Independence (IHC) Sets New 12-Month High at $40.66

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Independence Holding (NYSE:IHC) hit a new 52-week high during trading on Thursday . The company traded as high as $40.66 and last traded at $39.78, with a volume of 496 shares changing hands. The stock had previously closed at $37.40.

Separately, ValuEngine downgraded Independence from a “buy” rating to a “hold” rating in a research report on Tuesday, September 4th.

The stock has a market cap of $553.69 million, a P/E ratio of 11.16 and a beta of 0.14.

Independence (NYSE:IHC) last released its earnings results on Tuesday, August 7th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter. The company had revenue of $84.89 million during the quarter. Independence had a return on equity of 11.63% and a net margin of 11.91%.

In other news, insider Larry Graber sold 794 shares of the stock in a transaction on Friday, September 14th. The stock was sold at an average price of $34.12, for a total value of $27,091.28. Following the completion of the sale, the insider now owns 56,276 shares in the company, valued at $1,920,137.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 21,892 shares of company stock valued at $779,451 in the last 90 days. Corporate insiders own 6.96% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in IHC. Dimensional Fund Advisors LP lifted its holdings in shares of Independence by 18.6% in the first quarter. Dimensional Fund Advisors LP now owns 157,835 shares of the financial services provider’s stock valued at $5,627,000 after purchasing an additional 24,751 shares in the last quarter. Strs Ohio lifted its holdings in shares of Independence by 19.2% in the second quarter. Strs Ohio now owns 17,400 shares of the financial services provider’s stock valued at $578,000 after purchasing an additional 2,800 shares in the last quarter. Swiss National Bank purchased a new stake in shares of Independence in the second quarter valued at $299,000. Renaissance Technologies LLC lifted its holdings in shares of Independence by 48.9% in the second quarter. Renaissance Technologies LLC now owns 26,800 shares of the financial services provider’s stock valued at $891,000 after purchasing an additional 8,800 shares in the last quarter. Finally, Cannell Capital LLC lifted its holdings in shares of Independence by 42.8% in the second quarter. Cannell Capital LLC now owns 78,072 shares of the financial services provider’s stock valued at $2,596,000 after purchasing an additional 23,382 shares in the last quarter. Institutional investors own 18.15% of the company’s stock.

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About Independence (NYSE:IHC)

Independence Holding Company, through its subsidiaries, engages in life and health insurance business. The company's dental portfolio includes indemnity and PPO plans for employer groups of two or more lives, and for individuals within affinity groups; vision plans that offer a flat reimbursement amount for exams and materials; and short-term medical products for people with temporary needs for health coverage.

Further Reading: What are trading strategies for the 52-week high/low?

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