1 week Ago By Defense World Staff
Corebridge Financial Inc. cut its position in Independent Bank Co. ( NASDAQ:IBCP – Free Report ) by 7.
0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,913 shares of the financial services provider’s stock after selling 748 shares during the quarter. Corebridge Financial Inc.
’s holdings in Independent Bank were worth $345,000 at the end of the most recent quarter. A number of other hedge funds have also recently added to or reduced their stakes in the company. PL Capital Advisors LLC boosted its holdings in shares of Independent Bank by 3,383.
0% in the fourth quarter. PL Capital Advisors LLC now owns 11,110,248 shares of the financial services provider’s stock valued at $386,970,000 after acquiring an additional 10,791,263 shares during the period. Charles Schwab Investment Management Inc.
boosted its stake in Independent Bank by 202.3% during the 3rd quarter. Charles Schwab Investment Management Inc.
now owns 171,090 shares of the financial services provider’s stock worth $5,706,000 after purchasing an additional 114,487 shares during the period. Principal Financial Group Inc. grew its position in Independent Bank by 28.
7% during the 3rd quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock worth $11,660,000 after purchasing an additional 77,874 shares during the last quarter.
Boston Partners increased its stake in Independent Bank by 22.5% in the fourth quarter. Boston Partners now owns 347,986 shares of the financial services provider’s stock valued at $12,120,000 after purchasing an additional 64,006 shares during the period.
Finally, American Century Companies Inc. raised its holdings in shares of Independent Bank by 11.5% in the fourth quarter.
American Century Companies Inc. now owns 523,614 shares of the financial services provider’s stock valued at $18,237,000 after buying an additional 53,938 shares during the last quarter. Hedge funds and other institutional investors own 79.
43% of the company’s stock. Wall Street Analyst Weigh In A number of equities analysts recently issued reports on IBCP shares. DA Davidson raised their price target on Independent Bank from $37.
00 to $39.00 and gave the stock a “neutral” rating in a report on Tuesday, January 28th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $41.
00 target price (up from $39.00) on shares of Independent Bank in a research note on Friday, January 24th. Independent Bank Trading Down 3.
4 % NASDAQ IBCP opened at $28.82 on Friday. Independent Bank Co.
has a 52-week low of $22.53 and a 52-week high of $40.32.
The firm has a 50-day moving average price of $32.30 and a 200 day moving average price of $34.19.
The stock has a market capitalization of $604.44 million, a P/E ratio of 9.12 and a beta of 0.
85. The company has a quick ratio of 0.88, a current ratio of 0.
88 and a debt-to-equity ratio of 0.18. Independent Bank ( NASDAQ:IBCP – Get Free Report ) last posted its quarterly earnings results on Thursday, January 23rd.
The financial services provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.77 by $0.
10. Independent Bank had a return on equity of 15.43% and a net margin of 20.
67%. Equities research analysts expect that Independent Bank Co. will post 3.
22 EPS for the current year. Independent Bank Profile ( Free Report ) 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.
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