Empowered Funds LLC Has $2.36 Million Holdings in Independent Bank Co. (NASDAQ:IBCP)

Empowered Funds LLC cut its holdings in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) by 14.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 67,654 shares of the financial services provider's stock after selling 11,411 shares during the period. Empowered Funds LLC owned approximately 0.32% of Independent Bank worth $2,356,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its stake 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 purchasing an additional 77,874 shares during the last quarter. Barclays PLC lifted its stake in Independent Bank by 38.1% during the third quarter. Barclays PLC now owns 82,357 shares of the financial services provider's stock valued at $2,748,000 after purchasing an additional 22,728 shares during the last quarter. State Street Corp lifted its stake in Independent Bank by 4.8% during the third quarter. State Street Corp now owns 647,579 shares of the financial services provider's stock valued at $21,597,000 after purchasing an additional 29,475 shares during the last quarter. Franklin Resources Inc. lifted its stake in Independent Bank by 3.9% during the third quarter. Franklin Resources Inc. now owns 32,756 shares of the financial services provider's stock valued at $1,095,000 after purchasing an additional 1,217 shares during the last quarter. Finally, Jane Street Group LLC lifted its stake in Independent Bank by 11.6% during the third quarter. Jane Street Group LLC now owns 21,360 shares of the financial services provider's stock valued at $712,000 after purchasing an additional 2,213 shares during the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Independent Bank

In other Independent Bank news, EVP Gavin A. Mohr purchased 800 shares of the company's stock in a transaction dated Wednesday, November 20th. The shares were bought at an average price of $36.71 per share, for a total transaction of $29,368.00. Following the purchase, the executive vice president now directly owns 18,662 shares in the company, valued at $685,082.02. This trade represents a 4.48 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.45% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $41.00 price target (up previously from $39.00) on shares of Independent Bank in a research report on Friday, January 24th. DA Davidson upped their price target on shares of Independent Bank from $37.00 to $39.00 and gave the company a "neutral" rating in a research report on Tuesday, January 28th.

Independent Bank Trading Up 0.4 %

Shares of NASDAQ:IBCP traded up $0.13 during mid-day trading on Tuesday, hitting $35.24. The stock had a trading volume of 18,468 shares, compared to its average volume of 122,628. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market cap of $736.06 million, a PE ratio of 11.15 and a beta of 1.03. Independent Bank Co. has a 12-month low of $22.53 and a 12-month high of $40.32. The company's 50 day moving average is $35.43 and its 200-day moving average is $34.66.

Independent Bank (NASDAQ:IBCP - Get Free Report) last released its earnings results on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping 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, sell-side analysts predict that Independent Bank Co. will post 3.22 EPS for the current year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were given a $0.26 dividend. This is an increase from Independent Bank's previous quarterly dividend of $0.24. The ex-dividend date was Tuesday, February 4th. This represents a $1.04 dividend on an annualized basis and a yield of 2.95%. Independent Bank's dividend payout ratio is presently 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.