Independent Bank Co. (NASDAQ:IBCP) Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas decreased its position in Independent Bank Co. (NASDAQ:IBCP - Free Report) by 34.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 43,057 shares of the financial services provider's stock after selling 22,254 shares during the period. Teacher Retirement System of Texas owned about 0.21% of Independent Bank worth $1,500,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. National Bank of Canada FI purchased a new stake in Independent Bank in the 3rd quarter valued at approximately $26,000. Dakota Wealth Management purchased a new stake in shares of Independent Bank in the fourth quarter valued at approximately $203,000. Zacks Investment Management purchased a new stake in shares of Independent Bank in the third quarter valued at approximately $221,000. Centiva Capital LP purchased a new position in Independent Bank in the third quarter worth $279,000. Finally, Proficio Capital Partners LLC acquired a new stake in Independent Bank in the fourth quarter valued at $352,000. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Price Performance

IBCP traded down $0.05 during trading on Wednesday, reaching $30.80. 86,193 shares of the stock were exchanged, compared to its average volume of 103,110. 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 $645.97 million, a price-to-earnings ratio of 9.75 and a beta of 0.85. Independent Bank Co. has a 1 year low of $22.53 and a 1 year high of $40.32. The business's 50 day moving average price is $33.43 and its two-hundred day moving average price is $34.49.

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

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were given a $0.26 dividend. The ex-dividend date was Tuesday, February 4th. This is a positive change from Independent Bank's previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 3.38%. Independent Bank's dividend payout ratio is currently 32.91%.

Analyst Upgrades and Downgrades

IBCP has been the topic of a number of recent analyst reports. DA Davidson upped their price target on shares of Independent Bank from $37.00 to $39.00 and gave the stock a "neutral" rating in a research note on Tuesday, January 28th. Keefe, Bruyette & Woods restated a "market perform" rating and set a $41.00 target price (up from $39.00) on shares of Independent Bank in a research 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.