Independent Bank Co. (NASDAQ:IBCP) Stock Holdings Increased by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. boosted its position in Independent Bank Co. (NASDAQ:IBCP) by 13.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 26,182 shares of the financial services provider’s stock after buying an additional 3,154 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.13% of Independent Bank worth $873,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Independent Bank by 1.2% in the first quarter. Vanguard Group Inc. now owns 1,080,542 shares of the financial services provider’s stock valued at $27,392,000 after acquiring an additional 12,851 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Independent Bank by 2.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 53,664 shares of the financial services provider’s stock valued at $1,362,000 after acquiring an additional 1,438 shares during the period. Comerica Bank acquired a new position in Independent Bank in the first quarter valued at approximately $173,000. Boston Partners acquired a new position in shares of Independent Bank during the first quarter worth approximately $1,168,000. Finally, CWM LLC boosted its position in shares of Independent Bank by 1,729.2% during the second quarter. CWM LLC now owns 4,262 shares of the financial services provider’s stock worth $115,000 after buying an additional 4,029 shares during the period. 79.43% of the stock is owned by institutional investors.

Independent Bank Stock Performance

Shares of NASDAQ IBCP opened at $37.94 on Thursday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. The stock has a 50 day simple moving average of $34.53 and a 200-day simple moving average of $31.05. The company has a market cap of $792.57 million, a PE ratio of 12.90 and a beta of 0.99. Independent Bank Co. has a 12-month low of $20.50 and a 12-month high of $40.32.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings data 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). Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. The business had revenue of $77.84 million for the quarter, compared to analyst estimates of $55.05 million. During the same quarter in the prior year, the firm posted $0.83 earnings per share. On average, equities research analysts forecast that Independent Bank Co. will post 3.02 EPS for the current year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, November 5th were issued a dividend of $0.24 per share. The ex-dividend date was Tuesday, November 5th. This represents a $0.96 annualized dividend and a yield of 2.53%. Independent Bank’s payout ratio is 32.65%.

Insider Buying and Selling

In related news, EVP Gavin A. Mohr purchased 800 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were bought at an average price of $36.71 per share, with a total value of $29,368.00. Following the completion of the acquisition, the executive vice president now owns 18,662 shares of the company’s stock, valued at approximately $685,082.02. This represents a 4.48 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Christina Keller sold 1,400 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $32.85, for a total value of $45,990.00. Following the completion of the transaction, the director now directly owns 4,163 shares in the company, valued at $136,754.55. This represents a 25.17 % decrease in their position. The disclosure for this sale can be found here. 5.48% of the stock is owned by corporate insiders.

Independent Bank Company 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.