Martingale Asset Management L P Trims Position in Independent Bank Co. (NASDAQ:IBCP)

Martingale Asset Management L P decreased its stake in shares of Independent Bank Co. (NASDAQ:IBCP) by 20.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 57,744 shares of the financial services provider’s stock after selling 14,644 shares during the period. Martingale Asset Management L P’s holdings in Independent Bank were worth $1,926,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. nVerses Capital LLC bought a new stake in shares of Independent Bank during the third quarter valued at approximately $27,000. CWM LLC raised its position in Independent Bank by 1,729.2% during the 2nd quarter. CWM LLC now owns 4,262 shares of the financial services provider’s stock valued at $115,000 after purchasing an additional 4,029 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Independent Bank by 36.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider’s stock worth $125,000 after buying an additional 1,225 shares during the period. Comerica Bank purchased a new stake in shares of Independent Bank in the 1st quarter worth $173,000. Finally, Quest Partners LLC grew its position in shares of Independent Bank by 80.7% during the 2nd quarter. Quest Partners LLC now owns 11,354 shares of the financial services provider’s stock worth $307,000 after buying an additional 5,072 shares in the last quarter. 79.43% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Stock Performance

IBCP stock opened at $37.63 on Friday. Independent Bank Co. has a 1-year low of $20.50 and a 1-year high of $40.32. The business has a 50-day moving average price of $34.73 and a 200 day moving average price of $31.23. The company has a market capitalization of $786.24 million, a P/E ratio of 12.80 and a beta of 0.99. 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 (NASDAQ:IBCP) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 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 business had revenue of $77.84 million during the quarter, compared to the consensus estimate of $55.05 million. During the same quarter in the prior year, the firm posted $0.83 EPS. As a group, equities research analysts forecast that Independent Bank Co. will post 3.02 EPS for the current fiscal year.

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.96 annualized dividend and a yield of 2.55%. Independent Bank’s dividend payout ratio (DPR) is presently 32.65%.

Insider Activity

In other Independent Bank news, Director Christina Keller sold 1,400 shares of Independent Bank stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $32.85, for a total value of $45,990.00. Following the transaction, the director now owns 4,163 shares in the company, valued at $136,754.55. The trade was a 25.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Gavin A. Mohr purchased 800 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were purchased at an average cost of $36.71 per share, with a total value of $29,368.00. Following the completion of the transaction, the executive vice president now owns 18,662 shares of the company’s stock, valued at approximately $685,082.02. The trade was a 4.48 % increase in their position. The disclosure for this purchase can be found here. Company 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.