Independent Bank Co. (NASDAQ:IBCP) Position Reduced by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its position in Independent Bank Co. (NASDAQ:IBCP - Free Report) by 3.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 337,112 shares of the financial services provider's stock after selling 12,519 shares during the period. Principal Financial Group Inc. owned approximately 1.61% of Independent Bank worth $11,742,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. FMR LLC grew its stake in Independent Bank by 7.2% during the 3rd quarter. FMR LLC now owns 1,034,775 shares of the financial services provider's stock valued at $34,510,000 after purchasing an additional 69,504 shares in the last quarter. State Street Corp increased its stake 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 worth $21,597,000 after buying an additional 29,475 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Independent Bank by 0.4% in the third quarter. Geode Capital Management LLC now owns 499,546 shares of the financial services provider's stock worth $16,663,000 after buying an additional 1,831 shares during the last quarter. Hotchkis & Wiley Capital Management LLC raised its holdings in Independent Bank by 9.3% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 264,090 shares of the financial services provider's stock valued at $8,807,000 after acquiring an additional 22,580 shares in the last quarter. Finally, Foundry Partners LLC boosted its stake in Independent Bank by 0.9% during the 3rd quarter. Foundry Partners LLC now owns 210,870 shares of the financial services provider's stock valued at $7,033,000 after acquiring an additional 1,970 shares during the last quarter. 79.43% of the stock is currently owned by institutional investors and hedge funds.

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Independent Bank Stock Performance

IBCP traded down $0.35 during trading on Monday, reaching $33.63. 79,433 shares of the company were exchanged, compared to its average volume of 128,746. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. The stock has a market cap of $702.73 million, a P/E ratio of 10.65 and a beta of 1.03. Independent Bank Co. has a 52 week low of $22.53 and a 52 week high of $40.32. The firm has a 50 day moving average of $34.89 and a 200 day moving average of $34.81.

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 for the quarter, beating the consensus estimate of $0.77 by $0.10. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. On average, sell-side analysts forecast that Independent Bank Co. will post 3.22 EPS for the current fiscal year.

Independent Bank Increases Dividend

The firm 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. This represents a $1.04 dividend on an annualized basis and a yield of 3.09%. This is a positive change from Independent Bank's previous quarterly dividend of $0.24. The ex-dividend date was Tuesday, February 4th. Independent Bank's dividend payout ratio is 32.91%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $41.00 price target (up previously from $39.00) on shares of Independent Bank in a research report on Friday, January 24th. DA Davidson boosted their price target on Independent Bank from $37.00 to $39.00 and gave the company a "neutral" rating in a report on Tuesday, January 28th.

Independent Bank Company 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.