PL Capital Advisors LLC Buys 10,791,263 Shares of Independent Bank Co. (NASDAQ:IBCP)

PL Capital Advisors LLC lifted its position in Independent Bank Co. (NASDAQ:IBCP - Free Report) by 3,383.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,110,248 shares of the financial services provider's stock after purchasing an additional 10,791,263 shares during the period. Independent Bank comprises about 4.5% of PL Capital Advisors LLC's portfolio, making the stock its 6th biggest holding. PL Capital Advisors LLC owned about 53.18% of Independent Bank worth $386,970,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in IBCP. National Bank of Canada FI purchased a new stake in Independent Bank in the 3rd quarter worth $26,000. Dakota Wealth Management purchased a new stake in Independent Bank in the 4th quarter worth $203,000. Zacks Investment Management purchased a new stake in Independent Bank in the 3rd quarter worth $221,000. Centiva Capital LP purchased a new stake in Independent Bank in the 3rd quarter worth $279,000. Finally, Summit Global Investments purchased a new stake in Independent Bank in the 3rd quarter worth $344,000. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Price Performance

Shares of Independent Bank stock traded up $0.64 during trading hours on Friday, reaching $33.98. 188,863 shares of the company's stock were exchanged, compared to its average volume of 130,186. Independent Bank Co. has a 1 year low of $22.53 and a 1 year high of $40.32. The company has a market capitalization of $709.98 million, a P/E ratio of 10.75 and a beta of 1.03. The business has a fifty day moving average of $34.89 and a two-hundred day moving average of $34.77. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18.

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Independent Bank (NASDAQ:IBCP - Get Free Report) last announced 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 net margin of 20.67% and a return on equity of 15.43%. As a group, research analysts predict that Independent Bank Co. will post 3.22 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were issued a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, February 4th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.06%. This is a positive change from Independent Bank's previous quarterly dividend of $0.24. Independent Bank's dividend payout ratio is currently 32.91%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on IBCP shares. DA Davidson boosted their price target on shares of Independent Bank from $37.00 to $39.00 and gave the stock a "neutral" rating in a report on Tuesday, January 28th. 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 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.