JPMorgan Chase & Co. Sells 66,010 Shares of Independent Bank Co. (NASDAQ:IBCP)

JPMorgan Chase & Co. lowered its holdings in Independent Bank Co. (NASDAQ:IBCP - Free Report) by 14.5% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 388,351 shares of the financial services provider's stock after selling 66,010 shares during the period. JPMorgan Chase & Co. owned about 1.86% of Independent Bank worth $12,952,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. National Bank of Canada FI acquired a new stake in shares of Independent Bank in the third quarter valued at approximately $26,000. nVerses Capital LLC acquired a new position in shares of Independent Bank during the third quarter valued at approximately $27,000. CWM LLC increased its stake in shares of Independent Bank by 47.5% during the third 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. Zacks Investment Management acquired a new position in shares of Independent Bank during the third quarter valued at approximately $221,000. Finally, Centiva Capital LP acquired a new position in shares of Independent Bank during the third quarter valued at approximately $279,000. Institutional investors own 79.43% of the company's stock.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods raised their price objective 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 Trading Down 2.7 %

Independent Bank stock traded down $0.91 during midday trading on Friday, reaching $32.75. The stock had a trading volume of 104,471 shares, compared to its average volume of 105,328. The firm's fifty day simple moving average is $36.49 and its two-hundred day simple moving average is $33.65. Independent Bank Co. has a twelve month low of $22.53 and a twelve month high of $40.32. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market cap of $684.28 million, a price-to-earnings ratio of 11.14 and a beta of 1.03.

Independent Bank (NASDAQ:IBCP - Get Free Report) last posted 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 return on equity of 15.26% and a net margin of 19.93%. The firm had revenue of $77.84 million during the quarter, compared to analyst estimates of $55.05 million. During the same period in the prior year, the business posted $0.83 EPS. Equities analysts anticipate that Independent Bank Co. will post 3.02 EPS for the current fiscal year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.18%. This is a positive change from Independent Bank's previous quarterly dividend of $0.24. Independent Bank's dividend payout ratio (DPR) is 35.37%.

Insider Buying and Selling at Independent Bank

In related news, EVP Gavin A. Mohr bought 800 shares of the firm's stock in a transaction on Wednesday, November 20th. The stock was bought at an average price of $36.71 per share, with a total value of $29,368.00. Following the purchase, the executive vice president now directly owns 18,662 shares of the company's stock, valued at approximately $685,082.02. This represents a 4.48 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 5.45% of the company's stock.

About Independent Bank

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.