JPMorgan Chase & Co. Raises Position in Independent Bank Corporation $IBCP

JPMorgan Chase & Co. raised its holdings in Independent Bank Corporation (NASDAQ:IBCP) by 5.9% in the 3rd quarter, Holdings Channel.com reports. The firm owned 445,911 shares of the financial services provider’s stock after acquiring an additional 24,772 shares during the period. JPMorgan Chase & Co.’s holdings in Independent Bank were worth $13,812,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. State of Alaska Department of Revenue bought a new stake in Independent Bank during the 3rd quarter worth approximately $25,000. EverSource Wealth Advisors LLC increased its holdings in shares of Independent Bank by 2,062.9% in the second quarter. EverSource Wealth Advisors LLC now owns 757 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 722 shares during the period. Assetmark Inc. purchased a new stake in shares of Independent Bank in the third quarter worth $36,000. CWM LLC raised its position in shares of Independent Bank by 23.2% in the third quarter. CWM LLC now owns 8,415 shares of the financial services provider’s stock worth $261,000 after buying an additional 1,587 shares in the last quarter. Finally, Integrated Wealth Concepts LLC bought a new position in Independent Bank in the 1st quarter worth about $287,000. Institutional investors own 79.43% of the company’s stock.

Independent Bank Stock Up 0.1%

IBCP opened at $35.37 on Thursday. The stock has a market capitalization of $731.81 million, a price-to-earnings ratio of 10.78 and a beta of 0.78. Independent Bank Corporation has a twelve month low of $26.75 and a twelve month high of $37.39. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.09. The firm has a 50 day moving average price of $34.75 and a 200-day moving average price of $33.01.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.06. Independent Bank had a net margin of 21.73% and a return on equity of 14.41%. The business had revenue of $46.80 million for the quarter, compared to the consensus estimate of $50.52 million. Equities research analysts forecast that Independent Bank Corporation will post 3.22 earnings per share for the current year.

Independent Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Tuesday, February 3rd were given a dividend of $0.28 per share. The ex-dividend date was Tuesday, February 3rd. This is a positive change from Independent Bank’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.2%. Independent Bank’s dividend payout ratio (DPR) is 34.15%.

Analysts Set New Price Targets

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

Independent Bank Company 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.