Barclays PLC Purchases 22,728 Shares of Independent Bank Co. (NASDAQ:IBCP)

Barclays PLC lifted its stake in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) by 38.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 82,357 shares of the financial services provider's stock after buying an additional 22,728 shares during the quarter. Barclays PLC owned about 0.39% of Independent Bank worth $2,748,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. National Bank of Canada FI bought a new position in Independent Bank in the third quarter worth $26,000. nVerses Capital LLC bought a new position in shares of Independent Bank in the 3rd quarter worth about $27,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Independent Bank by 36.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider's stock worth $125,000 after acquiring an additional 1,225 shares in the last quarter. CWM LLC lifted its position in Independent Bank by 47.5% during the 3rd quarter. CWM LLC now owns 6,287 shares of the financial services provider's stock valued at $210,000 after acquiring an additional 2,025 shares during the period. Finally, Zacks Investment Management bought a new stake in Independent Bank during the third quarter worth about $221,000. Hedge funds and other institutional investors own 79.43% of the company's stock.

Independent Bank Stock Up 0.6 %

Shares of NASDAQ IBCP traded up $0.20 during trading on Wednesday, reaching $35.28. The company had a trading volume of 39,320 shares, compared to its average volume of 94,144. Independent Bank Co. has a 12-month low of $22.53 and a 12-month high of $40.32. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. The business's 50-day moving average is $36.26 and its 200 day moving average is $32.74. The stock has a market cap of $737.14 million, a PE ratio of 12.00 and a beta of 1.02.

Independent Bank (NASDAQ:IBCP - Get Free Report) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.65 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.11). The firm had revenue of $77.84 million for the quarter, compared to analysts' expectations of $55.05 million. Independent Bank had a net margin of 19.93% and a return on equity of 15.26%. During the same period last year, the company posted $0.83 earnings per share. As a group, equities analysts forecast that Independent Bank Co. will post 3.02 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, November 5th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.72%. The ex-dividend date of this dividend was Tuesday, November 5th. Independent Bank's dividend payout ratio (DPR) is currently 32.65%.

Insider Buying and Selling

In other Independent Bank news, EVP Gavin A. Mohr bought 800 shares of the firm's stock in a transaction on Wednesday, November 20th. The stock was acquired at an average price of $36.71 per share, with a total value of $29,368.00. Following the transaction, the executive vice president now owns 18,662 shares in the company, valued at $685,082.02. This represents a 4.48 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 5.48% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods raised their target price on shares of Independent Bank from $33.00 to $39.00 and gave the company a "market perform" rating in a research note on Wednesday, December 4th.

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.