Assenagon Asset Management S.A. Cuts Stake in Independent Bank Corporation $IBCP

Assenagon Asset Management S.A. lessened its holdings in Independent Bank Corporation (NASDAQ:IBCP) by 24.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 155,418 shares of the financial services provider’s stock after selling 51,022 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Independent Bank were worth $5,056,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in IBCP. Maltese Capital Management LLC boosted its holdings in Independent Bank by 77.9% during the 3rd 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 period. American Century Companies Inc. increased its stake in Independent Bank by 8.1% in the 3rd quarter. American Century Companies Inc. now owns 643,540 shares of the financial services provider’s stock worth $19,934,000 after purchasing an additional 48,301 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Independent Bank in the second quarter valued at approximately $346,000. Geode Capital Management LLC boosted its stake in shares of Independent Bank by 3.5% during the second quarter. Geode Capital Management LLC now owns 544,084 shares of the financial services provider’s stock valued at $17,637,000 after purchasing an additional 18,463 shares during the period. Finally, MQS Management LLC purchased a new stake in shares of Independent Bank during the third quarter valued at approximately $493,000. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on IBCP. DA Davidson reaffirmed a “neutral” rating and issued a $36.00 target price on shares of Independent Bank in a research note on Friday, March 20th. Piper Sandler increased their price target on shares of Independent Bank from $36.00 to $39.00 and gave the company a “neutral” rating in a research report on Monday, January 26th. Finally, Weiss Ratings raised shares of Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 12th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Independent Bank presently has a consensus rating of “Hold” and an average price target of $36.67.

Independent Bank Price Performance

IBCP opened at $32.41 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.92 and a current ratio of 0.93. Independent Bank Corporation has a 52-week low of $26.75 and a 52-week high of $37.39. The stock has a market capitalization of $667.32 million, a PE ratio of 9.88 and a beta of 0.78. The stock’s 50 day moving average price is $34.80 and its 200-day moving average price is $33.09.

Independent Bank (NASDAQ:IBCP) last announced 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. The company had revenue of $46.80 million during the quarter, compared to analyst estimates of $50.52 million. Independent Bank had a return on equity of 14.20% and a net margin of 21.73%. On average, equities research analysts predict that Independent Bank Corporation will post 3.22 EPS for the current year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Tuesday, February 3rd were paid a $0.28 dividend. The ex-dividend date of this dividend was Tuesday, February 3rd. This is an increase from Independent Bank’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 3.5%. Independent Bank’s payout ratio is currently 34.15%.

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.