Intech Investment Management LLC Makes New Investment in Independent Bank Co. (NASDAQ:IBCP)

Intech Investment Management LLC bought a new stake in Independent Bank Co. (NASDAQ:IBCP - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 12,516 shares of the financial services provider's stock, valued at approximately $436,000. Intech Investment Management LLC owned approximately 0.06% of Independent Bank as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. National Bank of Canada FI purchased a new stake in shares of Independent Bank during the 3rd quarter valued at $26,000. Dakota Wealth Management bought a new stake in Independent Bank during the 4th quarter valued at $203,000. Zacks Investment Management bought a new stake in shares of Independent Bank during the 3rd quarter valued at $221,000. Centiva Capital LP purchased a new stake in shares of Independent Bank in the third quarter worth about $279,000. Finally, Proficio Capital Partners LLC bought a new position in Independent Bank in the 4th quarter valued at $352,000. 79.43% of the stock is currently owned by institutional investors.

Independent Bank Trading Down 2.2 %

Independent Bank stock traded down $0.68 during trading hours on Friday, reaching $30.86. The company had a trading volume of 40,978 shares, compared to its average volume of 103,051. The firm has a market cap of $647.23 million, a price-to-earnings ratio of 9.77 and a beta of 1.04. Independent Bank Co. has a 12-month low of $22.53 and a 12-month 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 50-day moving average price of $33.74 and a 200 day moving average price of $34.54.

Independent Bank (NASDAQ:IBCP - Get Free Report) last posted its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.87 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%. Equities analysts forecast that Independent Bank Co. will post 3.22 earnings per share for the current year.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were paid a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, February 4th. This is a boost from Independent Bank's previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 3.37%. Independent Bank's dividend payout ratio (DPR) is presently 32.91%.

Analyst Ratings Changes

IBCP has been the topic of a number of recent analyst reports. DA Davidson increased their price objective on 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 price objective (up from $39.00) on shares of Independent Bank in a 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.