HighTower Advisors LLC Purchases 384 Shares of Independent Bank Co. (NASDAQ:IBCP)

HighTower Advisors LLC raised its position in Independent Bank Co. (NASDAQ:IBCP) by 1.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,672 shares of the financial services provider’s stock after acquiring an additional 384 shares during the period. HighTower Advisors LLC owned approximately 0.13% of Independent Bank worth $889,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of IBCP. nVerses Capital LLC acquired a new stake in shares of Independent Bank in the 3rd quarter worth $27,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of 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 acquiring an additional 1,225 shares during the last quarter. CWM LLC boosted its stake in Independent Bank by 47.5% in the 3rd 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 in the last quarter. Centiva Capital LP purchased a new stake in Independent Bank during the 3rd quarter worth approximately $279,000. Finally, Quest Partners LLC increased its stake in Independent Bank by 80.7% during the 2nd quarter. Quest Partners LLC now owns 11,354 shares of the financial services provider’s stock valued at $307,000 after purchasing an additional 5,072 shares in the last quarter. 79.43% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Gavin A. Mohr bought 800 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was bought at an average cost of $36.71 per share, for a total transaction of $29,368.00. Following the completion of the purchase, the executive vice president now directly owns 18,662 shares in the company, valued at approximately $685,082.02. The trade was a 4.48 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.45% of the stock is owned by company insiders.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods lifted their price objective on shares of Independent Bank from $33.00 to $39.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th.

Independent Bank Trading Down 2.0 %

NASDAQ IBCP opened at $37.31 on Wednesday. The stock has a market capitalization of $779.56 million, a P/E ratio of 12.69 and a beta of 1.02. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. Independent Bank Co. has a 12 month low of $22.53 and a 12 month high of $40.32. The firm’s 50-day moving average is $36.03 and its two-hundred day moving average is $32.34.

Independent Bank (NASDAQ:IBCP) last announced its earnings results on Thursday, October 24th. The financial services provider reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.11). The business had revenue of $77.84 million for the quarter, compared to analyst estimates of $55.05 million. Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. During the same quarter last year, the company posted $0.83 EPS. On average, sell-side analysts anticipate that Independent Bank Co. will post 3.02 earnings per share for the current year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors 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 2.57%. Independent Bank’s dividend payout ratio is currently 32.65%.

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.