Independent Bank Co. (NASDAQ:IBCP) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. decreased its holdings in Independent Bank Co. (NASDAQ:IBCPFree Report) by 15.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 35,000 shares of the financial services provider’s stock after selling 6,211 shares during the quarter. Victory Capital Management Inc. owned 0.17% of Independent Bank worth $911,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Independent Bank in the third quarter worth $258,000. Bank of New York Mellon Corp increased its holdings in Independent Bank by 2.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 209,447 shares of the financial services provider’s stock worth $3,841,000 after purchasing an additional 5,956 shares during the period. Assenagon Asset Management S.A. raised its position in Independent Bank by 31.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 190,556 shares of the financial services provider’s stock valued at $3,495,000 after purchasing an additional 45,617 shares in the last quarter. Swiss National Bank boosted its stake in shares of Independent Bank by 2.2% in the 3rd quarter. Swiss National Bank now owns 46,500 shares of the financial services provider’s stock valued at $853,000 after buying an additional 1,000 shares during the period. Finally, FMR LLC grew its position in shares of Independent Bank by 12.8% during the third quarter. FMR LLC now owns 773,868 shares of the financial services provider’s stock worth $14,193,000 after buying an additional 87,852 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Analyst Upgrades and Downgrades

IBCP has been the topic of several analyst reports. Hovde Group started coverage on shares of Independent Bank in a report on Monday, March 4th. They issued a “market perform” rating on the stock. DA Davidson restated a “neutral” rating and issued a $28.00 price objective on shares of Independent Bank in a report on Tuesday, April 30th.

Get Our Latest Stock Analysis on IBCP

Independent Bank Trading Down 0.5 %

IBCP opened at $26.27 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.87 and a current ratio of 0.87. Independent Bank Co. has a one year low of $16.26 and a one year high of $27.39. The company has a market cap of $549.04 million, a P/E ratio of 8.94 and a beta of 0.97. The business’s 50-day simple moving average is $24.71 and its 200-day simple moving average is $24.39.

Independent Bank (NASDAQ:IBCPGet Free Report) last announced its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.76 EPS for the quarter, beating the consensus estimate of $0.65 by $0.11. The company had revenue of $52.76 million for the quarter, compared to analyst estimates of $51.50 million. Independent Bank had a net margin of 20.45% and a return on equity of 16.55%. As a group, equities research analysts expect that Independent Bank Co. will post 2.95 EPS for the current fiscal year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 13th. Investors of record on Friday, May 3rd were given a $0.24 dividend. The ex-dividend date was Thursday, May 2nd. This represents a $0.96 dividend on an annualized basis and a yield of 3.65%. Independent Bank’s dividend payout ratio (DPR) is presently 32.65%.

Insider Buying and Selling at Independent Bank

In other news, SVP James J. Twarozynski sold 1,500 shares of the business’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $25.00, for a total value of $37,500.00. Following the completion of the sale, the senior vice president now directly owns 8,366 shares of the company’s stock, valued at approximately $209,150. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.48% of the stock is currently owned by insiders.

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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Institutional Ownership by Quarter for Independent Bank (NASDAQ:IBCP)

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