FMR LLC increased its position in Independent Bank Co. (NASDAQ:IBCP - Free Report) by 7.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,034,775 shares of the financial services provider's stock after buying an additional 69,504 shares during the quarter. FMR LLC owned 4.95% of Independent Bank worth $34,510,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. increased 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 valued at $11,660,000 after purchasing an additional 77,874 shares during the period. Acadian Asset Management LLC boosted its holdings in shares of Independent Bank by 27.8% during the 2nd quarter. Acadian Asset Management LLC now owns 423,631 shares of the financial services provider's stock valued at $11,432,000 after buying an additional 92,148 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Independent Bank by 14.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 206,619 shares of the financial services provider's stock valued at $5,579,000 after buying an additional 26,674 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Independent Bank during the 2nd quarter valued at $3,147,000. Finally, Comerica Bank bought a new stake in shares of Independent Bank during the 1st quarter valued at $173,000. 79.43% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In related news, Director Christina Keller sold 1,400 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $32.85, for a total value of $45,990.00. Following the completion of the sale, the director now directly owns 4,163 shares of the company's stock, valued at approximately $136,754.55. This represents a 25.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Gavin A. Mohr bought 800 shares of Independent Bank stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average cost of $36.71 per share, with a total value of $29,368.00. Following the completion of the acquisition, the executive vice president now directly owns 18,662 shares in the company, valued at $685,082.02. This represents a 4.48 % increase in their position. The disclosure for this purchase can be found here. Insiders own 5.48% of the company's stock.
Independent Bank Stock Performance
NASDAQ:IBCP traded down $0.73 during mid-day trading on Monday, reaching $37.29. The company's stock had a trading volume of 56,954 shares, compared to its average volume of 94,382. Independent Bank Co. has a 12-month low of $22.53 and a 12-month high of $40.32. The stock has a market cap of $778.99 million, a P/E ratio of 12.93 and a beta of 1.02. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. The firm's fifty day moving average price is $35.24 and its two-hundred day moving average price is $31.71.
Independent Bank (NASDAQ:IBCP - Get Free Report) last released its quarterly earnings results 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). Independent Bank had a net margin of 19.93% and a return on equity of 15.26%. The business had revenue of $77.84 million for the quarter, compared to analysts' expectations of $55.05 million. During the same period in the previous year, the company earned $0.83 EPS. On average, equities analysts forecast that Independent Bank Co. will post 3.02 EPS for the current fiscal year.
Independent Bank Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders 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 2.57%. The ex-dividend date of this dividend was Tuesday, November 5th. Independent Bank's payout ratio is currently 32.65%.
Analyst Ratings Changes
Separately, Keefe, Bruyette & Woods boosted their target price on shares of Independent Bank from $33.00 to $39.00 and gave the company a "market perform" rating in a report on Wednesday, December 4th.
Check Out Our Latest Stock Analysis on Independent Bank
Independent Bank Company 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.
Further Reading
Before you consider Independent Bank, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Independent Bank wasn't on the list.
While Independent Bank currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Click the link below and we'll send you MarketBeat's list of seven stocks and why their long-term outlooks are very promising.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
