Assenagon Asset Management S.A. Invests $3.15 Million in Independent Bank Co. (NASDAQ:IBCP)

Assenagon Asset Management S.A. purchased a new position in Independent Bank Co. (NASDAQ:IBCP) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 116,542 shares of the financial services provider’s stock, valued at approximately $3,147,000. Assenagon Asset Management S.A. owned about 0.56% of Independent Bank at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. SG Americas Securities LLC bought a new position in shares of Independent Bank in the second quarter worth about $309,000. CWM LLC grew its holdings in shares of Independent Bank by 1,729.2% in the second quarter. CWM LLC now owns 4,262 shares of the financial services provider’s stock worth $115,000 after purchasing an additional 4,029 shares during the last quarter. Boston Partners bought a new position in shares of Independent Bank in the first quarter worth about $1,168,000. Comerica Bank bought a new position in shares of Independent Bank in the first quarter worth about $173,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Independent Bank by 2.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 53,664 shares of the financial services provider’s stock worth $1,362,000 after purchasing an additional 1,438 shares during the last quarter. 79.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. DA Davidson restated a “neutral” rating and issued a $28.00 price target on shares of Independent Bank in a report on Tuesday, April 30th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $31.00 price objective (up from $26.00) on shares of Independent Bank in a research note on Monday, July 29th. Finally, Piper Sandler upped their price objective on shares of Independent Bank from $27.00 to $37.50 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Five analysts have rated the stock with a hold rating, According to MarketBeat.com, Independent Bank presently has a consensus rating of “Hold” and an average price target of $32.17.

Independent Bank Stock Down 0.1 %

NASDAQ:IBCP opened at $32.60 on Tuesday. Independent Bank Co. has a 1-year low of $16.90 and a 1-year high of $35.97. The company has a 50-day moving average of $29.04 and a 200 day moving average of $26.20. The firm has a market cap of $681.41 million, a PE ratio of 11.09 and a beta of 1.01. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.87 and a quick ratio of 0.87.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.88 EPS for the quarter, beating the consensus estimate of $0.71 by $0.17. The business had revenue of $81.51 million during the quarter, compared to analyst estimates of $53.50 million. Independent Bank had a net margin of 21.11% and a return on equity of 17.24%. During the same period in the prior year, the firm posted $0.70 earnings per share. As a group, research analysts anticipate that Independent Bank Co. will post 3.13 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.94%. The ex-dividend date was Monday, August 5th. Independent Bank’s payout ratio is 32.65%.

Insider Buying and Selling at Independent Bank

In other Independent Bank news, EVP Stefanie M. Kimball sold 1,700 shares of the stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $24.49, for a total transaction of $41,633.00. Following the completion of the sale, the executive vice president now directly owns 61,784 shares of the company’s stock, valued at $1,513,090.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Christina Keller sold 2,400 shares of the stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $23.62, for a total value of $56,688.00. Following the completion of the transaction, the director now directly owns 6,563 shares of the company’s stock, valued at approximately $155,018.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Stefanie M. Kimball sold 1,700 shares of the stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $24.49, for a total transaction of $41,633.00. Following the completion of the transaction, the executive vice president now directly owns 61,784 shares of the company’s stock, valued at $1,513,090.16. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,100 shares of company stock valued at $131,081. 5.45% of the stock is currently owned by insiders.

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.