Thrivent Financial for Lutherans Has $1.77 Million Stock Position in Independent Bank Co. (NASDAQ:IBCP)

Thrivent Financial for Lutherans lessened its stake in shares of Independent Bank Co. (NASDAQ:IBCP) by 14.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 53,128 shares of the financial services provider’s stock after selling 9,321 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.25% of Independent Bank worth $1,771,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. nVerses Capital LLC acquired a new position in shares of Independent Bank in the 3rd quarter worth approximately $27,000. CWM LLC lifted its holdings in Independent Bank by 1,729.2% in the second quarter. CWM LLC now owns 4,262 shares of the financial services provider’s stock valued at $115,000 after buying an additional 4,029 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Independent Bank by 36.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider’s stock valued at $125,000 after acquiring an additional 1,225 shares during the last quarter. Comerica Bank acquired a new stake in Independent Bank during the 1st quarter worth about $173,000. Finally, Quest Partners LLC grew its holdings in Independent Bank by 80.7% during the 2nd quarter. Quest Partners LLC now owns 11,354 shares of the financial services provider’s stock worth $307,000 after acquiring an additional 5,072 shares during the period. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Price Performance

Shares of IBCP opened at $37.63 on Friday. The firm has a market cap of $786.09 million, a PE ratio of 12.72 and a beta of 0.99. Independent Bank Co. has a 52-week low of $20.50 and a 52-week high of $40.32. The business’s 50 day moving average price is $34.65 and its two-hundred day moving average price is $31.15. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.11). The business had revenue of $77.84 million for the quarter, compared to analyst estimates of $55.05 million. Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. During the same quarter in the previous year, the company posted $0.83 EPS. On average, equities analysts anticipate that Independent Bank Co. will post 3.02 EPS for the current year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, November 5th were issued 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 yield of 2.55%. Independent Bank’s dividend payout ratio (DPR) is 32.65%.

Insiders Place Their Bets

In other Independent Bank news, Director Christina Keller sold 1,400 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $32.85, for a total value of $45,990.00. Following the transaction, the director now directly owns 4,163 shares in the company, valued at $136,754.55. This represents a 25.17 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Gavin A. Mohr purchased 800 shares of the stock in a transaction on Wednesday, November 20th. The shares were purchased at an average price 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 of the company’s stock, valued at approximately $685,082.02. This represents a 4.48 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 5.45% of the stock is owned by corporate insiders.

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.