Brandywine Global Investment Management LLC Makes New $696,000 Investment in Independent Bank Co. (NASDAQ:IBCP)

Posted by Defense World Staff on May 28th, 2023

Brandywine Global Investment Management LLC purchased a new position in shares of Independent Bank Co. (NASDAQ:IBCP – Get Rating) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 29,092 shares of the financial services provider’s stock, valued at approximately $696,000. Brandywine Global Investment Management LLC owned 0.14% of Independent Bank as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in IBCP. Swiss National Bank raised its stake in shares of Independent Bank by 4.4% in the 1st quarter. Swiss National Bank now owns 47,800 shares of the financial services provider’s stock worth $1,052,000 after buying an additional 2,000 shares in the last quarter. American Century Companies Inc. raised its position in shares of Independent Bank by 28.6% during the first quarter. American Century Companies Inc. now owns 101,773 shares of the financial services provider’s stock worth $2,239,000 after purchasing an additional 22,663 shares during the period. HighTower Advisors LLC raised its position in shares of Independent Bank by 11.0% during the first quarter. HighTower Advisors LLC now owns 19,073 shares of the financial services provider’s stock worth $421,000 after purchasing an additional 1,888 shares during the period. MetLife Investment Management LLC raised its position in shares of Independent Bank by 44.8% during the first quarter. MetLife Investment Management LLC now owns 10,680 shares of the financial services provider’s stock worth $235,000 after purchasing an additional 3,305 shares during the period. Finally, BlackRock Inc. raised its position in shares of Independent Bank by 6.1% during the first quarter. BlackRock Inc. now owns 2,731,307 shares of the financial services provider’s stock worth $60,089,000 after purchasing an additional 156,812 shares during the period. Institutional investors and hedge funds own 78.73% of the company’s stock.

Independent Bank Stock Up 1.8 %

NASDAQ:IBCP opened at $17.10 on Friday. The firm has a market capitalization of $361.49 million, a price-to-earnings ratio of 6.24 and a beta of 0.93. Independent Bank Co. has a 1-year low of $14.90 and a 1-year high of $24.97. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.35. The business’s fifty day moving average price is $16.99 and its 200 day moving average price is $20.95.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, May 15th. Stockholders of record on Friday, May 5th were paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 5.38%. The ex-dividend date was Thursday, May 4th. Independent Bank’s dividend payout ratio (DPR) is presently 33.58%.

Wall Street Analyst Weigh In

Separately, StockNews.com started coverage on Independent Bank in a research report on Thursday, May 18th. They set a “hold” rating on the stock.

Insider Activity

In other news, Director Terance L. Beia acquired 1,831 shares of Independent Bank stock in a transaction on Wednesday, May 10th. The stock was bought at an average price of $15.62 per share, for a total transaction of $28,600.22. Following the transaction, the director now owns 38,120 shares of the company’s stock, valued at $595,434.40. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, EVP Gavin A. Mohr bought 2,200 shares of the stock in a transaction dated Wednesday, May 3rd. The stock was bought at an average cost of $16.60 per share, with a total value of $36,520.00. Following the purchase, the executive vice president now owns 16,372 shares of the company’s stock, valued at $271,775.20. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Terance L. Beia acquired 1,831 shares of the company’s stock in a transaction that occurred on Wednesday, May 10th. The stock was bought at an average price of $15.62 per share, with a total value of $28,600.22. Following the acquisition, the director now directly owns 38,120 shares of the company’s stock, valued at approximately $595,434.40. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 4,691 shares of company stock valued at $77,621. Insiders own 5.45% of the company’s stock.

Independent Bank Profile

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Independent Bank Corp. operates as a bank holding company, which engages in the provision of financial services. It offers commercial banking, mortgage lending, investments, and title services. The company was founded in 1864 and is headquartered in Grand Rapids, MI.