Independent Bank Co. (NASDAQ:IBCP) Shares Sold by Victory Capital Management Inc.
Victory Capital Management Inc. lowered its holdings in Independent Bank Co. (NASDAQ:IBCP) by 1.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 72,250 shares of the financial services provider’s stock after selling 1,032 shares during the period. Victory Capital Management Inc. owned approximately 0.33% of Independent Bank worth $1,334,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Arrowstreet Capital Limited Partnership boosted its position in Independent Bank by 39.9% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 196,702 shares of the financial services provider’s stock worth $2,473,000 after purchasing an additional 56,136 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Independent Bank by 26.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 163,351 shares of the financial services provider’s stock valued at $2,054,000 after buying an additional 33,713 shares in the last quarter. Mackay Shields LLC raised its holdings in shares of Independent Bank by 16.3% during the 3rd quarter. Mackay Shields LLC now owns 15,000 shares of the financial services provider’s stock valued at $189,000 after buying an additional 2,100 shares during the period. Nisa Investment Advisors LLC acquired a new position in Independent Bank during the 3rd quarter worth approximately $41,000. Finally, Trexquant Investment LP boosted its holdings in Independent Bank by 109.2% in the 3rd quarter. Trexquant Investment LP now owns 31,254 shares of the financial services provider’s stock worth $393,000 after acquiring an additional 16,314 shares during the period. 77.66% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have recently commented on IBCP. TheStreet raised shares of Independent Bank from a “c+” rating to a “b” rating in a research report on Monday, November 9th. Zacks Investment Research raised shares of Independent Bank from a “hold” rating to a “strong-buy” rating and set a $24.00 price target on the stock in a research note on Wednesday, February 17th. One equities research analyst has rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Independent Bank currently has an average rating of “Buy” and a consensus target price of $19.50.
Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings data on Wednesday, January 27th. The financial services provider reported $0.77 EPS for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.15. The firm had revenue of $53.36 million for the quarter, compared to the consensus estimate of $50.40 million. Independent Bank had a net margin of 24.64% and a return on equity of 15.01%. On average, research analysts predict that Independent Bank Co. will post 2.4 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, February 16th. Investors of record on Friday, February 5th were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 4.02%. This is an increase from Independent Bank’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Thursday, February 4th. Independent Bank’s dividend payout ratio (DPR) is 42.00%.
About Independent Bank
Independent Bank Corporation operates as the 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 machines, and Internet and mobile banking services.
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