Victory Capital Management Inc. Decreases Stake in Independent Bank Co. (NASDAQ:IBCP)

Victory Capital Management Inc. lowered its stake in Independent Bank Co. (NASDAQ:IBCP) by 2.0% in the third quarter, HoldingsChannel reports. The institutional investor owned 30,000 shares of the financial services provider’s stock after selling 600 shares during the period. Victory Capital Management Inc.’s holdings in Independent Bank were worth $1,000,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in IBCP. Assenagon Asset Management S.A. purchased a new position in shares of Independent Bank in the second quarter worth $3,147,000. Acadian Asset Management LLC raised its holdings in shares of Independent Bank by 27.8% in the second quarter. Acadian Asset Management LLC now owns 423,631 shares of the financial services provider’s stock worth $11,432,000 after buying an additional 92,148 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Independent Bank by 28.7% in the third quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock worth $11,660,000 after buying an additional 77,874 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Independent Bank by 75.8% in the second quarter. AQR Capital Management LLC now owns 174,011 shares of the financial services provider’s stock worth $4,698,000 after buying an additional 75,022 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of Independent Bank by 16.8% in the second quarter. American Century Companies Inc. now owns 415,551 shares of the financial services provider’s stock worth $11,220,000 after buying an additional 59,794 shares during the last quarter. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Independent Bank Trading Down 0.9 %

NASDAQ IBCP opened at $37.94 on Thursday. The stock has a market cap of $792.57 million, a P/E ratio of 13.06 and a beta of 0.99. Independent Bank Co. has a 12-month low of $20.50 and a 12-month high of $40.32. The company has a fifty day simple moving average of $34.53 and a two-hundred day simple moving average of $31.05. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11). The business had revenue of $77.84 million during 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 in the previous year, the company earned $0.83 EPS. On average, analysts forecast that Independent Bank Co. will post 3.02 earnings per share for the current year.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th were paid a $0.24 dividend. The ex-dividend date was Tuesday, November 5th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.53%. Independent Bank’s payout ratio is currently 32.65%.

Insider Transactions at Independent Bank

In other news, EVP Gavin A. Mohr purchased 800 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were bought at an average price of $36.71 per share, for a total transaction of $29,368.00. Following the completion of the transaction, the executive vice president now owns 18,662 shares in the company, valued at $685,082.02. This represents a 4.48 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Christina Keller sold 1,400 shares of the firm’s 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 sale, the director now owns 4,163 shares in the company, valued at approximately $136,754.55. This represents a 25.17 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 5.48% of the company’s stock.

Independent Bank 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.