Tower Research Capital LLC TRC boosted its holdings in shares of Independent Bank Co. (NASDAQ:IBCP – Get Rating) by 1,566.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,928 shares of the financial services provider’s stock after acquiring an additional 12,152 shares during the period. Tower Research Capital LLC TRC owned about 0.06% of Independent Bank worth $247,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of IBCP. Swiss National Bank raised its position in shares of Independent Bank by 4.4% during the 1st quarter. Swiss National Bank now owns 47,800 shares of the financial services provider’s stock worth $1,052,000 after purchasing an additional 2,000 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Independent Bank by 28.6% in the first quarter. American Century Companies Inc. now owns 101,773 shares of the financial services provider’s stock worth $2,239,000 after acquiring an additional 22,663 shares during the last quarter. HighTower Advisors LLC lifted its position in shares of Independent Bank by 11.0% in the first quarter. HighTower Advisors LLC now owns 19,073 shares of the financial services provider’s stock valued at $421,000 after acquiring an additional 1,888 shares in the last quarter. MetLife Investment Management LLC boosted its stake in shares of Independent Bank by 44.8% during the first quarter. MetLife Investment Management LLC now owns 10,680 shares of the financial services provider’s stock valued at $235,000 after acquiring an additional 3,305 shares during the last quarter. Finally, BlackRock Inc. increased its position in Independent Bank by 6.1% during the 1st quarter. BlackRock Inc. now owns 2,731,307 shares of the financial services provider’s stock worth $60,089,000 after purchasing an additional 156,812 shares in the last quarter. Hedge funds and other institutional investors own 78.73% of the company’s stock.
Analyst Ratings Changes
Several equities research analysts have issued reports on IBCP shares. DA Davidson raised their price target on shares of Independent Bank to $24.00 in a research note on Wednesday, November 16th. Keefe, Bruyette & Woods downgraded Independent Bank from an “outperform” rating to a “market perform” rating and set a $26.00 price target for the company. in a report on Monday, December 12th. Finally, StockNews.com lowered Independent Bank from a “buy” rating to a “hold” rating in a research note on Monday, December 26th.
Independent Bank Trading Up 0.6 %
Shares of IBCP stock opened at $22.13 on Friday. The firm’s 50-day simple moving average is $23.12 and its 200-day simple moving average is $22.32. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.80 and a quick ratio of 0.80. Independent Bank Co. has a 1-year low of $17.87 and a 1-year high of $24.97. The firm has a market cap of $466.28 million, a P/E ratio of 7.45 and a beta of 0.96.
Independent Bank (NASDAQ:IBCP – Get Rating) last announced its quarterly earnings results on Thursday, January 26th. The financial services provider reported $0.71 earnings per share for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.01). The company had revenue of $52.07 million during the quarter, compared to analyst estimates of $53.40 million. Independent Bank had a net margin of 27.43% and a return on equity of 18.65%. As a group, equities analysts forecast that Independent Bank Co. will post 2.51 EPS for the current year.
Independent Bank Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, February 24th. Stockholders of record on Thursday, February 16th were paid a $0.23 dividend. This is a positive change from Independent Bank’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a dividend yield of 4.16%. The ex-dividend date of this dividend was Wednesday, February 15th. Independent Bank’s payout ratio is currently 30.98%.
Insider Transactions at Independent Bank
In other Independent Bank news, EVP Gavin A. Mohr purchased 1,600 shares of Independent Bank stock in a transaction on Monday, January 30th. The shares were purchased at an average cost of $21.68 per share, with a total value of $34,688.00. Following the completion of the transaction, the executive vice president now directly owns 11,655 shares in the company, valued at approximately $252,680.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP James J. Twarozynski sold 2,000 shares of the stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $22.31, for a total value of $44,620.00. Following the completion of the sale, the senior vice president now directly owns 9,109 shares in the company, valued at approximately $203,221.79. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Gavin A. Mohr acquired 1,600 shares of Independent Bank stock in a transaction on Monday, January 30th. The shares were bought at an average price of $21.68 per share, for a total transaction of $34,688.00. Following the purchase, the executive vice president now owns 11,655 shares of the company’s stock, valued at $252,680.40. The disclosure for this purchase can be found here. Company insiders own 5.20% of the company’s stock.
Independent Bank Profile
Independent Bank Corp. operates as a bank holding company, which engages in the provision of financial services. It offers commercial banking, mortgage lending, investments, and title services. The company was founded in 1864 and is headquartered in Grand Rapids, MI.
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