Barclays PLC Has $2.75 Million Stake in Independent Bank Co. (NASDAQ:IBCP)

Barclays PLC lifted its stake in Independent Bank Co. (NASDAQ:IBCP) by 38.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 82,357 shares of the financial services provider’s stock after buying an additional 22,728 shares during the period. Barclays PLC owned approximately 0.39% of Independent Bank worth $2,748,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. National Bank of Canada FI bought a new stake in shares of Independent Bank during the 3rd quarter valued at $26,000. nVerses Capital LLC acquired a new stake in Independent Bank during the third quarter worth about $27,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake 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 worth $125,000 after buying an additional 1,225 shares in the last quarter. CWM LLC increased its holdings in Independent Bank by 47.5% in the 3rd quarter. CWM LLC now owns 6,287 shares of the financial services provider’s stock valued at $210,000 after buying an additional 2,025 shares during the period. Finally, Zacks Investment Management acquired a new position in shares of Independent Bank in the 3rd quarter valued at approximately $221,000. Institutional investors and hedge funds own 79.43% of the company’s stock.

Independent Bank Stock Performance

Independent Bank stock opened at $35.28 on Wednesday. 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 stock has a market cap of $737.14 million, a PE ratio of 12.00 and a beta of 1.02. Independent Bank Co. has a 12-month low of $22.53 and a 12-month high of $40.32. The business’s 50-day moving average price is $36.25 and its two-hundred day moving average price is $32.72.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.11). Independent Bank had a net margin of 19.93% and a return on equity of 15.26%. The company had revenue of $77.84 million for the quarter, compared to the consensus estimate of $55.05 million. During the same period last year, the firm posted $0.83 earnings per share. As a group, analysts expect that Independent Bank Co. will post 3.02 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date was Tuesday, November 5th. Independent Bank’s payout ratio is 32.65%.

Insider Activity at Independent Bank

In other news, EVP Gavin A. Mohr bought 800 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was purchased at an average cost of $36.71 per share, for a total transaction of $29,368.00. Following the completion of the transaction, the executive vice president now owns 18,662 shares of the company’s stock, valued at $685,082.02. This trade represents a 4.48 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 5.48% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

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

Independent Bank Company 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.