SG Americas Securities LLC acquired a new position in Independent Bank Co. (NASDAQ:IBCP – Get Rating) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,253 shares of the financial services provider’s stock, valued at approximately $121,000.
A number of other institutional investors also recently bought and sold shares of the stock. HGK Asset Management Inc. bought a new position in shares of Independent Bank in the second quarter worth about $599,000. Ziegler Capital Management LLC lifted its holdings in Independent Bank by 4.1% during the second quarter. Ziegler Capital Management LLC now owns 43,210 shares of the financial services provider’s stock valued at $833,000 after purchasing an additional 1,700 shares in the last quarter. Amalgamated Bank bought a new position in shares of Independent Bank in the first quarter worth approximately $54,000. The Manufacturers Life Insurance Company increased its stake in shares of Independent Bank by 6.3% in the first quarter. The Manufacturers Life Insurance Company now owns 526,717 shares of the financial services provider’s stock worth $11,588,000 after purchasing an additional 31,290 shares in the last quarter. Finally, BNP Paribas Arbitrage SA lifted its stake in shares of Independent Bank by 12.6% during the 1st quarter. BNP Paribas Arbitrage SA now owns 25,751 shares of the financial services provider’s stock valued at $567,000 after buying an additional 2,885 shares in the last quarter. 80.25% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of research firms have commented on IBCP. DA Davidson reissued a “neutral” rating on shares of Independent Bank in a report on Wednesday, July 27th. StockNews.com raised Independent Bank from a “hold” rating to a “buy” rating in a research note on Friday, October 28th.
Insiders Place Their Bets
Independent Bank Stock Up 2.0 %
Shares of IBCP stock opened at $24.53 on Tuesday. The company’s fifty day simple moving average is $20.91 and its two-hundred day simple moving average is $20.20. Independent Bank Co. has a 52 week low of $17.87 and a 52 week high of $26.00. The stock has a market cap of $516.72 million, a P/E ratio of 8.64 and a beta of 1.00. The company has a quick ratio of 0.77, a current ratio of 0.80 and a debt-to-equity ratio of 0.50.
Independent Bank Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, November 14th. Shareholders of record on Friday, November 4th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 3.59%. The ex-dividend date was Thursday, November 3rd. Independent Bank’s dividend payout ratio is presently 30.99%.
About Independent Bank
Independent Bank Corporation operates as the bank holding company for Independent Bank that provides various banking services to individuals and businesses. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machine, and Internet and mobile banking services.
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