Martingale Asset Management L P reduced its position in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) by 20.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 57,744 shares of the financial services provider's stock after selling 14,644 shares during the quarter. Martingale Asset Management L P owned about 0.28% of Independent Bank worth $1,926,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in IBCP. Assenagon Asset Management S.A. acquired a new position in shares of Independent Bank during the second quarter worth approximately $3,147,000. Charles Schwab Investment Management Inc. raised its holdings in Independent Bank by 202.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 171,090 shares of the financial services provider's stock worth $5,706,000 after buying an additional 114,487 shares during the last quarter. Acadian Asset Management LLC lifted its stake in shares of Independent Bank by 27.8% in the second 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. Principal Financial Group Inc. lifted its stake in shares of Independent Bank by 28.7% in the third quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider's stock valued at $11,660,000 after buying an additional 77,874 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of Independent Bank by 75.8% during the second quarter. AQR Capital Management LLC now owns 174,011 shares of the financial services provider's stock valued at $4,698,000 after buying an additional 75,022 shares during the last quarter. Institutional investors and hedge funds own 79.43% of the company's stock.
Insiders Place Their Bets
In other news, EVP Gavin A. Mohr bought 800 shares of the company's stock in a transaction on Wednesday, November 20th. The shares were purchased 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 directly 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Christina Keller sold 1,400 shares of the business's stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $32.85, for a total value of $45,990.00. Following the completion of the transaction, the director now owns 4,163 shares in the company, valued at $136,754.55. The trade was a 25.17 % decrease in their position. The disclosure for this sale can be found here. Insiders own 5.45% of the company's stock.
Independent Bank Stock Down 0.8 %
Shares of IBCP traded down $0.31 on Friday, reaching $37.63. The company's stock had a trading volume of 53,142 shares, compared to its average volume of 92,113. Independent Bank Co. has a twelve month low of $20.50 and a twelve month high of $40.32. The stock has a market capitalization of $786.09 million, a PE ratio of 12.80 and a beta of 0.99. 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 has a fifty day moving average of $34.73 and a 200-day moving average of $31.27.
Independent Bank (NASDAQ:IBCP - Get Free Report) last issued 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 company had revenue of $77.84 million for the quarter, compared to the consensus estimate of $55.05 million. During the same period in the prior year, the firm posted $0.83 earnings per share. Equities analysts predict that Independent Bank Co. will post 3.02 EPS for the current year.
Independent Bank Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.55%. The ex-dividend date of this dividend was Tuesday, November 5th. Independent Bank's dividend payout ratio (DPR) is presently 32.65%.
About Independent Bank
(
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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