Boston Partners Acquires 64,006 Shares of Independent Bank Co. (NASDAQ:IBCP)

Boston Partners boosted its position in Independent Bank Co. (NASDAQ:IBCP - Free Report) by 22.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 347,986 shares of the financial services provider's stock after purchasing an additional 64,006 shares during the period. Boston Partners owned about 1.67% of Independent Bank worth $12,120,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Quest Partners LLC boosted its stake in shares of Independent Bank by 112.8% during the 3rd quarter. Quest Partners LLC now owns 24,157 shares of the financial services provider's stock worth $806,000 after acquiring an additional 12,803 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in Independent Bank by 13.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 26,182 shares of the financial services provider's stock valued at $873,000 after purchasing an additional 3,154 shares in the last quarter. Foundry Partners LLC grew its holdings in Independent Bank by 0.9% during the third quarter. Foundry Partners LLC now owns 210,870 shares of the financial services provider's stock valued at $7,033,000 after purchasing an additional 1,970 shares during the period. Charles Schwab Investment Management Inc. increased its position in Independent Bank by 202.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 171,090 shares of the financial services provider's stock worth $5,706,000 after buying an additional 114,487 shares in the last quarter. Finally, FMR LLC raised its stake in shares of Independent Bank by 7.2% in 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 period. 79.43% of the stock is currently owned by institutional investors.

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Analyst Ratings Changes

IBCP has been the subject of several analyst reports. 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 report on Friday, January 24th. DA Davidson increased their price objective 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.

Independent Bank Price Performance

Shares of NASDAQ IBCP traded down $0.20 during mid-day trading on Tuesday, reaching $31.61. The company's stock had a trading volume of 72,120 shares, compared to its average volume of 96,096. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. Independent Bank Co. has a 52 week low of $22.53 and a 52 week high of $40.32. The stock has a fifty day moving average of $33.92 and a two-hundred day moving average of $34.59. The firm has a market capitalization of $662.96 million, a PE ratio of 10.00 and a beta of 1.04.

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

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors 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. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date was Tuesday, February 4th. Independent Bank's payout ratio is currently 32.91%.

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.