Independent Bank Co. (NASDAQ:IBCP) Stake Reduced by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. lowered its position in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) by 19.3% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 94,077 shares of the financial services provider's stock after selling 22,465 shares during the quarter. Assenagon Asset Management S.A. owned 0.45% of Independent Bank worth $3,137,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in IBCP. nVerses Capital LLC purchased a new position in Independent Bank in the third quarter worth $27,000. CWM LLC boosted its holdings in Independent Bank by 1,729.2% during the second quarter. CWM LLC now owns 4,262 shares of the financial services provider's stock worth $115,000 after buying an additional 4,029 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Independent Bank by 36.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider's stock worth $125,000 after buying an additional 1,225 shares during the period. Comerica Bank purchased a new position in Independent Bank in the first quarter valued at about $173,000. Finally, Denali Advisors LLC lifted its position in shares of Independent Bank by 64.2% during the 1st quarter. Denali Advisors LLC now owns 8,700 shares of the financial services provider's stock valued at $221,000 after acquiring an additional 3,400 shares during the period. Hedge funds and other institutional investors own 79.43% of the company's stock.

Insider Buying and Selling at Independent Bank

In other Independent Bank news, Director Christina Keller sold 1,000 shares of the firm's stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $32.76, for a total transaction of $32,760.00. Following the completion of the transaction, the director now directly owns 5,563 shares of the company's stock, valued at $182,243.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.45% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Piper Sandler lifted their target price on shares of Independent Bank from $27.00 to $37.50 and gave the stock a "neutral" rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods restated a "market perform" rating and set a $31.00 price objective (up from $26.00) on shares of Independent Bank in a research report on Monday, July 29th.

Independent Bank Trading Down 2.3 %

IBCP stock traded down $0.77 during midday trading on Thursday, reaching $32.78. 70,706 shares of the company's stock traded hands, compared to its average volume of 95,116. Independent Bank Co. has a fifty-two week low of $19.66 and a fifty-two week high of $35.97. The business has a 50-day moving average price of $33.25 and a two-hundred day moving average price of $29.40. The company has a market capitalization of $685.17 million, a P/E ratio of 11.41 and a beta of 0.99. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.88 and a quick ratio of 0.88.

Independent Bank (NASDAQ:IBCP - Get Free Report) last posted its earnings results on Thursday, October 24th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.76 by ($0.11). The company had revenue of $77.84 million during the quarter, compared to analyst estimates of $55.05 million. Independent Bank had a net margin of 21.11% and a return on equity of 16.90%. During the same quarter last year, the business posted $0.83 EPS. Equities research analysts forecast that Independent Bank Co. will post 3.13 EPS for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $0.96 annualized dividend and a yield of 2.93%. Independent Bank's dividend payout ratio is presently 32.65%.

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.