Magnetar Financial LLC Takes $286,000 Position in Independent Bank Co. (NASDAQ:IBCP)

Magnetar Financial LLC acquired a new stake in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 8,214 shares of the financial services provider's stock, valued at approximately $286,000.

Other hedge funds also recently added to or reduced their stakes in the company. Barclays PLC lifted its holdings in shares of Independent Bank by 38.1% during the third quarter. Barclays PLC now owns 82,357 shares of the financial services provider's stock worth $2,748,000 after purchasing an additional 22,728 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Independent Bank by 28.7% in the 3rd quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider's stock worth $11,660,000 after acquiring an additional 77,874 shares during the period. State Street Corp boosted its holdings in shares of Independent Bank by 4.8% in the third quarter. State Street Corp now owns 647,579 shares of the financial services provider's stock valued at $21,597,000 after acquiring an additional 29,475 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Independent Bank by 3.9% during the third quarter. Franklin Resources Inc. now owns 32,756 shares of the financial services provider's stock worth $1,095,000 after acquiring an additional 1,217 shares during the period. Finally, Jane Street Group LLC raised its holdings 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 worth $712,000 after purchasing an additional 2,213 shares in the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

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Analyst Ratings Changes

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

Independent Bank Price Performance

NASDAQ IBCP traded down $0.04 during trading hours on Thursday, reaching $31.54. The company's stock had a trading volume of 41,354 shares, compared to its average volume of 96,045. 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 stock has a market cap of $661.49 million, a PE ratio of 9.98 and a beta of 1.04. The company's 50-day moving average is $33.81 and its two-hundred day moving average is $34.56. Independent Bank Co. has a fifty-two week low of $22.53 and a fifty-two week high of $40.32.

Independent Bank (NASDAQ:IBCP - Get Free Report) last issued its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating 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%. Analysts forecast that Independent Bank Co. will post 3.22 EPS for the current 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 dividend of $0.26 per share. The ex-dividend date of this dividend was Tuesday, February 4th. This represents a $1.04 dividend on an annualized basis and a yield of 3.30%. This is a positive change from Independent Bank's previous quarterly dividend of $0.24. Independent Bank's dividend payout ratio (DPR) is 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.