Creative Planning purchased a new stake in Independent Bank Co.(MI) (NASDAQ:IBCP) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 38,000 shares of the financial services provider’s stock, valued at approximately $810,000. Creative Planning owned about 0.16% of Independent Bank Co.(MI) at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in the business. WINTON GROUP Ltd raised its position in shares of Independent Bank Co.(MI) by 16.7% in the 2nd quarter. WINTON GROUP Ltd now owns 26,686 shares of the financial services provider’s stock valued at $581,000 after buying an additional 3,818 shares in the last quarter. Campbell & CO Investment Adviser LLC bought a new position in shares of Independent Bank Co.(MI) in the 2nd quarter valued at $369,000. Ackerman Capital Advisors LLC acquired a new stake in shares of Independent Bank Co.(MI) during the 2nd quarter valued at $190,096,000. Regal Investment Advisors LLC boosted its stake in shares of Independent Bank Co.(MI) by 31.9% during the second quarter. Regal Investment Advisors LLC now owns 18,961 shares of the financial services provider’s stock valued at $413,000 after purchasing an additional 4,584 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. grew its holdings in shares of Independent Bank Co.(MI) by 35.8% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 19,297 shares of the financial services provider’s stock worth $420,000 after purchasing an additional 5,084 shares during the last quarter. 80.93% of the stock is owned by institutional investors and hedge funds.
IBCP remained flat at $$21.99 during midday trading on Thursday. 50,568 shares of the company’s stock were exchanged, compared to its average volume of 100,820. The business’s 50-day moving average price is $22.34 and its 200-day moving average price is $21.38. The company has a market capitalization of $502.46 million, a PE ratio of 13.09 and a beta of 0.51. Independent Bank Co has a 52-week low of $18.94 and a 52-week high of $23.93. The company has a current ratio of 0.95, a quick ratio of 0.91 and a debt-to-equity ratio of 0.30.
Independent Bank Co.(MI) (NASDAQ:IBCP) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.04. Independent Bank Co.(MI) had a return on equity of 12.55% and a net margin of 22.42%. The company had revenue of $43.15 million for the quarter, compared to analyst estimates of $42.73 million. Analysts anticipate that Independent Bank Co will post 1.95 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Wednesday, November 6th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.72 annualized dividend and a yield of 3.27%. Independent Bank Co.(MI)’s payout ratio is presently 42.86%.
In other Independent Bank Co.(MI) news, EVP Robert N. Shuster sold 8,264 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $22.39, for a total transaction of $185,030.96. Following the sale, the executive vice president now owns 58,088 shares in the company, valued at $1,300,590.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.22% of the company’s stock.
Several equities analysts have recently issued reports on the stock. ValuEngine downgraded shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research note on Wednesday. DA Davidson reissued a “buy” rating on shares of Independent Bank Co.(MI) in a research report on Monday, November 18th. Zacks Investment Research cut shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research report on Thursday, October 10th. Finally, BidaskClub downgraded shares of Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a research report on Saturday, November 9th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of “Hold”.
About Independent Bank Co.(MI)
Independent Bank Corporation operates as the holding company for Independent Bank that provides various banking services to individuals and businesses in Michigan. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machines, and Internet and mobile banking services.
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