Los Angeles Capital Management LLC Sells 2,600 Shares of Independent Bank Co. (NASDAQ:IBCP)

Los Angeles Capital Management LLC lowered its holdings in shares of Independent Bank Co. (NASDAQ:IBCP) by 10.3% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 22,696 shares of the financial services provider’s stock after selling 2,600 shares during the period. Los Angeles Capital Management LLC owned 0.11% of Independent Bank worth $757,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Summit Global Investments acquired a new stake in shares of Independent Bank in the third quarter valued at approximately $344,000. Principal Financial Group Inc. raised its stake in Independent Bank by 28.7% in the 3rd quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock valued at $11,660,000 after acquiring an additional 77,874 shares during the period. nVerses Capital LLC acquired a new stake in Independent Bank during the 3rd quarter valued at $27,000. CWM LLC boosted its position in Independent Bank by 47.5% during the third quarter. CWM LLC now owns 6,287 shares of the financial services provider’s stock worth $210,000 after purchasing an additional 2,025 shares during the period. Finally, SG Americas Securities LLC raised its position in shares of Independent Bank by 36.8% in the third quarter. SG Americas Securities LLC now owns 15,655 shares of the financial services provider’s stock valued at $522,000 after purchasing an additional 4,210 shares during the period. Institutional investors and hedge funds own 79.43% of the company’s stock.

Wall Street Analyst Weigh In

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

Independent Bank Trading Down 0.5 %

Shares of Independent Bank stock opened at $37.74 on Friday. Independent Bank Co. has a 52-week low of $20.50 and a 52-week high of $39.52. The stock has a market cap of $788.39 million, a PE ratio of 12.84 and a beta of 0.99. The firm has a 50-day moving average of $33.90 and a 200-day moving average 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 (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 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 business had revenue of $77.84 million for the quarter, compared to analyst estimates of $55.05 million. During the same quarter in the previous year, the company earned $0.83 EPS. As a group, sell-side analysts forecast 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. Shareholders of record on Tuesday, November 5th were issued a $0.24 dividend. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.96 annualized dividend and a yield of 2.54%. Independent Bank’s dividend payout ratio is presently 32.65%.

Insider Activity

In other news, Director Christina Keller sold 1,400 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were 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 directly owns 4,163 shares in the company, valued at approximately $136,754.55. The trade was a 25.17 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 5.45% of the company’s stock.

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.