Thrivent Financial for Lutherans Has $950,000 Stake in Independent Bank Corporation $IBCP

Thrivent Financial for Lutherans reduced its stake in shares of Independent Bank Corporation (NASDAQ:IBCP) by 30.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,691 shares of the financial services provider’s stock after selling 13,694 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Independent Bank were worth $950,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the stock. State of Alaska Department of Revenue bought a new position in Independent Bank in the 3rd quarter valued at $25,000. EverSource Wealth Advisors LLC lifted its stake in shares of Independent Bank by 2,062.9% during the second quarter. EverSource Wealth Advisors LLC now owns 757 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 722 shares during the period. CWM LLC boosted its holdings in Independent Bank by 5.2% in the second quarter. CWM LLC now owns 6,828 shares of the financial services provider’s stock valued at $221,000 after acquiring an additional 340 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new stake in Independent Bank in the first quarter worth about $287,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in Independent Bank during the 2nd quarter worth about $298,000. Institutional investors own 79.43% of the company’s stock.

Analyst Upgrades and Downgrades

IBCP has been the topic of several recent research reports. Piper Sandler raised their target price on shares of Independent Bank from $36.00 to $39.00 and gave the company a “neutral” rating in a research note on Monday, January 26th. Weiss Ratings raised shares of Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 12th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Independent Bank presently has an average rating of “Hold” and a consensus price target of $37.00.

Independent Bank Stock Performance

Shares of IBCP stock opened at $36.63 on Monday. The stock has a market cap of $757.87 million, a PE ratio of 11.17 and a beta of 0.80. The stock has a 50-day moving average of $34.36 and a 200-day moving average of $32.55. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.91 and a quick ratio of 0.90. Independent Bank Corporation has a one year low of $26.75 and a one year high of $37.39.

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

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Tuesday, February 3rd were issued a $0.28 dividend. This is a positive change from Independent Bank’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Tuesday, February 3rd. This represents a $1.12 annualized dividend and a dividend yield of 3.1%. Independent Bank’s dividend payout ratio (DPR) is presently 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.