent Bank Co. (NASDAQ:IBCP)

Principal Financial Group Inc. lifted its holdings in shares of Independent Bank Co. (NASDAQ:IBCP) by 28.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 349,631 shares of the financial services provider’s stock after buying an additional 77,874 shares during the period. Principal Financial Group Inc.’s holdings in Independent Bank were worth $11,660,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Barclays PLC raised its holdings in Independent Bank by 38.1% during the third quarter. Barclays PLC now owns 82,357 shares of the financial services provider’s stock worth $2,748,000 after acquiring an additional 22,728 shares in the last quarter. State Street Corp raised its stake in shares of Independent Bank by 4.8% during the 3rd quarter. State Street Corp now owns 647,579 shares of the financial services provider’s stock worth $21,597,000 after purchasing an additional 29,475 shares in the last quarter. Acadian Asset Management LLC raised its stake in shares of Independent Bank by 27.8% during the 2nd quarter. Acadian Asset Management LLC now owns 423,631 shares of the financial services provider’s stock worth $11,432,000 after purchasing an additional 92,148 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Independent Bank by 14.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 206,619 shares of the financial services provider’s stock valued at $5,579,000 after buying an additional 26,674 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC grew its stake in shares of Independent Bank by 9.3% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 264,090 shares of the financial services provider’s stock valued at $8,807,000 after buying an additional 22,580 shares in the last quarter. Institutional investors own 79.43% of the company’s stock.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods upped their price target on shares of Independent Bank from $33.00 to $39.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th.

Insider Activity at Independent Bank

In other news, EVP Gavin A. Mohr purchased 800 shares of Independent Bank stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average cost of $36.71 per share, for a total transaction of $29,368.00. Following the purchase, the executive vice president now directly owns 18,662 shares of the company’s stock, valued at $685,082.02. This trade represents a 4.48 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 5.45% of the stock is owned by company insiders.

Independent Bank Price Performance

NASDAQ:IBCP opened at $34.69 on Monday. The company has a quick ratio of 0.88, a current 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 moving average price is $36.28 and its two-hundred day moving average price is $32.89. The firm has a market capitalization of $724.81 million, a price-to-earnings ratio of 11.80 and a beta of 1.02.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.11). Independent Bank had a net margin of 19.93% and a return on equity of 15.26%. The business had revenue of $77.84 million for the quarter, compared to analyst estimates of $55.05 million. During the same period in the prior year, the business earned $0.83 EPS. On average, analysts anticipate that Independent Bank Co. will post 3.02 earnings per share for the current year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, November 5th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.77%. The ex-dividend date of this dividend was Tuesday, November 5th. Independent Bank’s payout ratio is 32.65%.

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.