Panagora Asset Management Inc. Reduces Position in Independent Bank Co. (NASDAQ:IBCP)

Panagora Asset Management Inc. decreased its holdings in shares of Independent Bank Co. (NASDAQ:IBCPFree Report) by 28.3% in the first quarter, Holdings Channel.com reports. The institutional investor owned 56,769 shares of the financial services provider’s stock after selling 22,432 shares during the quarter. Panagora Asset Management Inc.’s holdings in Independent Bank were worth $1,009,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. MetLife Investment Management LLC raised its holdings in Independent Bank by 4.5% in the 4th quarter. MetLife Investment Management LLC now owns 11,156 shares of the financial services provider’s stock valued at $267,000 after acquiring an additional 476 shares during the last quarter. Legal & General Group Plc lifted its position in Independent Bank by 6.0% during the second quarter. Legal & General Group Plc now owns 9,274 shares of the financial services provider’s stock worth $179,000 after buying an additional 527 shares in the last quarter. Royal Bank of Canada lifted its position in Independent Bank by 5.5% during the third quarter. Royal Bank of Canada now owns 11,845 shares of the financial services provider’s stock worth $227,000 after buying an additional 619 shares in the last quarter. Alliancebernstein L.P. lifted its position in Independent Bank by 5.8% during the fourth quarter. Alliancebernstein L.P. now owns 12,803 shares of the financial services provider’s stock worth $306,000 after buying an additional 700 shares in the last quarter. Finally, Credit Suisse AG boosted its position in shares of Independent Bank by 2.9% during the 1st quarter. Credit Suisse AG now owns 25,709 shares of the financial services provider’s stock valued at $457,000 after acquiring an additional 734 shares during the last quarter. Institutional investors and hedge funds own 78.80% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on IBCP shares. DA Davidson reissued a “neutral” rating on shares of Independent Bank in a research report on Friday, July 7th. StockNews.com initiated coverage on shares of Independent Bank in a research note on Thursday, August 17th. They issued a “hold” rating for the company.

Read Our Latest Report on Independent Bank

Independent Bank Stock Up 0.2 %

Shares of IBCP opened at $18.65 on Friday. The firm has a market cap of $390.61 million, a P/E ratio of 6.59 and a beta of 0.97. Independent Bank Co. has a 12-month low of $14.90 and a 12-month high of $24.97. The company’s 50-day moving average price is $19.17 and its 200 day moving average price is $18.43. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45.

Independent Bank (NASDAQ:IBCPGet Free Report) last issued its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.60 by $0.10. Independent Bank had a net margin of 22.96% and a return on equity of 16.91%. The firm had revenue of $53.77 million for the quarter, compared to analyst estimates of $50.60 million. On average, sell-side analysts forecast that Independent Bank Co. will post 2.56 earnings per share for the current year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, August 14th. Stockholders of record on Friday, August 4th were given a dividend of $0.23 per share. The ex-dividend date was Thursday, August 3rd. This represents a $0.92 annualized dividend and a dividend yield of 4.93%. Independent Bank’s dividend payout ratio is currently 32.51%.

About Independent Bank

(Free Report)

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 across Lower Michigan. It offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services.

Further Reading

Want to see what other hedge funds are holding IBCP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independent Bank Co. (NASDAQ:IBCPFree Report).

Institutional Ownership by Quarter for Independent Bank (NASDAQ:IBCP)

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