Hotchkis & Wiley Capital Management LLC lifted its stake in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) by 9.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 264,090 shares of the financial services provider's stock after acquiring an additional 22,580 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned about 1.26% of Independent Bank worth $8,807,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in the stock. nVerses Capital LLC bought a new stake in Independent Bank during the third quarter worth approximately $27,000. CWM LLC grew its stake in Independent Bank by 1,729.2% in the 2nd quarter. CWM LLC now owns 4,262 shares of the financial services provider's stock valued at $115,000 after buying an additional 4,029 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in 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 during the period. Comerica Bank acquired a new position in Independent Bank during the 1st quarter worth $173,000. Finally, Centiva Capital LP bought a new stake in Independent Bank during the third quarter valued at about $279,000. Institutional investors and hedge funds own 79.43% of the company's stock.
Analyst Ratings Changes
Separately, Keefe, Bruyette & Woods lifted their price objective on Independent Bank from $33.00 to $39.00 and gave the stock a "market perform" rating in a research note on Wednesday.
Check Out Our Latest Analysis on Independent Bank
Insider Buying and Selling
In related news, EVP Gavin A. Mohr bought 800 shares of the company's stock in a transaction dated Wednesday, November 20th. The stock was acquired at an average cost of $36.71 per share, with a total value of $29,368.00. Following the acquisition, the executive vice president now owns 18,662 shares in the company, valued at approximately $685,082.02. This represents a 4.48 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Christina Keller sold 1,400 shares of the business's stock in a transaction 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 in the company, valued at approximately $136,754.55. This represents a 25.17 % decrease in their position. The disclosure for this sale can be found here. 5.45% of the stock is owned by company insiders.
Independent Bank Stock Performance
NASDAQ:IBCP traded down $0.16 during trading hours on Thursday, hitting $38.09. 59,570 shares of the company traded hands, compared to its average volume of 94,713. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. Independent Bank Co. has a twelve month low of $22.08 and a twelve month high of $40.32. The firm has a 50-day moving average of $35.01 and a 200 day moving average of $31.51. The stock has a market capitalization of $795.70 million, a price-to-earnings ratio of 13.01 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 analysts' consensus estimates of $0.76 by ($0.11). Independent Bank had a net margin of 19.93% and a return on equity of 15.26%. The company had revenue of $77.84 million for the quarter, compared to analyst estimates of $55.05 million. During the same period in the prior year, the company posted $0.83 EPS. On average, analysts forecast that Independent Bank Co. will post 3.02 EPS for the current year.
Independent Bank Announces Dividend
The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date was Tuesday, November 5th. Independent Bank's dividend payout ratio is presently 32.65%.
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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