Thrivent Financial for Lutherans Sells 13,694 Shares of Independent Bank Corporation $IBCP

Thrivent Financial for Lutherans lowered its holdings in shares of Independent Bank Corporation (NASDAQ:IBCP) by 30.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,691 shares of the financial services provider’s stock after selling 13,694 shares during the period. Thrivent Financial for Lutherans owned about 0.15% of Independent Bank worth $950,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in IBCP. AlphaQuest LLC lifted its holdings in shares of Independent Bank by 122.2% during the 3rd quarter. AlphaQuest LLC now owns 19,116 shares of the financial services provider’s stock worth $592,000 after acquiring an additional 10,514 shares during the period. Y Intercept Hong Kong Ltd raised its position in Independent Bank by 84.7% in the third quarter. Y Intercept Hong Kong Ltd now owns 17,009 shares of the financial services provider’s stock worth $527,000 after purchasing an additional 7,801 shares in the last quarter. Hudson Edge Investment Partners Inc. lifted its stake in Independent Bank by 8.7% during the third quarter. Hudson Edge Investment Partners Inc. now owns 34,337 shares of the financial services provider’s stock worth $1,064,000 after purchasing an additional 2,740 shares during the period. Bailard Inc. boosted its holdings in Independent Bank by 4.0% during the third quarter. Bailard Inc. now owns 23,260 shares of the financial services provider’s stock valued at $720,000 after purchasing an additional 900 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH grew its stake in shares of Independent Bank by 8.6% in the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 11,577 shares of the financial services provider’s stock valued at $359,000 after purchasing an additional 912 shares during the period. Institutional investors and hedge funds own 79.43% of the company’s stock.

Independent Bank Stock Performance

NASDAQ:IBCP opened at $36.63 on Monday. Independent Bank Corporation has a 1 year low of $26.75 and a 1 year high of $37.39. The firm has a 50 day moving average of $34.36 and a 200-day moving average of $32.55. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $757.87 million, a P/E ratio of 11.17 and a beta of 0.80.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.06. Independent Bank had a return on equity of 14.41% and a net margin of 21.73%.The business had revenue of $46.80 million for the quarter, compared to analyst estimates of $50.52 million. As a group, sell-side analysts anticipate that Independent Bank Corporation will post 3.22 EPS for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Tuesday, February 3rd were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.1%. This is a boost from Independent Bank’s previous quarterly dividend of $0.26. The ex-dividend date was Tuesday, February 3rd. Independent Bank’s dividend payout ratio is 34.15%.

Analyst Upgrades and Downgrades

IBCP has been the subject of a number of recent research reports. Weiss Ratings raised Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 12th. Piper Sandler upped their price target on Independent Bank from $36.00 to $39.00 and gave the company a “neutral” rating in a research report on Monday, January 26th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $37.00.

Independent Bank Profile

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.