Lazard Asset Management LLC lifted its stake in shares of Independent Bank Co. (NASDAQ:IBCP – Get Rating) by 488.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,960 shares of the financial services provider’s stock after buying an additional 9,927 shares during the quarter. Lazard Asset Management LLC owned approximately 0.06% of Independent Bank worth $285,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its holdings in Independent Bank by 3.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 645,528 shares of the financial services provider’s stock worth $15,409,000 after purchasing an additional 18,564 shares during the period. Seizert Capital Partners LLC boosted its holdings in Independent Bank by 2.6% in the fourth quarter. Seizert Capital Partners LLC now owns 190,101 shares of the financial services provider’s stock worth $4,538,000 after purchasing an additional 4,746 shares during the period. First Trust Advisors LP boosted its holdings in Independent Bank by 11.3% in the fourth quarter. First Trust Advisors LP now owns 44,389 shares of the financial services provider’s stock worth $1,060,000 after purchasing an additional 4,491 shares during the period. Victory Capital Management Inc. boosted its holdings in Independent Bank by 2.1% in the fourth quarter. Victory Capital Management Inc. now owns 69,850 shares of the financial services provider’s stock worth $1,667,000 after purchasing an additional 1,450 shares during the period. Finally, American Century Companies Inc. boosted its holdings in Independent Bank by 33.6% in the fourth quarter. American Century Companies Inc. now owns 79,110 shares of the financial services provider’s stock worth $1,888,000 after purchasing an additional 19,914 shares during the period. 79.61% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Dennis W. Archer, Jr. bought 2,000 shares of the business’s stock in a transaction on Thursday, April 28th. The shares were bought at an average cost of $20.16 per share, for a total transaction of $40,320.00. Following the completion of the purchase, the director now owns 5,000 shares of the company’s stock, valued at approximately $100,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 5.20% of the company’s stock.
Independent Bank (NASDAQ:IBCP – Get Rating) last posted its earnings results on Tuesday, April 26th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.34. Independent Bank had a return on equity of 15.18% and a net margin of 28.08%. During the same period in the previous year, the business earned $1.00 EPS. As a group, analysts predict that Independent Bank Co. will post 2.51 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, May 16th. Shareholders of record on Thursday, May 5th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 4.60%. The ex-dividend date of this dividend is Wednesday, May 4th. Independent Bank’s payout ratio is 32.47%.
Separately, StockNews.com raised shares of Independent Bank from a “hold” rating to a “buy” rating in a report on Friday.
About Independent Bank (Get Rating)
Independent Bank Corporation operates as the bank holding company for Independent Bank that provides various banking services to individuals and businesses. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machine, and Internet and mobile banking services.
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