Principal Financial Group Inc. Acquires 29,977 Shares of Independent Bank Co. (NASDAQ:IBCP)

Principal Financial Group Inc. grew its holdings in Independent Bank Co. (NASDAQ:IBCP) by 12.5% in the 1st quarter, Holdings Channel reports. The fund owned 270,146 shares of the financial services provider’s stock after purchasing an additional 29,977 shares during the quarter. Principal Financial Group Inc.’s holdings in Independent Bank were worth $6,848,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of IBCP. Denali Advisors LLC grew its holdings in shares of Independent Bank by 64.2% during the first quarter. Denali Advisors LLC now owns 8,700 shares of the financial services provider’s stock worth $221,000 after buying an additional 3,400 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Independent Bank by 3.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 413,540 shares of the financial services provider’s stock worth $10,483,000 after buying an additional 14,669 shares in the last quarter. Capital Asset Advisory Services LLC bought a new position in shares of Independent Bank during the first quarter worth about $248,000. Campbell & CO Investment Adviser LLC bought a new position in shares of Independent Bank during the fourth quarter worth about $634,000. Finally, Quest Partners LLC bought a new position in shares of Independent Bank during the fourth quarter worth about $79,000. 79.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. DA Davidson reiterated a “neutral” rating and set a $28.00 price objective on shares of Independent Bank in a report on Tuesday, April 30th. Piper Sandler upgraded Independent Bank to a “hold” rating in a research note on Tuesday, June 11th.

Independent Bank Stock Down 1.5 %

IBCP stock traded down $0.38 during mid-day trading on Friday, reaching $25.67. The company had a trading volume of 8,165 shares, compared to its average volume of 84,295. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a 50 day simple moving average of $25.12 and a two-hundred day simple moving average of $24.95. The company has a market capitalization of $536.55 million, a price-to-earnings ratio of 8.83 and a beta of 1.01. Independent Bank Co. has a 52 week low of $16.45 and a 52 week high of $27.88.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.11. The firm had revenue of $52.76 million during the quarter, compared to the consensus estimate of $51.50 million. Independent Bank had a return on equity of 16.55% and a net margin of 20.45%. As a group, equities analysts predict that Independent Bank Co. will post 2.96 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 13th. Stockholders of record on Friday, May 3rd were given a $0.24 dividend. The ex-dividend date was Thursday, May 2nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.74%. Independent Bank’s payout ratio is 32.65%.

Insider Activity

In other news, Director Christina Keller sold 2,400 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $23.62, for a total value of $56,688.00. Following the completion of the sale, the director now directly owns 6,563 shares of the company’s stock, valued at $155,018.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Christina Keller sold 2,400 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $23.62, for a total value of $56,688.00. Following the completion of the sale, the director now directly owns 6,563 shares of the company’s stock, valued at $155,018.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Stefanie M. Kimball sold 1,700 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $24.49, for a total value of $41,633.00. Following the completion of the sale, the executive vice president now directly owns 61,784 shares of the company’s stock, valued at $1,513,090.16. The disclosure for this sale can be found here. Insiders sold a total of 5,600 shares of company stock valued at $135,821 over the last three months. Insiders own 5.48% of the company’s stock.

Independent Bank Company Profile

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides commercial banking services to individuals and businesses in rural and suburban communities in Michigan. It offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services.