Los Angeles Capital Management LLC Has $757,000 Stock Position in Independent Bank Co. (NASDAQ:IBCP)

Los Angeles Capital Management LLC cut its holdings in Independent Bank Co. (NASDAQ:IBCP) by 10.3% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,696 shares of the financial services provider’s stock after selling 2,600 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Independent Bank were worth $757,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of IBCP. nVerses Capital LLC bought a new position in shares of Independent Bank in the third quarter worth about $27,000. Truist Financial Corp lifted its stake in Independent Bank by 8.4% in the 2nd quarter. Truist Financial Corp now owns 14,181 shares of the financial services provider’s stock valued at $383,000 after purchasing an additional 1,100 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Independent Bank by 36.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider’s stock valued at $125,000 after buying an additional 1,225 shares in the last quarter. Bailard Inc. boosted its position in Independent Bank by 8.8% in the second quarter. Bailard Inc. now owns 17,360 shares of the financial services provider’s stock valued at $469,000 after buying an additional 1,400 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Independent Bank by 2.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 53,664 shares of the financial services provider’s stock worth $1,362,000 after buying an additional 1,438 shares during the last quarter. Institutional investors own 79.43% of the company’s stock.

Independent Bank Price Performance

IBCP stock opened at $37.74 on Friday. The company has a market capitalization of $788.39 million, a P/E ratio of 12.84 and a beta of 0.99. The company has a fifty day moving average price of $33.90 and a 200-day moving average price of $30.36. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88. Independent Bank Co. has a 52-week low of $20.50 and a 52-week high of $39.52.

Independent Bank (NASDAQ:IBCP) last announced its earnings results on Thursday, October 24th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business earned $0.83 earnings per share. As a group, equities analysts expect that Independent Bank Co. will post 3.02 EPS for the current year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, November 5th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date of this dividend was Tuesday, November 5th. Independent Bank’s dividend payout ratio is currently 32.65%.

Insider Activity at Independent Bank

In related news, Director Christina Keller sold 1,400 shares of Independent Bank stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $32.85, for a total transaction of $45,990.00. Following the completion of the transaction, the director now owns 4,163 shares of the company’s stock, valued at $136,754.55. This trade represents a 25.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 5.45% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on IBCP. Piper Sandler increased their price target on Independent Bank from $27.00 to $37.50 and gave the company a “neutral” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $31.00 target price (up from $26.00) on shares of Independent Bank in a research report on Monday, July 29th.

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.