California State Teachers Retirement System cut its stake in Independent Bank Corp. (NASDAQ:IBCP) by 7.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,690 shares of the financial services provider’s stock after selling 3,208 shares during the period. California State Teachers Retirement System owned about 0.20% of Independent Bank Corp. worth $619,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in IBCP. Strs Ohio increased its stake in Independent Bank Corp. by 8.8% in the second quarter. Strs Ohio now owns 12,400 shares of the financial services provider’s stock valued at $179,000 after buying an additional 1,000 shares during the last quarter. Menta Capital LLC increased its stake in Independent Bank Corp. by 18.1% in the first quarter. Menta Capital LLC now owns 31,999 shares of the financial services provider’s stock valued at $466,000 after buying an additional 4,900 shares during the last quarter. Chicago Equity Partners LLC bought a new stake in Independent Bank Corp. during the second quarter valued at approximately $1,194,000. Wedge Capital Management L L P NC bought a new stake in Independent Bank Corp. during the second quarter valued at approximately $1,309,000. Finally, Bank of New York Mellon Corp increased its stake in Independent Bank Corp. by 13.0% in the second quarter. Bank of New York Mellon Corp now owns 116,051 shares of the financial services provider’s stock valued at $1,684,000 after buying an additional 13,323 shares during the last quarter. 78.65% of the stock is currently owned by institutional investors and hedge funds.
Independent Bank Corp. (NASDAQ:IBCP) traded up 0.06% on Thursday, reaching $16.64. 14,836 shares of the company were exchanged. The stock has a market capitalization of $353.15 million, a price-to-earnings ratio of 17.63 and a beta of 0.12. Independent Bank Corp. has a 52 week low of $13.42 and a 52 week high of $17.00. The stock has a 50-day moving average price of $16.36 and a 200 day moving average price of $15.27.
Independent Bank Corp. (NASDAQ:IBCP) last released its earnings results on Thursday, July 28th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.05. Independent Bank Corp. had a net margin of 17.43% and a return on equity of 8.54%. Analysts forecast that Independent Bank Corp. will post $1.01 earnings per share for the current year.
Several equities research analysts have recently commented on the stock. Zacks Investment Research upgraded shares of Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a research note on Monday, August 1st. Hovde Group assumed coverage on shares of Independent Bank Corp. in a research note on Friday, September 23rd. They set a “market perform” rating and a $17.50 price objective for the company.
In other Independent Bank Corp. news, Director Michael M. Magee, Jr. bought 6,082 shares of Independent Bank Corp. stock in a transaction on Thursday, September 1st. The shares were bought at an average cost of $16.37 per share, for a total transaction of $99,562.34. Following the acquisition, the director now directly owns 37,682 shares in the company, valued at $616,854.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark L. Collins sold 2,000 shares of the stock in a transaction that occurred on Tuesday, August 30th. The stock was sold at an average price of $16.37, for a total transaction of $32,740.00. Following the sale, the insider now owns 57,563 shares in the company, valued at $942,306.31. The disclosure for this sale can be found here. Company insiders own 5.38% of the company’s stock.
About Independent Bank Corp.
Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank is engaged in providing commercial banking. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services.
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