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

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

Several other institutional investors and hedge funds have also bought and sold shares of the business. Rhumbline Advisers lifted its holdings in Independent Bank by 0.9% in the 4th quarter. Rhumbline Advisers now owns 41,649 shares of the financial services provider's stock worth $1,451,000 after buying an additional 374 shares during the period. HighTower Advisors LLC lifted its holdings in Independent Bank by 1.5% in the 3rd quarter. HighTower Advisors LLC now owns 26,672 shares of the financial services provider's stock worth $889,000 after buying an additional 384 shares during the period. National Bank of Canada FI purchased a new stake in Independent Bank in the 3rd quarter worth approximately $26,000. Franklin Resources Inc. lifted its holdings 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 buying an additional 1,217 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Independent Bank by 0.4% in the 3rd 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 period. Hedge funds and other institutional investors own 79.43% of the company's stock.

Independent Bank Stock Down 0.8 %

Shares of IBCP traded down $0.25 on Thursday, reaching $30.20. The stock had a trading volume of 83,278 shares, compared to its average volume of 95,202. The firm has a market capitalization of $633.38 million, a price-to-earnings ratio of 9.56 and a beta of 1.04. 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 company has a 50-day simple moving average of $34.35 and a 200-day simple moving average of $34.73. Independent Bank Co. has a 12-month low of $22.53 and a 12-month high of $40.32.

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Independent Bank (NASDAQ:IBCP - Get Free Report) last released its earnings results on Thursday, January 23rd. The financial services provider reported $0.87 EPS for the quarter, topping 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%. Sell-side analysts predict that Independent Bank Co. will post 3.22 EPS for the current year.

Independent Bank Increases Dividend

The business 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 annualized dividend and a yield of 3.44%. This is an increase from Independent Bank's previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, February 4th. Independent Bank's payout ratio is 32.91%.

Wall Street Analysts Forecast Growth

IBCP has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods restated a "market perform" rating and issued 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 raised their target price on Independent Bank from $37.00 to $39.00 and gave the company a "neutral" rating in a research note on Tuesday, January 28th.

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.