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

Hsbc Holdings PLC lifted its position in shares of Independent Bank Corporation (NASDAQ:IBCP) by 68.7% in the 4th quarter, Holdings Channel reports. The institutional investor owned 41,334 shares of the financial services provider’s stock after purchasing an additional 16,829 shares during the quarter. Hsbc Holdings PLC’s holdings in Independent Bank were worth $1,340,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. VARCOV Co. bought a new stake in Independent Bank in the 4th quarter valued at approximately $349,000. Susquehanna Fundamental Investments LLC grew its stake in shares of Independent Bank by 100.4% during the 4th quarter. Susquehanna Fundamental Investments LLC now owns 15,951 shares of the financial services provider’s stock worth $519,000 after acquiring an additional 7,990 shares in the last quarter. Occudo Quantitative Strategies LP raised its holdings in shares of Independent Bank by 3.2% in the fourth quarter. Occudo Quantitative Strategies LP now owns 11,525 shares of the financial services provider’s stock valued at $375,000 after purchasing an additional 355 shares during the last quarter. Oxford Asset Management LLP acquired a new stake in shares of Independent Bank in the fourth quarter valued at approximately $379,000. Finally, Man Group plc increased its stake in Independent Bank by 2.7% in the 4th quarter. Man Group plc now owns 18,861 shares of the financial services provider’s stock valued at $614,000 after buying an additional 501 shares during the last quarter. 79.43% of the stock is currently owned by institutional investors.

Independent Bank Price Performance

Shares of NASDAQ IBCP opened at $35.88 on Monday. The business’s 50 day moving average price is $34.57 and its two-hundred day moving average price is $34.35. The company has a market cap of $739.49 million, a PE ratio of 10.71 and a beta of 0.71. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.13. Independent Bank Corporation has a twelve month low of $29.63 and a twelve month high of $39.17.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.02. Independent Bank had a return on equity of 14.15% and a net margin of 22.02%.The company had revenue of $58.90 million during the quarter, compared to analysts’ expectations of $60.36 million. On average, analysts predict that Independent Bank Corporation will post 3.54 EPS for the current year.

Independent Bank Announces Dividend

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

Analyst Upgrades and Downgrades

IBCP has been the topic of several analyst reports. DA Davidson upped their target price on Independent Bank from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Hovde Group raised Independent Bank from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $36.00 to $41.00 in a research report on Friday. Weiss Ratings reiterated a “buy (b)” rating on shares of Independent Bank in a research note on Tuesday, June 9th. Finally, Piper Sandler cut their price objective on Independent Bank from $39.00 to $37.00 and set a “neutral” rating for the company in a report on Monday, April 27th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Independent Bank has an average rating of “Moderate Buy” and a consensus target price of $38.33.

Insider Transactions at Independent Bank

In other Independent Bank news, EVP Stefanie M. Kimball sold 1,400 shares of Independent Bank stock in a transaction on 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 of the company’s stock, valued at $2,213,492.07. The trade was a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.91% of the stock is owned by corporate insiders.

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.