Independent Bank Co. (NASDAQ:IBCP) Shares Purchased by Russell Investments Group Ltd.

Russell Investments Group Ltd. grew its stake in shares of Independent Bank Co. (NASDAQ:IBCPGet Rating) by 54.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 84,505 shares of the financial services provider’s stock after acquiring an additional 29,684 shares during the period. Russell Investments Group Ltd. owned about 0.40% of Independent Bank worth $2,021,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of IBCP. Legal & General Group Plc boosted its position in Independent Bank by 6.0% in the 2nd quarter. Legal & General Group Plc now owns 9,274 shares of the financial services provider’s stock valued at $179,000 after buying an additional 527 shares during the last quarter. Royal Bank of Canada lifted its position in shares of Independent Bank by 5.5% during the third quarter. Royal Bank of Canada now owns 11,845 shares of the financial services provider’s stock worth $227,000 after purchasing an additional 619 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Independent Bank by 19.2% during the third quarter. Nisa Investment Advisors LLC now owns 5,270 shares of the financial services provider’s stock worth $122,000 after purchasing an additional 850 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Independent Bank by 2.4% during the third quarter. Price T Rowe Associates Inc. MD now owns 50,048 shares of the financial services provider’s stock worth $956,000 after purchasing an additional 1,157 shares during the last quarter. Finally, Tudor Investment Corp Et Al lifted its position in shares of Independent Bank by 3.3% during the third quarter. Tudor Investment Corp Et Al now owns 37,496 shares of the financial services provider’s stock worth $716,000 after purchasing an additional 1,185 shares during the last quarter. 78.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Independent Bank news, EVP Gavin A. Mohr acquired 2,200 shares of the company’s stock in a transaction that occurred on Wednesday, May 3rd. The shares were purchased at an average price of $16.60 per share, for a total transaction of $36,520.00. Following the completion of the purchase, the executive vice president now directly owns 16,372 shares in the company, valued at $271,775.20. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Terance L. Beia purchased 1,831 shares of the company’s stock in a transaction on Wednesday, May 10th. The shares were bought at an average price of $15.62 per share, for a total transaction of $28,600.22. Following the completion of the purchase, the director now owns 38,120 shares of the company’s stock, valued at $595,434.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Gavin A. Mohr purchased 2,200 shares of the company’s stock in a transaction on Wednesday, May 3rd. The stock was purchased at an average price of $16.60 per share, for a total transaction of $36,520.00. Following the purchase, the executive vice president now directly owns 16,372 shares of the company’s stock, valued at approximately $271,775.20. The disclosure for this purchase can be found here. Insiders have acquired a total of 4,691 shares of company stock worth $77,621 over the last quarter. 5.45% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Separately, StockNews.com started coverage on shares of Independent Bank in a research report on Thursday. They set a “hold” rating on the stock.

Independent Bank Price Performance

IBCP opened at $16.50 on Monday. The firm has a market cap of $348.81 million, a price-to-earnings ratio of 6.02 and a beta of 0.93. Independent Bank Co. has a fifty-two week low of $14.90 and a fifty-two week high of $24.97. The company’s 50-day moving average price is $17.15 and its 200 day moving average price is $21.16. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.35.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 15th. Investors of record on Friday, May 5th were paid a dividend of $0.23 per share. The ex-dividend date of this dividend was Thursday, May 4th. This represents a $0.92 annualized dividend and a yield of 5.58%. Independent Bank’s dividend payout ratio (DPR) is 33.58%.

Independent Bank Profile

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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.

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Institutional Ownership by Quarter for Independent Bank (NASDAQ:IBCP)

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