Intech Investment Management LLC Invests $436,000 in Independent Bank Co. (NASDAQ:IBCP)

Intech Investment Management LLC acquired a new stake in Independent Bank Co. (NASDAQ:IBCP - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 12,516 shares of the financial services provider's stock, valued at approximately $436,000. Intech Investment Management LLC owned 0.06% of Independent Bank at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. National Bank of Canada FI purchased a new stake in Independent Bank during the third quarter worth about $26,000. Dakota Wealth Management bought a new stake in shares of Independent Bank in the 4th quarter worth approximately $203,000. Zacks Investment Management purchased a new position in Independent Bank in the third quarter valued at approximately $221,000. Centiva Capital LP bought a new position in Independent Bank during the third quarter valued at $279,000. Finally, Proficio Capital Partners LLC purchased a new stake in Independent Bank in the fourth quarter worth $352,000. 79.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on IBCP. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $41.00 price target (up previously from $39.00) on shares of Independent Bank in a research note on Friday, January 24th. DA Davidson increased their target price 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.

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Independent Bank Stock Performance

IBCP stock traded down $0.04 during midday trading on Thursday, reaching $31.54. 41,354 shares of the company's stock traded hands, compared to its average volume of 96,222. Independent Bank Co. has a 52 week low of $22.53 and a 52 week high of $40.32. The company has a 50-day moving average price of $33.74 and a two-hundred day moving average price of $34.54. 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 firm has a market capitalization of $661.49 million, a PE ratio of 9.98 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 (EPS) for the quarter, beating analysts' consensus estimates 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, equities analysts anticipate that Independent Bank Co. will post 3.22 EPS for the current year.

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.30%. This is an increase from Independent Bank's previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, February 4th. Independent Bank's dividend payout ratio is presently 32.91%.

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.