Los Angeles Capital Management LLC Raises Holdings in Independent Bank Corporation $IBCP

Los Angeles Capital Management LLC boosted its position in Independent Bank Corporation (NASDAQ:IBCP) by 25.9% in the 2nd quarter, Holdings Channel reports. The firm owned 20,736 shares of the financial services provider’s stock after acquiring an additional 4,260 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Independent Bank were worth $672,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hudson Edge Investment Partners Inc. boosted its stake in Independent Bank by 1.1% during the 2nd quarter. Hudson Edge Investment Partners Inc. now owns 31,597 shares of the financial services provider’s stock worth $1,024,000 after purchasing an additional 339 shares during the last quarter. CWM LLC lifted its stake in shares of Independent Bank by 5.2% in the second quarter. CWM LLC now owns 6,828 shares of the financial services provider’s stock worth $221,000 after buying an additional 340 shares in the last quarter. SummerHaven Investment Management LLC boosted its position in Independent Bank by 1.6% during the second quarter. SummerHaven Investment Management LLC now owns 29,471 shares of the financial services provider’s stock worth $955,000 after acquiring an additional 461 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Independent Bank by 4.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,816 shares of the financial services provider’s stock worth $364,000 after acquiring an additional 464 shares during the last quarter. Finally, Wedge Capital Management L L P NC grew its stake in Independent Bank by 2.6% during the 2nd quarter. Wedge Capital Management L L P NC now owns 24,768 shares of the financial services provider’s stock valued at $803,000 after acquiring an additional 639 shares in the last quarter. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Insider Buying and Selling

In related news, EVP Stefanie M. Kimball sold 1,400 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $32.64, for a total value of $45,696.00. Following the completion of the transaction, the executive vice president directly owned 62,389 shares in the company, valued at approximately $2,036,376.96. This represents a 2.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 5.68% of the company’s stock.

Independent Bank Stock Performance

Shares of IBCP opened at $31.07 on Friday. Independent Bank Corporation has a 12-month low of $26.75 and a 12-month high of $40.32. The firm has a market capitalization of $642.90 million, a P/E ratio of 9.53 and a beta of 0.86. The firm has a 50-day moving average price of $31.30 and a 200 day moving average price of $31.80. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.39.

Independent Bank (NASDAQ:IBCP) last issued its earnings results on Tuesday, October 28th. The financial services provider reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.01. The company had revenue of $45.80 million for the quarter, compared to the consensus estimate of $50.18 million. Independent Bank had a net margin of 21.25% and a return on equity of 14.76%. Sell-side analysts forecast that Independent Bank Corporation will post 3.22 EPS for the current year.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Tuesday, November 4th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Tuesday, November 4th. Independent Bank’s payout ratio is presently 31.90%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on IBCP shares. DA Davidson raised their target price on shares of Independent Bank from $35.00 to $37.00 and gave the stock a “neutral” rating in a research note on Friday, July 25th. Weiss Ratings lowered Independent Bank from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat, Independent Bank has an average rating of “Hold” and a consensus target price of $36.00.

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.