BNP Paribas Financial Markets Has $1.09 Million Stock Holdings in Independent Bank Co. (NASDAQ:IBCP)

BNP Paribas Financial Markets decreased its position in shares of Independent Bank Co. (NASDAQ:IBCP) by 18.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,779 shares of the financial services provider’s stock after selling 7,663 shares during the period. BNP Paribas Financial Markets owned about 0.16% of Independent Bank worth $1,093,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. FMR LLC boosted its position in shares of Independent Bank by 7.2% during the 3rd quarter. FMR LLC now owns 1,034,775 shares of the financial services provider’s stock worth $34,510,000 after acquiring an additional 69,504 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Independent Bank by 1.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 985,364 shares of the financial services provider’s stock worth $26,603,000 after acquiring an additional 10,193 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Independent Bank by 3.1% during the 2nd quarter. Renaissance Technologies LLC now owns 594,800 shares of the financial services provider’s stock worth $16,060,000 after acquiring an additional 18,000 shares in the last quarter. Acadian Asset Management LLC boosted its position in Independent Bank by 27.8% in the second quarter. Acadian Asset Management LLC now owns 423,631 shares of the financial services provider’s stock valued at $11,432,000 after buying an additional 92,148 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in Independent Bank by 16.8% in the second quarter. American Century Companies Inc. now owns 415,551 shares of the financial services provider’s stock valued at $11,220,000 after buying an additional 59,794 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Insider Activity

In related news, Director Christina Keller sold 1,400 shares of Independent Bank stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $32.85, for a total transaction of $45,990.00. Following the completion of the transaction, the director now owns 4,163 shares of the company’s stock, valued at $136,754.55. This trade represents a 25.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Gavin A. Mohr bought 800 shares of the stock in a transaction that occurred 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 purchase, the executive vice president now directly owns 18,662 shares of the company’s stock, valued at $685,082.02. The trade was a 4.48 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 5.48% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Independent Bank Stock Performance

Shares of Independent Bank stock opened at $37.80 on Wednesday. Independent Bank Co. has a fifty-two week low of $22.53 and a fifty-two week high of $40.32. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market capitalization of $789.64 million, a P/E ratio of 12.86 and a beta of 1.02. The company’s 50 day moving average price is $35.43 and its two-hundred day moving average price is $31.89.

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

Independent Bank Dividend Announcement

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

Independent Bank 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.