JPMorgan Chase & Co. Sells 66,010 Shares of Independent Bank Co. (NASDAQ:IBCP)

JPMorgan Chase & Co. reduced its stake in Independent Bank Co. (NASDAQ:IBCP) by 14.5% during the third quarter, according to its most recent filing with the SEC. The fund owned 388,351 shares of the financial services provider’s stock after selling 66,010 shares during the quarter. JPMorgan Chase & Co. owned 1.86% of Independent Bank worth $12,952,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. National Bank of Canada FI purchased a new position in Independent Bank in the third quarter valued at about $26,000. nVerses Capital LLC bought a new stake in shares of Independent Bank in the 3rd quarter worth approximately $27,000. CWM LLC lifted its stake in Independent Bank by 47.5% in the third quarter. CWM LLC now owns 6,287 shares of the financial services provider’s stock valued at $210,000 after purchasing an additional 2,025 shares during the last quarter. Zacks Investment Management purchased a new position in Independent Bank in the third quarter valued at approximately $221,000. Finally, Centiva Capital LP bought a new position in Independent Bank during the third quarter valued at $279,000. Institutional investors own 79.43% of the company’s stock.

Independent Bank Stock Performance

NASDAQ IBCP opened at $32.75 on Friday. The firm has a market cap of $684.28 million, a P/E ratio of 11.14 and a beta of 1.03. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. The company’s 50 day moving average is $36.49 and its 200-day moving average is $33.59. Independent Bank Co. has a 12-month low of $22.53 and a 12-month high of $40.32.

Independent Bank (NASDAQ:IBCP) last issued its earnings results 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 period in the previous year, the firm earned $0.83 EPS. Sell-side analysts predict that Independent Bank Co. will post 3.02 earnings per share for the current year.

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Tuesday, February 4th will be issued a dividend of $0.26 per share. This is a boost from Independent Bank’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 3.18%. Independent Bank’s dividend payout ratio is 32.65%.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods upped their price target on Independent Bank from $33.00 to $39.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th.

Insiders Place Their Bets

In other news, EVP Gavin A. Mohr purchased 800 shares of the stock in a transaction dated 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 acquisition, 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 position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 5.45% of the stock is owned by corporate insiders.

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.