Hotchkis & Wiley Capital Management LLC Grows Stock Holdings in Independent Bank Co. (NASDAQ:IBCP)

Hotchkis & Wiley Capital Management LLC grew its holdings in shares of Independent Bank Co. (NASDAQ:IBCP) by 9.3% in the 3rd quarter, Holdings Channel.com reports. The firm owned 264,090 shares of the financial services provider’s stock after acquiring an additional 22,580 shares during the period. Hotchkis & Wiley Capital Management LLC’s holdings in Independent Bank were worth $8,807,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. nVerses Capital LLC purchased a new position in shares of Independent Bank during the third quarter valued at approximately $27,000. CWM LLC lifted its holdings 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 valued at $115,000 after purchasing an additional 4,029 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Independent Bank by 36.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider’s stock valued at $125,000 after purchasing an additional 1,225 shares during the last quarter. Comerica Bank purchased a new position in shares of Independent Bank during the first quarter valued at approximately $173,000. Finally, Centiva Capital LP purchased a new position in shares of Independent Bank during the third quarter valued at approximately $279,000. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods raised their price target 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.

Insiders Place Their Bets

In related news, EVP Gavin A. Mohr bought 800 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was acquired at an average price of $36.71 per share, with a total value of $29,368.00. Following the transaction, the executive vice president now owns 18,662 shares in the company, valued at approximately $685,082.02. This trade represents a 4.48 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Christina Keller sold 1,400 shares of Independent Bank stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $32.85, for a total transaction of $45,990.00. Following the transaction, the director now 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. 5.45% of the stock is currently owned by insiders.

Independent Bank Price Performance

Shares of IBCP opened at $38.25 on Thursday. The company has a market capitalization of $799.20 million, a P/E ratio of 12.82 and a beta of 1.02. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. The firm has a 50 day moving average of $34.90 and a 200 day moving average of $31.46. Independent Bank Co. has a twelve month low of $22.08 and a twelve month high of $40.32.

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

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend was Tuesday, November 5th. Independent Bank’s dividend payout ratio (DPR) is presently 32.65%.

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.