Proficio Capital Partners LLC Invests $352,000 in Independent Bank Co. (NASDAQ:IBCP)

Proficio Capital Partners LLC acquired a new stake in Independent Bank Co. (NASDAQ:IBCP - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,101 shares of the financial services provider's stock, valued at approximately $352,000.

A number of other hedge funds also recently modified their holdings of the stock. National Bank of Canada FI bought a new stake in Independent Bank in the 3rd quarter valued at $26,000. Dakota Wealth Management bought a new stake in shares of Independent Bank in the fourth quarter valued at about $203,000. Zacks Investment Management acquired a new position in shares of Independent Bank in the third quarter valued at about $221,000. Centiva Capital LP bought a new position in Independent Bank during the third quarter worth about $279,000. Finally, Jane Street Group LLC increased its position 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 acquiring an additional 2,213 shares during the period. Institutional investors and hedge funds own 79.43% of the company's stock.

Independent Bank Price Performance

IBCP stock traded down $0.68 during midday trading on Friday, reaching $30.86. The company had a trading volume of 40,978 shares, compared to its average volume of 103,056. Independent Bank Co. has a 1-year low of $22.53 and a 1-year high of $40.32. The stock has a 50 day moving average price of $33.67 and a 200-day moving average price of $34.53. 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 market capitalization of $647.23 million, a price-to-earnings ratio of 9.77 and a beta of 1.04.

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Independent Bank (NASDAQ:IBCP - Get Free Report) last issued its earnings results on Thursday, January 23rd. The financial services provider reported $0.87 EPS 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%. Equities research analysts expect 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. Shareholders of record on Tuesday, February 4th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date of this dividend was Tuesday, February 4th. This is an increase from Independent Bank's previous quarterly dividend of $0.24. Independent Bank's dividend payout ratio (DPR) is currently 32.91%.

Wall Street Analyst Weigh In

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