Independent Bank Corporation (NASDAQ:IBCP) Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. cut its stake in Independent Bank Corporation (NASDAQ:IBCP - Free Report) by 89.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (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 SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of IBCP. Versant Capital Management Inc lifted its position in Independent Bank by 408.6% in the first quarter. Versant Capital Management Inc now owns 890 shares of the financial services provider's stock valued at $27,000 after acquiring an additional 715 shares during the last quarter. Aquatic Capital Management LLC purchased a new stake in Independent Bank in the fourth quarter valued at $42,000. Tower Research Capital LLC TRC increased its stake in Independent Bank by 246.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,439 shares of the financial services provider's stock valued at $50,000 after purchasing an additional 1,024 shares during the period. Quantbot Technologies LP acquired a new position in Independent Bank in the fourth quarter valued at $58,000. Finally, Point72 Asset Management L.P. acquired a new position in Independent Bank in the fourth quarter valued at $59,000. 79.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Independent Bank

In other news, Director Michael M. Magee, Jr. sold 6,404 shares of the firm's stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $31.00, for a total value of $198,524.00. Following the transaction, the director now owns 8,381 shares of the company's stock, valued at approximately $259,811. This trade represents a 43.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 5.68% of the company's stock.

Independent Bank Price Performance

IBCP traded up $0.90 on Monday, hitting $31.30. 57,909 shares of the company were exchanged, compared to its average volume of 106,976. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 0.91. The business's fifty day moving average is $31.24 and its 200 day moving average is $32.75. Independent Bank Corporation has a fifty-two week low of $23.95 and a fifty-two week high of $40.32. The firm has a market capitalization of $648.54 million, a P/E ratio of 9.97 and a beta of 0.85.

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

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 5th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 3.32%. The ex-dividend date was Monday, May 5th. Independent Bank's payout ratio is 33.12%.

Analyst Upgrades and Downgrades

IBCP has been the topic of a number of recent research reports. Keefe, Bruyette & Woods dropped their price objective on shares of Independent Bank from $37.00 to $35.00 and set a "market perform" rating on the stock in a research note on Friday, April 25th. Piper Sandler dropped their price target on shares of Independent Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a research note on Monday, April 28th.

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.