Victory Capital Management Inc. Sells 600 Shares of Independent Bank Co. (NASDAQ:IBCP)

Victory Capital Management Inc. trimmed its position in shares of Independent Bank Co. (NASDAQ:IBCP) by 2.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 30,000 shares of the financial services provider’s stock after selling 600 shares during the period. Victory Capital Management Inc. owned about 0.14% of Independent Bank worth $1,000,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. bought a new position in Independent Bank in the 2nd quarter worth about $3,147,000. Acadian Asset Management LLC grew its stake in Independent Bank by 27.8% in the 2nd quarter. Acadian Asset Management LLC now owns 423,631 shares of the financial services provider’s stock worth $11,432,000 after acquiring an additional 92,148 shares in the last quarter. Principal Financial Group Inc. grew its stake in Independent Bank by 28.7% in the 3rd quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock worth $11,660,000 after acquiring an additional 77,874 shares in the last quarter. AQR Capital Management LLC grew its stake in Independent Bank by 75.8% in the 2nd quarter. AQR Capital Management LLC now owns 174,011 shares of the financial services provider’s stock worth $4,698,000 after acquiring an additional 75,022 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in Independent Bank by 16.8% in the 2nd quarter. American Century Companies Inc. now owns 415,551 shares of the financial services provider’s stock worth $11,220,000 after acquiring an additional 59,794 shares in the last quarter. 79.43% of the stock is currently owned by institutional investors.

Insider Activity at Independent Bank

In related news, Director Christina Keller sold 1,400 shares of the stock in a transaction that occurred 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 completion of the sale, the director now owns 4,163 shares of the company’s stock, valued at $136,754.55. This represents a 25.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Gavin A. Mohr bought 800 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 18,662 shares of the company’s stock, valued at $685,082.02. The trade was a 4.48 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 5.48% of the stock is currently owned by corporate insiders.

Independent Bank Price Performance

Shares of IBCP stock opened at $37.94 on Thursday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. The company’s 50-day simple moving average is $34.53 and its two-hundred day simple moving average is $31.05. Independent Bank Co. has a one year low of $20.50 and a one year high of $40.32. The company has a market capitalization of $792.57 million, a P/E ratio of 13.06 and a beta of 0.99.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $55.05 million. During the same quarter in the prior year, the business posted $0.83 earnings per share. As a group, equities analysts anticipate that Independent Bank Co. will post 3.02 EPS 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 dividend of $0.24 per share. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.53%. Independent Bank’s dividend payout ratio is presently 32.65%.

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.