Centiva Capital LP Buys Shares of 8,362 Independent Bank Co. (NASDAQ:IBCP)

Centiva Capital LP purchased a new position in shares of Independent Bank Co. (NASDAQ:IBCP) in the third quarter, HoldingsChannel reports. The firm purchased 8,362 shares of the financial services provider’s stock, valued at approximately $279,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of IBCP. Principal Financial Group Inc. boosted its stake in Independent Bank by 28.7% during the third quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock worth $11,660,000 after buying an additional 77,874 shares during the period. Acadian Asset Management LLC boosted its position in shares of Independent Bank by 27.8% during the 2nd quarter. Acadian Asset Management LLC now owns 423,631 shares of the financial services provider’s stock worth $11,432,000 after purchasing an additional 92,148 shares during the period. Bank of New York Mellon Corp increased its holdings in Independent Bank by 14.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 206,619 shares of the financial services provider’s stock valued at $5,579,000 after purchasing an additional 26,674 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in Independent Bank in the second quarter valued at approximately $3,147,000. Finally, Comerica Bank acquired a new position in Independent Bank during the first quarter worth $173,000. 79.43% of the stock is owned by institutional investors and hedge funds.

Independent Bank Trading Up 1.4 %

NASDAQ IBCP opened at $37.80 on Wednesday. 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 firm has a market cap of $789.64 million, a price-to-earnings ratio of 12.86 and a beta of 1.02. The firm has a 50 day simple moving average of $35.43 and a 200-day simple moving average of $31.89. Independent Bank Co. has a one year low of $22.53 and a one year high of $40.32.

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

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th were issued a dividend of $0.24 per share. The ex-dividend date was Tuesday, November 5th. This represents a $0.96 annualized dividend and a yield of 2.54%. Independent Bank’s dividend payout ratio (DPR) is 32.65%.

Insider Buying and Selling at Independent Bank

In other news, EVP Gavin A. Mohr acquired 800 shares of Independent Bank stock in a transaction dated Wednesday, November 20th. The shares were acquired at an average cost of $36.71 per share, for a total transaction of $29,368.00. Following the acquisition, the executive vice president now 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 acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Christina Keller sold 1,400 shares of Independent Bank 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 directly owns 4,163 shares of the company’s stock, valued at approximately $136,754.55. This trade represents a 25.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.48% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods lifted their price objective on Independent Bank from $33.00 to $39.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th.

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.