Assenagon Asset Management S.A. Buys 38,157 Shares of Independent Bank Co. (NASDAQ:IBCP)

Assenagon Asset Management S.A. increased its stake in shares of Independent Bank Co. (NASDAQ:IBCP) by 40.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 132,234 shares of the financial services provider’s stock after buying an additional 38,157 shares during the period. Assenagon Asset Management S.A. owned 0.63% of Independent Bank worth $4,606,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Principal Financial Group Inc. boosted its holdings in shares of Independent Bank by 28.7% during the 3rd 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 period. Barclays PLC boosted its holdings in shares of Independent Bank by 38.1% during the 3rd quarter. Barclays PLC now owns 82,357 shares of the financial services provider’s stock worth $2,748,000 after buying an additional 22,728 shares during the period. State Street Corp raised its stake in Independent Bank by 4.8% in the 3rd quarter. State Street Corp now owns 647,579 shares of the financial services provider’s stock worth $21,597,000 after purchasing an additional 29,475 shares in the last quarter. Franklin Resources Inc. raised its stake in Independent Bank by 3.9% in the 3rd quarter. Franklin Resources Inc. now owns 32,756 shares of the financial services provider’s stock worth $1,095,000 after purchasing an additional 1,217 shares in the last quarter. Finally, Jane Street Group LLC raised its stake in Independent Bank by 11.6% in the 3rd quarter. Jane Street Group LLC now owns 21,360 shares of the financial services provider’s stock worth $712,000 after purchasing an additional 2,213 shares in the last quarter. Institutional investors own 79.43% of the company’s stock.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods lifted their price objective on shares of Independent Bank from $33.00 to $39.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th.

Insider Activity

In related news, EVP Gavin A. Mohr acquired 800 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average cost of $36.71 per share, for a total transaction of $29,368.00. Following the transaction, the executive vice president now directly owns 18,662 shares in the company, valued at $685,082.02. This trade represents a 4.48 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.48% of the company’s stock.

Independent Bank Price Performance

Shares of Independent Bank stock opened at $34.42 on Tuesday. Independent Bank Co. has a twelve month low of $22.53 and a twelve month high of $40.32. 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 has a 50-day simple moving average of $36.25 and a two-hundred day simple moving average of $33.99. The stock has a market capitalization of $719.03 million, a price-to-earnings ratio of 11.71 and a beta of 1.03.

Independent Bank (NASDAQ:IBCP) last issued its earnings results on Thursday, October 24th. The financial services provider reported $0.65 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.11). The firm had revenue of $77.84 million during the quarter, compared to analyst estimates of $55.05 million. Independent Bank had a net margin of 19.93% and a return on equity of 15.26%. During the same quarter in the previous year, the firm posted $0.83 earnings per share. Analysts forecast that Independent Bank Co. will post 3.04 EPS for the current year.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th will be given a $0.26 dividend. The ex-dividend date is Tuesday, February 4th. This is a boost from Independent Bank’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 3.02%. Independent Bank’s payout ratio is presently 32.65%.

About Independent Bank

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.