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

Hsbc Holdings PLC lifted its holdings in Independent Bank Corporation (NASDAQ:IBCP) by 68.7% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 41,334 shares of the financial services provider’s stock after buying an additional 16,829 shares during the period. Hsbc Holdings PLC’s holdings in Independent Bank were worth $1,340,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC increased its position 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 last quarter. Larson Financial Group LLC purchased a new position in Independent Bank in the fourth quarter worth $26,000. Aster Capital Management DIFC Ltd purchased a new position in Independent Bank in the fourth quarter worth $27,000. Northwestern Mutual Wealth Management Co. bought a new position in Independent Bank in the 4th quarter valued at $29,000. Finally, Harbour Investments Inc. grew its stake in Independent Bank by 45.4% in the 4th quarter. Harbour Investments Inc. now owns 961 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 300 shares during the period. 79.43% of the stock is owned by institutional investors.

Independent Bank Price Performance

Shares of NASDAQ IBCP opened at $36.70 on Thursday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market cap of $756.39 million, a PE ratio of 10.96 and a beta of 0.71. Independent Bank Corporation has a fifty-two week low of $29.63 and a fifty-two week high of $39.17. The stock has a fifty day moving average of $34.27 and a 200-day moving average of $34.30.

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

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Monday, May 4th were given a dividend of $0.28 per share. 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 33.43%.

Insider Activity at Independent Bank

In other news, EVP Stefanie M. Kimball sold 1,400 shares of the business’s stock in a transaction dated Friday, May 29th. The stock was 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 owned 64,327 shares of the company’s stock, valued at approximately $2,213,492.07. The trade was a 2.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.91% of the company’s stock.

Wall Street Analyst Weigh In

IBCP has been the subject of a number of research analyst reports. 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 report on Monday, April 27th. DA Davidson increased their target price on shares of Independent Bank from $36.00 to $37.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Independent Bank in a research note on Tuesday, June 9th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $37.00.

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.