Assenagon Asset Management S.A. Sells 118,170 Shares of Independent Bank Corporation (NASDAQ:IBCP)

Assenagon Asset Management S.A. lowered its holdings in shares of Independent Bank Corporation (NASDAQ:IBCP - Free Report) by 89.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 14,064 shares of the financial services provider's stock after selling 118,170 shares during the period. Assenagon Asset Management S.A. owned about 0.07% of Independent Bank worth $433,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Versant Capital Management Inc boosted its position in Independent Bank by 408.6% during the 1st quarter. Versant Capital Management Inc now owns 890 shares of the financial services provider's stock valued at $27,000 after buying an additional 715 shares during the period. Aquatic Capital Management LLC purchased a new stake in Independent Bank during the 4th quarter valued at $42,000. Tower Research Capital LLC TRC boosted its position in Independent Bank by 246.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,439 shares of the financial services provider's stock valued at $50,000 after buying an additional 1,024 shares during the period. Quantbot Technologies LP purchased a new stake in Independent Bank during the 4th quarter valued at $58,000. Finally, Point72 Asset Management L.P. purchased a new stake in Independent Bank during the 4th quarter valued at $59,000. Hedge funds and other institutional investors own 79.43% of the company's stock.

Independent Bank Trading Up 0.6%

NASDAQ:IBCP opened at $30.37 on Friday. The company has a 50-day moving average price of $31.16 and a 200-day moving average price of $32.93. Independent Bank Corporation has a 12 month low of $23.68 and a 12 month high of $40.32. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. The stock has a market cap of $629.27 million, a price-to-earnings ratio of 9.67 and a beta of 0.84.

Independent Bank (NASDAQ:IBCP - Get Free Report) last posted its earnings results on Thursday, April 24th. The financial services provider reported $0.74 EPS for the quarter, topping the consensus estimate of $0.70 by $0.04. Independent Bank had a net margin of 20.62% and a return on equity of 14.71%. The firm had revenue of $54.11 million during the quarter, compared to analysts' expectations of $46.25 million. Equities analysts predict that Independent Bank Corporation will post 3.22 EPS for the current year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were given a $0.26 dividend. The ex-dividend date of this dividend was Monday, May 5th. This represents a $1.04 annualized dividend and a dividend yield of 3.42%. Independent Bank's dividend payout ratio is 33.12%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Piper Sandler dropped their price target on shares of Independent Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a research report on Monday, April 28th. Keefe, Bruyette & Woods dropped their target price on shares of Independent Bank from $37.00 to $35.00 and set a "market perform" rating for the company in a research report on Friday, April 25th.

Insider Buying and Selling

In related news, Director Michael M. Magee, Jr. sold 6,404 shares of the stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $31.00, for a total value of $198,524.00. Following the completion of the transaction, the director now directly owns 8,381 shares in the company, valued at $259,811. This trade represents a 43.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.68% of the stock is owned by company insiders.

About Independent Bank

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.

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