Jacobs Levy Equity Management Inc. Grows Stake in Independent Bank Corporation $IBCP

Key Points

• Jacobs Levy Equity Management Inc. increased its stake in Independent Bank Corporation by 28.4%, acquiring a total of 110,938 shares valued at $3.42 million.
• Vanguard Group Inc. and other institutional investors have also raised their positions in Independent Bank, with institutional ownership now at 79.43%.
• Independent Bank reported earnings of $0.81 per share, exceeding expectations, along with a recently announced quarterly dividend of $0.26 per share, representing a yield of 3.2%.

Jacobs Levy Equity Management Inc. lifted its holdings in shares of Independent Bank Corporation (NASDAQ:IBCP - Free Report) by 28.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 110,938 shares of the financial services provider's stock after purchasing an additional 24,550 shares during the period. Jacobs Levy Equity Management Inc. owned 0.54% of Independent Bank worth $3,416,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. SG Americas Securities LLC lifted its holdings in shares of Independent Bank by 69.5% during the first quarter. SG Americas Securities LLC now owns 25,324 shares of the financial services provider's stock worth $780,000 after purchasing an additional 10,384 shares during the period. GSA Capital Partners LLP raised its stake in Independent Bank by 61.4% during the first quarter. GSA Capital Partners LLP now owns 26,722 shares of the financial services provider's stock worth $823,000 after buying an additional 10,170 shares during the last quarter. Hudson Edge Investment Partners Inc. raised its stake in Independent Bank by 44.5% during the first quarter. Hudson Edge Investment Partners Inc. now owns 31,258 shares of the financial services provider's stock worth $962,000 after buying an additional 9,630 shares during the last quarter. Mackenzie Financial Corp bought a new position in Independent Bank during the fourth quarter worth $538,000. Finally, Bank of America Corp DE raised its stake in Independent Bank by 17.5% during the fourth quarter. Bank of America Corp DE now owns 124,784 shares of the financial services provider's stock worth $4,346,000 after buying an additional 18,602 shares during the last quarter. Institutional investors and hedge funds own 79.43% of the company's stock.

Independent Bank Stock Down 1.3%

IBCP traded down $0.43 during midday trading on Friday, hitting $31.74. The company had a trading volume of 93,778 shares, compared to its average volume of 89,280. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.39. The stock's 50 day moving average price is $32.43 and its 200 day moving average price is $31.64. The company has a market capitalization of $657.34 million, a price-to-earnings ratio of 10.34 and a beta of 0.87. Independent Bank Corporation has a 52 week low of $26.75 and a 52 week high of $40.32.

Independent Bank (NASDAQ:IBCP - Get Free Report) last posted its earnings results on Thursday, July 24th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. The company had revenue of $55.94 million during the quarter, compared to the consensus estimate of $47.72 million. Independent Bank had a net margin of 20.31% and a return on equity of 14.05%. On average, research analysts anticipate that Independent Bank Corporation will post 3.22 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, August 5th were issued a dividend of $0.26 per share. The ex-dividend date was Tuesday, August 5th. This represents a $1.04 annualized dividend and a yield of 3.3%. Independent Bank's payout ratio is 33.88%.

Analyst Ratings Changes

Separately, DA Davidson lifted their target price on shares of Independent Bank from $35.00 to $37.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $36.00.

Insider Activity

In other Independent Bank news, EVP Stefanie M. Kimball sold 1,400 shares of the business's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $32.64, for a total value of $45,696.00. Following the transaction, the executive vice president directly owned 62,389 shares in the company, valued at $2,036,376.96. The trade was a 2.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Gavin A. Mohr bought 2,000 shares of the company's stock in a transaction on Tuesday, August 5th. The stock was bought at an average price of $29.64 per share, for a total transaction of $59,280.00. Following the completion of the purchase, the executive vice president owned 23,826 shares of the company's stock, valued at approximately $706,202.64. The trade was a 9.16% increase in their ownership of the stock. The disclosure for this purchase can be found here. 5.68% of the stock is currently owned by insiders.

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.