Hsbc Holdings PLC Acquires 16,829 Shares of Independent Bank Corporation $IBCP

Hsbc Holdings PLC increased its holdings in Independent Bank Corporation (NASDAQ:IBCP) by 68.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 41,334 shares of the financial services provider’s stock after purchasing an additional 16,829 shares during the quarter. Hsbc Holdings PLC owned approximately 0.20% of Independent Bank worth $1,340,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. State Street Corp lifted its holdings in Independent Bank by 4.5% during the 4th quarter. State Street Corp now owns 657,276 shares of the financial services provider’s stock worth $21,381,000 after buying an additional 28,516 shares during the period. American Century Companies Inc. raised its holdings in Independent Bank by 8.1% during 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 last quarter. JPMorgan Chase & Co. lifted its position in shares of Independent Bank by 5.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 445,911 shares of the financial services provider’s stock worth $13,812,000 after purchasing an additional 24,772 shares during the period. Millennium Management LLC lifted its position in shares of Independent Bank by 60.5% in the 3rd quarter. Millennium Management LLC now owns 389,220 shares of the financial services provider’s stock worth $12,056,000 after purchasing an additional 146,646 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Independent Bank by 25.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 377,891 shares of the financial services provider’s stock valued at $12,293,000 after purchasing an additional 76,811 shares during the last quarter. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Piper Sandler decreased their price objective on shares of Independent Bank from $39.00 to $37.00 and set a “neutral” rating for the company in a research report on Monday, April 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Independent Bank in a research report on Tuesday, June 9th. Finally, DA Davidson increased their price target on Independent Bank from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Independent Bank currently has a consensus rating of “Hold” and an average target price of $37.00.

Insider Activity

In other news, EVP Stefanie M. Kimball sold 1,400 shares of Independent Bank stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $34.41, for a total transaction of $48,174.00. Following the completion of the transaction, the executive vice president directly owned 64,327 shares in the company, valued at $2,213,492.07. This trade represents a 2.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.91% of the stock is owned by corporate insiders.

Independent Bank Trading Up 1.7%

NASDAQ:IBCP opened at $36.70 on Thursday. Independent Bank Corporation has a 12 month low of $29.63 and a 12 month high of $39.17. 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 market capitalization of $756.39 million, a price-to-earnings ratio of 10.96 and a beta of 0.71. The firm has a fifty day simple moving average of $34.27 and a two-hundred day simple moving average of $34.30.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.02. The firm had revenue of $58.90 million for the quarter, compared to analyst estimates of $60.36 million. Independent Bank had a net margin of 22.02% and a return on equity of 14.15%. Analysts expect that Independent Bank Corporation will post 3.54 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Monday, May 4th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Monday, May 4th. Independent Bank’s dividend payout ratio (DPR) is currently 33.43%.

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.