The Manufacturers Life Insurance Company Sells 11,938 Shares of Independent Bank Co. (NASDAQ:IBCP)

The Manufacturers Life Insurance Company lessened its holdings in Independent Bank Co. (NASDAQ:IBCP) by 2.8% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 409,214 shares of the financial services provider’s stock after selling 11,938 shares during the period. The Manufacturers Life Insurance Company owned 1.96% of Independent Bank worth $13,647,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. nVerses Capital LLC purchased a new stake in shares of Independent Bank during the third quarter worth about $27,000. Truist Financial Corp raised its position in shares of Independent Bank by 8.4% during the second quarter. Truist Financial Corp now owns 14,181 shares of the financial services provider’s stock valued at $383,000 after buying an additional 1,100 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Independent Bank by 36.0% in 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. Bailard Inc. boosted its position in shares of Independent Bank by 8.8% during the second quarter. Bailard Inc. now owns 17,360 shares of the financial services provider’s stock worth $469,000 after acquiring an additional 1,400 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in Independent Bank by 2.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 53,664 shares of the financial services provider’s stock valued at $1,362,000 after acquiring an additional 1,438 shares during the last quarter. 79.43% of the stock is owned by institutional investors.

Independent Bank Stock Down 0.8 %

Shares of IBCP stock opened at $37.63 on Monday. The stock has a market cap of $786.09 million, a P/E ratio of 12.80 and a beta of 0.99. The company’s fifty day simple moving average is $34.73 and its two-hundred day simple moving average is $31.27. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. Independent Bank Co. has a 52 week low of $20.50 and a 52 week high of $40.32.

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

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, November 5th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend was Tuesday, November 5th. Independent Bank’s payout ratio is 32.65%.

Insider Buying and Selling at Independent Bank

In related news, Director Christina Keller sold 1,400 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $32.85, for a total transaction of $45,990.00. Following the sale, the director now owns 4,163 shares in the company, valued at approximately $136,754.55. This represents a 25.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Gavin A. Mohr acquired 800 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were purchased at an average cost of $36.71 per share, with a total value of $29,368.00. Following the completion of the purchase, the executive vice president now directly 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 disclosure for this purchase can be found here. 5.45% of the stock is owned by company 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.