JPMorgan Chase & Co. Acquires 59,339 Shares of Independent Bank Co. (NASDAQ:IBCP)

JPMorgan Chase & Co. grew its holdings in Independent Bank Co. (NASDAQ:IBCP - Free Report) by 15.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 447,690 shares of the financial services provider's stock after buying an additional 59,339 shares during the period. JPMorgan Chase & Co. owned approximately 2.14% of Independent Bank worth $15,593,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Rhumbline Advisers increased its position in Independent Bank by 0.9% during the fourth quarter. Rhumbline Advisers now owns 41,649 shares of the financial services provider's stock valued at $1,451,000 after acquiring an additional 374 shares during the last quarter. HighTower Advisors LLC boosted its stake in shares of Independent Bank by 1.5% during the 3rd quarter. HighTower Advisors LLC now owns 26,672 shares of the financial services provider's stock worth $889,000 after purchasing an additional 384 shares during the period. National Bank of Canada FI bought a new position in Independent Bank during the 3rd quarter valued at about $26,000. Franklin Resources Inc. raised its position in Independent Bank by 3.9% in the 3rd quarter. Franklin Resources Inc. now owns 32,756 shares of the financial services provider's stock worth $1,095,000 after purchasing an additional 1,217 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in Independent Bank by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 172,346 shares of the financial services provider's stock worth $6,003,000 after purchasing an additional 1,256 shares during the last quarter. 79.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

IBCP has been the topic of a number of analyst reports. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $41.00 target price (up previously from $39.00) on shares of Independent Bank in a research note on Friday, January 24th. DA Davidson upped their price objective on 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 0.3 %

Independent Bank stock traded up $0.08 during trading hours on Thursday, hitting $29.96. The company had a trading volume of 25,384 shares, compared to its average volume of 106,578. The firm has a market cap of $628.25 million, a P/E ratio of 9.52 and a beta of 0.85. The company has a 50-day moving average price of $31.72 and a two-hundred day moving average price of $34.09. Independent Bank Co. has a 1 year low of $22.53 and a 1 year high of $40.32. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88.

Independent Bank (NASDAQ:IBCP - Get Free Report) last announced its quarterly earnings results 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%. On average, sell-side analysts anticipate that Independent Bank Co. will post 3.22 earnings per share for the current year.

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.