Russell Investments Group Ltd. cut its holdings in Independent Bank Co. (NASDAQ: IBCP – Get Rating) by 11.5% in Q1, according to its most recent communication with the Securities & Exchange Commission. The institutional investor held 112,467 shares of the financial services provider after selling 14,617 shares during the period. Russell Investments Group Ltd. owned approximately 0.53% of Independent Bank worth $2,471,000 at the end of the most recent quarter.

Several other hedge funds have also recently changed their holdings in the company. CWM LLC increased its holdings of Independent Bank stock by 592.5% in the first quarter. CWM LLC now owns 1,295 shares of the financial services provider worth $28,000 after purchasing an additional 1,108 shares in the last quarter. Acadian Asset Management LLC increased its holding in shares of Independent Bank by 0.5% during the fourth quarter. Acadian Asset Management LLC now owns 224,825 shares of the financial services provider worth $5,365,000 after purchasing an additional 1,140 shares last quarter. Lindbrook Capital LLC acquired a new stake in shares of Independent Bank during the first quarter worth approximately $26,000. Victory Capital Management Inc. increased its holding in Independent Bank shares by 2.1% during the fourth quarter. Victory Capital Management Inc. now owns 69,850 shares of the financial services provider worth $1,667,000 after buying an additional 1,450 shares last quarter. Finally, Virginia Retirement Systems ET AL increased its holding in Independent Bank shares by 15.6% during the fourth quarter. Virginia Retirement Systems ET AL now owns 17,000 shares of the financial services provider worth $406,000 after purchasing an additional 2,300 shares in the last quarter. Institutional investors and hedge funds hold 79.61% of the company’s shares.

Price performance of independent banks

The IBCP opened at $21.31 on Monday. Independent Bank Co. has a one-year low of $17.87 and a one-year high of $26.00. The company has a debt ratio of 0.32, a current ratio of 0.78 and a quick ratio of 0.73. The company’s 50-day simple moving average is $19.61 and its 200-day simple moving average is $21.13. The stock has a market capitalization of $448.70 million, a P/E ratio of 7.72 and a beta of 0.97.

Independent Bank (NASDAQ:IBCP – Get Rating) last released its quarterly results on Tuesday, July 26. The financial services provider reported EPS of $0.61 for the quarter, beating the consensus estimate of $0.56 by $0.05. Independent Bank posted a net margin of 27.75% and a return on equity of 16.01%. The company posted revenue of $50.69 million for the quarter, compared to $47.75 million expected by analysts. In the same period a year earlier, the company earned earnings per share of $0.56. Sell-side analysts expect Independent Bank Co. to post earnings per share of 2.67 for the current fiscal year.

Independent bank announces dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 16. Shareholders of record on Friday, August 5 will receive a dividend of $0.22. The ex-date of this dividend is Thursday, August 4. This represents a dividend of $0.88 on an annualized basis and a yield of 4.13%. Independent Bank’s payout ratio is currently 31.88%.

Changes to analyst ratings

Several analysts have recently weighed in on IBCP shares. DA Davidson reaffirmed a “neutral” rating on Independent Bank shares in a Wednesday July 27 report. StockNews.com upgraded Independent Bank’s shares from a “buy” rating to a “hold” rating in a Thursday, Aug. 4 research note.

Insider buying and selling at Independent Bank

In other Independent Bank news, Executive Vice President Stefanie M. Kimball sold 2,239 shares of the company in a trade that took place on Tuesday, May 17. The shares were sold at an average price of $19.43, for a total value of $43,503.77. Following the transaction, the executive vice president now directly owns 59,882 shares of the company, valued at $1,163,507.26. The sale was disclosed in a legal filing with the SEC, which is available via this hyperlink. In other Independent Bank news, Executive Vice President Stefanie M. Kimball sold 2,239 shares in a trade on Tuesday, May 17. The shares were sold at an average price of $19.43, for a total value of $43,503.77. Following the sale, the executive vice president now directly owns 59,882 shares of the company, valued at $1,163,507.26. The transaction was disclosed in a filing with the SEC, which is available on the SEC’s website. Additionally, SVP James J. Twarozynski sold 2,500 shares in a trade on Thursday, July 28. The stock was sold at an average price of $20.47, for a total transaction of $51,175.00. Following the completion of the sale, the senior vice president now owns 8,409 shares of the company, valued at $172,132.23. The disclosure of this sale can be found here. Insiders hold 5.20% of the shares of the company.

Profile of the independent bank

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Independent Bank Corporation operates as a bank holding company for Independent Bank which provides various retail and corporate banking services. The company offers checking and savings accounts, business loans, direct and indirect consumer financing, mortgages and safe deposit services, as well as automated teller machines and internet and mobile banking.

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Institutional ownership by quarter for an independent bank (NASDAQ:IBCP)



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