11,772 Shares in Independent Bank Co. (NASDAQ:IBCP) Bought by Raymond James Financial Inc.

Raymond James Financial Inc. purchased a new stake in Independent Bank Co. (NASDAQ:IBCP - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 11,772 shares of the financial services provider's stock, valued at approximately $410,000. Raymond James Financial Inc. owned approximately 0.06% of Independent Bank as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. National Bank of Canada FI purchased a new position in Independent Bank in the 3rd quarter worth $26,000. Dakota Wealth Management bought a new stake in Independent Bank in the fourth quarter valued at $203,000. Zacks Investment Management purchased a new position in shares of Independent Bank during the third quarter valued at about $221,000. Centiva Capital LP bought a new position in Independent Bank in the third quarter worth about $279,000. Finally, Proficio Capital Partners LLC purchased a new stake in Independent Bank in the fourth quarter worth about $352,000. Institutional investors own 79.43% of the company's stock.

Independent Bank Stock Down 1.0 %

Shares of IBCP stock traded down $0.30 during trading hours on Friday, hitting $28.52. 135,941 shares of the company's stock traded hands, compared to its average volume of 106,255. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. The stock has a market cap of $598.15 million, a price-to-earnings ratio of 9.03 and a beta of 0.85. The stock's fifty day simple moving average is $32.14 and its two-hundred day simple moving average is $34.17. Independent Bank Co. has a 12-month low of $22.53 and a 12-month high of $40.32.

Independent Bank (NASDAQ:IBCP - Get Free Report) last released its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.10. Independent Bank had a return on equity of 15.43% and a net margin of 20.67%. On average, analysts expect that Independent Bank Co. will post 3.22 EPS for the current year.

Analysts Set New Price Targets

IBCP has been the topic of several research reports. Keefe, Bruyette & Woods restated a "market perform" rating and set a $41.00 price target (up from $39.00) on shares of Independent Bank in a research report on Friday, January 24th. DA Davidson boosted their target price on shares of Independent Bank from $37.00 to $39.00 and gave the company a "neutral" rating in a report on Tuesday, January 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.