Bank of New York Mellon Corp Sells 27,348 Shares of Independent Bank Co. (NASDAQ:IBCP)

Bank of New York Mellon Corp cut its holdings in Independent Bank Co. (NASDAQ:IBCP - Free Report) by 14.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 167,249 shares of the financial services provider's stock after selling 27,348 shares during the period. Bank of New York Mellon Corp owned about 0.80% of Independent Bank worth $5,825,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its stake in Independent Bank by 202.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 171,090 shares of the financial services provider's stock valued at $5,706,000 after purchasing an additional 114,487 shares during the period. Principal Financial Group Inc. grew its position in Independent Bank by 28.7% during the third quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider's stock valued at $11,660,000 after buying an additional 77,874 shares during the period. FMR LLC increased its holdings in Independent Bank by 7.2% during the third quarter. FMR LLC now owns 1,034,775 shares of the financial services provider's stock worth $34,510,000 after buying an additional 69,504 shares during the last quarter. Assenagon Asset Management S.A. raised its position in Independent Bank by 40.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 132,234 shares of the financial services provider's stock worth $4,606,000 after acquiring an additional 38,157 shares during the period. Finally, State Street Corp boosted its stake in Independent Bank by 4.8% in the third quarter. State Street Corp now owns 647,579 shares of the financial services provider's stock valued at $21,597,000 after acquiring an additional 29,475 shares during the last quarter. 79.43% of the stock is owned by hedge funds and other institutional investors.

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Independent Bank Stock Performance

Shares of IBCP traded down $0.28 during trading hours on Thursday, hitting $31.09. The company's stock had a trading volume of 26,771 shares, compared to its average volume of 94,966. The business has a 50 day simple moving average of $34.03 and a two-hundred day simple moving average of $34.63. Independent Bank Co. has a 52-week low of $22.53 and a 52-week high of $40.32. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market cap of $652.09 million, a price-to-earnings ratio of 9.86 and a beta of 1.04.

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 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%. On average, equities analysts expect that Independent Bank Co. will post 3.22 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.34%. This is a positive change from Independent Bank's previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, February 4th. Independent Bank's payout ratio is presently 32.91%.

Analysts Set New Price Targets

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

Independent Bank 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.