Martingale Asset Management L P Sells 14,644 Shares of Independent Bank Co. (NASDAQ:IBCP)

Martingale Asset Management L P cut its holdings in shares of Independent Bank Co. (NASDAQ:IBCP) by 20.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 57,744 shares of the financial services provider’s stock after selling 14,644 shares during the quarter. Martingale Asset Management L P owned approximately 0.28% of Independent Bank worth $1,926,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. nVerses Capital LLC purchased a new stake in shares of Independent Bank during the third quarter worth about $27,000. CWM LLC grew its holdings in Independent Bank by 1,729.2% during the 2nd 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of 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 buying an additional 1,225 shares during the last quarter. Comerica Bank purchased a new position in shares of Independent Bank in the first quarter worth $173,000. Finally, Quest Partners LLC lifted its holdings in shares of Independent Bank by 80.7% in the second quarter. Quest Partners LLC now owns 11,354 shares of the financial services provider’s stock worth $307,000 after buying an additional 5,072 shares in the last quarter. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Independent Bank

In related news, Director Christina Keller sold 1,400 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $32.85, for a total transaction of $45,990.00. Following the transaction, the director now directly owns 4,163 shares in the company, valued at approximately $136,754.55. This represents a 25.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Gavin A. Mohr bought 800 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were acquired at an average price of $36.71 per share, with a total value 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 trade represents a 4.48 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 5.45% of the company’s stock.

Independent Bank Stock Performance

IBCP opened at $37.63 on Friday. The stock has a market capitalization of $786.24 million, a price-to-earnings ratio of 12.80 and a beta of 0.99. Independent Bank Co. has a fifty-two week low of $20.50 and a fifty-two week high of $40.32. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88. The company has a fifty day moving average of $34.73 and a 200 day moving average of $31.23.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11). The firm had revenue of $77.84 million for the quarter, compared to analysts’ expectations 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 business earned $0.83 EPS. As a group, sell-side analysts forecast that Independent Bank Co. will post 3.02 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date was Tuesday, November 5th. Independent Bank’s payout ratio is 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.