14,868 Shares in Independent Bank Co. (NASDAQ:IBCP) Acquired by Quadrature Capital Ltd

Quadrature Capital Ltd purchased a new position in shares of Independent Bank Co. (NASDAQ:IBCP – Get Rating) in the 3rd quarter, HoldingsChannel.com reports. The firm purchased 14,868 shares of the financial services provider’s stock, valued at approximately $284,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Lazard Asset Management LLC raised its stake in shares of Independent Bank by 71.3% in the third quarter. Lazard Asset Management LLC now owns 3,479 shares of the financial services provider’s stock valued at $66,000 after acquiring an additional 1,448 shares in the last quarter. Hillsdale Investment Management Inc. acquired a new stake in shares of Independent Bank in the third quarter valued at $90,000. SG Americas Securities LLC acquired a new stake in Independent Bank in the second quarter valued at $121,000. Nisa Investment Advisors LLC raised its stake in Independent Bank by 19.2% in the third quarter. Nisa Investment Advisors LLC now owns 5,270 shares of the financial services provider’s stock valued at $122,000 after buying an additional 850 shares in the last quarter. Finally, UBS Group AG raised its stake in Independent Bank by 21.1% in the third quarter. UBS Group AG now owns 8,252 shares of the financial services provider’s stock valued at $158,000 after buying an additional 1,436 shares in the last quarter. 78.73% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Stock Down 8.1 %

IBCP opened at $18.40 on Tuesday. The business’s 50-day simple moving average is $22.71 and its 200-day simple moving average is $22.29. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.81 and a current ratio of 0.82. Independent Bank Co. has a one year low of $17.87 and a one year high of $24.97. The stock has a market capitalization of $388.79 million, a P/E ratio of 6.20 and a beta of 0.96.

Independent Bank (NASDAQ:IBCP – Get Rating) last posted its earnings results on Thursday, January 26th. The financial services provider reported $0.71 EPS for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.01). Independent Bank had a return on equity of 18.54% and a net margin of 27.43%. The firm had revenue of $52.07 million for the quarter, compared to analyst estimates of $53.40 million. Analysts anticipate that Independent Bank Co. will post 2.51 EPS for the current year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. Investors of record on Thursday, February 16th were issued a dividend of $0.23 per share. The ex-dividend date of this dividend was Wednesday, February 15th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 5.00%. This is a positive change from Independent Bank’s previous quarterly dividend of $0.22. Independent Bank’s dividend payout ratio (DPR) is currently 30.98%.

Insider Buying and Selling at Independent Bank

In related news, EVP Gavin A. Mohr purchased 1,600 shares of Independent Bank stock in a transaction dated Monday, January 30th. The stock was bought at an average cost of $21.68 per share, for a total transaction of $34,688.00. Following the transaction, the executive vice president now owns 11,655 shares in the company, valued at $252,680.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP Gavin A. Mohr purchased 1,600 shares of Independent Bank stock in a transaction dated Monday, January 30th. The stock was bought at an average cost of $21.68 per share, for a total transaction of $34,688.00. Following the transaction, the executive vice president now owns 11,655 shares in the company, valued at $252,680.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP James J. Twarozynski sold 2,000 shares of Independent Bank stock in a transaction that occurred on Tuesday, February 28th. The stock was sold at an average price of $22.31, for a total value of $44,620.00. Following the transaction, the senior vice president now owns 9,109 shares of the company’s stock, valued at $203,221.79. The disclosure for this sale can be found here. 5.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Keefe, Bruyette & Woods cut Independent Bank from an “outperform” rating to a “market perform” rating and set a $26.00 price target on the stock. in a research note on Monday, December 12th. DA Davidson raised their price target on Independent Bank to $24.00 in a research note on Wednesday, November 16th. Finally, StockNews.com cut Independent Bank from a “buy” rating to a “hold” rating in a research note on Monday, December 26th.

Independent Bank Profile

(Get Rating)

Independent Bank Corp. operates as a bank holding company, which engages in the provision of financial services. It offers commercial banking, mortgage lending, investments, and title services. The company was founded in 1864 and is headquartered in Grand Rapids, MI.