National Bank of Canada FI Buys New Shares in Independent Bank Co. (NASDAQ:IBCP)

National Bank of Canada FI purchased a new stake in Independent Bank Co. (NASDAQ:IBCP) during the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 792 shares of the financial services provider’s stock, valued at approximately $26,000.

Several other institutional investors also recently made changes to their positions in IBCP. SG Americas Securities LLC acquired a new position in Independent Bank in the second quarter valued at $309,000. Bank of New York Mellon Corp lifted its stake in shares of Independent Bank by 14.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 206,619 shares of the financial services provider’s stock valued at $5,579,000 after purchasing an additional 26,674 shares in the last quarter. Bailard Inc. grew its holdings in shares of Independent Bank by 8.8% during the 2nd quarter. Bailard Inc. now owns 17,360 shares of the financial services provider’s stock worth $469,000 after purchasing an additional 1,400 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Independent Bank by 36.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider’s stock worth $125,000 after purchasing an additional 1,225 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Independent Bank by 0.6% in the second quarter. Principal Financial Group Inc. now owns 271,757 shares of the financial services provider’s stock valued at $7,337,000 after buying an additional 1,611 shares during the period. 79.43% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Price Performance

IBCP stock opened at $35.47 on Thursday. The stock has a 50-day simple moving average of $36.09 and a 200-day simple moving average of $32.36. The firm has a market cap of $741.11 million, a P/E ratio of 12.06 and a beta of 1.02. 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 1 year low of $22.53 and a 1 year high of $40.32.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings data 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 net margin of 19.93% and a return on equity of 15.26%. The firm had revenue of $77.84 million during the quarter, compared to analyst estimates of $55.05 million. During the same period last year, the business earned $0.83 EPS. On average, equities analysts predict that Independent Bank Co. will post 3.02 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The company 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 dividend on an annualized basis and a yield of 2.71%. Independent Bank’s dividend payout ratio is currently 32.65%.

Insider Buying and Selling at Independent Bank

In other Independent Bank news, EVP Gavin A. Mohr purchased 800 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were acquired at an average price of $36.71 per share, for a total transaction of $29,368.00. Following the completion of the purchase, the executive vice president now owns 18,662 shares in the company, valued at $685,082.02. The trade was a 4.48 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.45% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods boosted 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 Company Profile

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.