AlphaQuest LLC Sells 9,919 Shares of Independent Bank Co. (NASDAQ:IBCP)

AlphaQuest LLC lowered its position in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) by 41.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,238 shares of the financial services provider's stock after selling 9,919 shares during the quarter. AlphaQuest LLC owned 0.07% of Independent Bank worth $496,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. National Bank of Canada FI purchased a new position in Independent Bank during the 3rd quarter worth approximately $26,000. Dakota Wealth Management acquired a new position in Independent Bank during the fourth quarter valued at $203,000. Zacks Investment Management purchased a new stake in Independent Bank in the 3rd quarter worth about $221,000. Centiva Capital LP acquired a new stake in Independent Bank during the 3rd quarter worth about $279,000. Finally, Proficio Capital Partners LLC purchased a new position in Independent Bank during the 4th quarter valued at about $352,000. Institutional investors and hedge funds own 79.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on IBCP. DA Davidson increased their price target on shares of Independent Bank from $37.00 to $39.00 and gave the stock a "neutral" rating in a research report on Tuesday, January 28th. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $41.00 target price (up previously from $39.00) on shares of Independent Bank in a research report on Friday, January 24th.

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Independent Bank Stock Down 0.8 %

Shares of IBCP traded down $0.25 during midday trading on Thursday, reaching $30.20. 83,278 shares of the stock were exchanged, compared to its average volume of 95,202. The company has a market cap of $633.38 million, a price-to-earnings ratio of 9.56 and a beta of 1.04. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. Independent Bank Co. has a 12-month low of $22.53 and a 12-month high of $40.32. The firm has a 50 day simple moving average of $34.35 and a 200-day simple moving average of $34.73.

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

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were issued a $0.26 dividend. The ex-dividend date was Tuesday, February 4th. This is a boost from Independent Bank's previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 3.44%. Independent Bank's dividend payout ratio is currently 32.91%.

About Independent Bank

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.