JPMorgan Chase & Co. Has $13.81 Million Position in Independent Bank Corporation $IBCP

JPMorgan Chase & Co. raised its holdings in shares of Independent Bank Corporation (NASDAQ:IBCP) by 5.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 445,911 shares of the financial services provider’s stock after purchasing an additional 24,772 shares during the quarter. JPMorgan Chase & Co. owned approximately 2.15% of Independent Bank worth $13,812,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue acquired a new stake in shares of Independent Bank during the 3rd quarter worth about $25,000. EverSource Wealth Advisors LLC grew its position 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 valued at $25,000 after purchasing an additional 722 shares during the last quarter. Assetmark Inc. bought a new position in shares of Independent Bank during the third quarter worth approximately $36,000. CWM LLC increased its stake in shares of Independent Bank by 23.2% during the third quarter. CWM LLC now owns 8,415 shares of the financial services provider’s stock worth $261,000 after purchasing an additional 1,587 shares during the period. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of Independent Bank in the first quarter valued at about $287,000. 79.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on IBCP shares. 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 report on Monday, January 26th. Weiss Ratings upgraded shares of Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 12th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $37.00.

Independent Bank Stock Performance

Shares of IBCP stock opened at $35.37 on Thursday. The firm has a market capitalization of $731.81 million, a price-to-earnings ratio of 10.78 and a beta of 0.78. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09. The business’s 50-day moving average price is $34.75 and its 200-day moving average price is $33.01. Independent Bank Corporation has a 12 month low of $26.75 and a 12 month high of $37.39.

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

Independent Bank Increases Dividend

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

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.