Campbell & CO Investment Adviser LLC grew its position in shares of Independent Bank Co. (NASDAQ:IBCP) by 46.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,388 shares of the financial services provider’s stock after buying an additional 5,500 shares during the period. Independent Bank comprises 0.5% of Campbell & CO Investment Adviser LLC’s portfolio, making the stock its 17th largest position. Campbell & CO Investment Adviser LLC’s holdings in Independent Bank were worth $1,313,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in IBCP. Deutsche Bank AG raised its position in shares of Independent Bank by 53.5% during the 2nd quarter. Deutsche Bank AG now owns 20,771 shares of the financial services provider’s stock worth $451,000 after purchasing an additional 7,243 shares during the period. Principal Financial Group Inc. raised its position in shares of Independent Bank by 24.1% during the 2nd quarter. Principal Financial Group Inc. now owns 406,903 shares of the financial services provider’s stock worth $8,834,000 after purchasing an additional 79,143 shares during the period. Citigroup Inc. raised its position in shares of Independent Bank by 8.0% during the 2nd quarter. Citigroup Inc. now owns 13,805 shares of the financial services provider’s stock worth $300,000 after purchasing an additional 1,025 shares during the period. Rafferty Asset Management LLC raised its position in shares of Independent Bank by 32.1% during the 2nd quarter. Rafferty Asset Management LLC now owns 17,321 shares of the financial services provider’s stock worth $376,000 after purchasing an additional 4,210 shares during the period. Finally, WINTON GROUP Ltd raised its position in shares of Independent Bank by 9.7% during the 2nd quarter. WINTON GROUP Ltd now owns 14,920 shares of the financial services provider’s stock worth $324,000 after purchasing an additional 1,323 shares during the period. 79.82% of the stock is currently owned by institutional investors.
In other news, EVP Stefanie M. Kimball sold 2,310 shares of Independent Bank stock in a transaction on Thursday, September 9th. The stock was sold at an average price of $20.52, for a total transaction of $47,401.20. Following the transaction, the executive vice president now directly owns 62,232 shares in the company, valued at approximately $1,277,000.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 4.96% of the stock is currently owned by company insiders.
IBCP traded up $0.36 during trading hours on Wednesday, hitting $20.35. The company’s stock had a trading volume of 1,262 shares, compared to its average volume of 101,794. Independent Bank Co. has a fifty-two week low of $12.14 and a fifty-two week high of $24.73. The company has a current ratio of 0.75, a quick ratio of 0.73 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $437.91 million, a PE ratio of 6.21 and a beta of 1.14. The company has a 50-day simple moving average of $20.68 and a 200 day simple moving average of $22.15.
Independent Bank (NASDAQ:IBCP) last posted its earnings results on Wednesday, July 28th. The financial services provider reported $0.56 EPS for the quarter, missing the consensus estimate of $0.67 by ($0.11). Independent Bank had a net margin of 31.27% and a return on equity of 18.37%. Research analysts expect that Independent Bank Co. will post 2.75 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, August 16th. Stockholders of record on Friday, August 6th were given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 4.13%. The ex-dividend date was Thursday, August 5th. Independent Bank’s dividend payout ratio (DPR) is presently 33.20%.
About Independent Bank
Independent Bank Corp. operates as a bank holding company, which engages in the provision of financial services. It offers commercial banking, mortgage lending, investments, and title services. The company was founded in 1864 and is headquartered in Ionia, MI.
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