Independent Bank Corporation announced a 2025 share repurchase plan to buy back up to 1,100,000 shares.
Quiver AI Summary
Independent Bank Corporation announced the authorization of a 2025 share repurchase plan, permitting the buyback of up to 1,100,000 shares, equivalent to about 5% of its common stock, effective until December 31, 2025. The repurchases are intended to be conducted primarily through open market transactions, although other methods may be utilized. The plan's execution will depend on various factors, including market conditions and regulatory requirements, and the company is not obligated to repurchase a specific amount. Funding for the repurchases will come from cash reserves. The current 2024 repurchase plan will expire at the end of this year. Independent Bank Corporation, founded in 1864 and operating as a community bank in Michigan, has total assets of around $5.3 billion and offers a range of financial services.
Potential Positives
- The Board of Directors authorized a share repurchase plan for 2025, highlighting the company's commitment to returning value to shareholders.
- The plan allows for the buyback of up to 1,100,000 shares, approximately 5% of the company's common stock, indicating confidence in the company's financial position and stock valuation.
- The share repurchase plan can be executed through various means, providing flexibility in how the company manages its capital and optimizes shareholder value.
Potential Negatives
- The company has not repurchased any shares of its common stock through December 17, 2024, despite having a share repurchase plan in place for 2024.
- The share repurchase plan is subject to modification or suspension at the company's discretion, which may indicate uncertainty in its capital allocation strategy.
- The need to consider a variety of factors such as regulatory requirements and the company's financial performance before executing any buybacks suggests potential vulnerabilities in its financial health.
FAQ
What is the new share repurchase plan announced by Independent Bank Corporation?
Independent Bank Corporation announced a 2025 share repurchase plan to buy back up to 1,100,000 shares, representing about 5% of its common stock.
When will the 2025 share repurchase plan be executed?
The 2025 share repurchase plan is authorized to last through December 31, 2025, but execution depends on various factors.
How will the company fund the share repurchases?
The company expects to fund any share repurchases from its cash on hand.
Has Independent Bank Corporation repurchased any shares in 2024?
As of December 17, 2024, Independent Bank Corporation had not repurchased any shares of its common stock in 2024.
What factors will influence the share repurchase timing and amount?
The timing and amount of share repurchases will depend on securities law restrictions, stock price, regulatory requirements, and the company's financial performance.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$IBCP Insider Trading Activity
$IBCP insiders have traded $IBCP stock on the open market 25 times in the past 6 months. Of those trades, 2 have been purchases and 23 have been sales.
Here’s a breakdown of recent trading of $IBCP stock by insiders over the last 6 months:
- PATRICK J ERVIN (Executive Vice President) purchased 275 shares.
- LARRY R JR DANIEL (Executive Vice President) sold 3,851 shares.
- GAVIN A. MOHR (Executive Vice President) purchased 800 shares.
- CHRISTINA KELLER has traded it 20 times. They made 0 purchases and 20 sales, selling 2,400 shares.
- STEFANIE M KIMBALL (Executive Vice President) has traded it 2 times. They made 0 purchases and 2 sales, selling 1,000 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$IBCP Hedge Fund Activity
We have seen 75 institutional investors add shares of $IBCP stock to their portfolio, and 68 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- FJ CAPITAL MANAGEMENT LLC removed 407,448 shares (-33.6%) from their portfolio in Q3 2024
- BOSTON PARTNERS added 242,794 shares (+589.5%) to their portfolio in Q3 2024
- PROSHARE ADVISORS LLC added 219,097 shares (+inf%) to their portfolio in Q3 2024
- NUVEEN ASSET MANAGEMENT, LLC added 136,686 shares (+64.1%) to their portfolio in Q3 2024
- VANGUARD GROUP INC added 127,783 shares (+12.0%) to their portfolio in Q3 2024
- BLACKROCK, INC. removed 126,950 shares (-4.3%) from their portfolio in Q3 2024
- CHARLES SCHWAB INVESTMENT MANAGEMENT INC added 114,487 shares (+202.3%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
GRAND RAPIDS, Mich., Dec. 17, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP), the holding company of Independent Bank, a Michigan-based community bank, announced that its Board of Directors authorized a 2025 share repurchase plan on December 17, 2024. Under the terms of the 2025 share repurchase plan, the Company is authorized to buy back up to 1,100,000 shares, representing approximately 5% of its common stock. The 2025 share repurchase plan is authorized to last through December 31, 2025.
The Company intends to accomplish 2025 share repurchases through open market transactions, though the Company could accomplish repurchases through other means, such as privately negotiated transactions. The timing and amount of any share repurchases will depend on a variety of factors, including, among others, securities law restrictions, the trading price of the Company's common stock, regulatory requirements, potential alternative uses for capital, and the Company's financial performance. The 2025 share repurchase plan does not obligate the Company to acquire any particular amount of common stock, and it may be modified or suspended at any time at the Company's discretion. The Company expects to fund any repurchases from cash on hand.
The Company’s 2024 share repurchase plan will expire on December 31, 2024. Through December 17, 2024, the Company had not repurchased any shares of its common stock.
About Independent Bank Corporation
Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $5.3 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan's Lower Peninsula through one state-chartered bank subsidiary. This subsidiary (Independent Bank) provides a full range of financial services, including commercial banking, mortgage lending, investments, insurance and title services. Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves.
For more information, please visit our Web site at:
IndependentBank.com
.
Contact: | William B. Kessel, President and CEO, 616.447.3933 |
Gavin A. Mohr, Chief Financial Officer, 616.447.3929 |
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