Independent Bank Co. (NASDAQ:IBCP) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans decreased its stake in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) by 39.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 32,181 shares of the financial services provider's stock after selling 20,947 shares during the period. Thrivent Financial for Lutherans owned 0.15% of Independent Bank worth $1,120,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. National Bank of Canada FI purchased a new position in shares of Independent Bank in the 3rd quarter worth $26,000. Dakota Wealth Management purchased a new position in shares of Independent Bank in the 4th quarter worth about $203,000. Zacks Investment Management acquired a new position in shares of Independent Bank in the 3rd quarter valued at about $221,000. Centiva Capital LP purchased a new stake in shares of Independent Bank during the 3rd quarter worth about $279,000. Finally, Proficio Capital Partners LLC acquired a new stake in Independent Bank during the 4th quarter worth approximately $352,000. Hedge funds and other institutional investors own 79.43% of the company's stock.

Independent Bank Stock Down 7.1 %

Shares of NASDAQ:IBCP traded down $2.19 during trading on Thursday, hitting $28.61. The company's stock had a trading volume of 131,225 shares, compared to its average volume of 103,222. The company has a market capitalization of $600.04 million, a PE ratio of 9.05 and a beta of 0.85. Independent Bank Co. has a fifty-two week low of $22.53 and a fifty-two week high of $40.32. 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 stock's 50-day moving average price is $33.43 and its two-hundred day moving average price is $34.49.

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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, beating 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%. As a group, sell-side analysts expect that Independent Bank Co. will post 3.22 EPS for the current year.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were given a $0.26 dividend. This is a positive change from Independent Bank's previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, February 4th. This represents a $1.04 annualized dividend and a dividend yield of 3.64%. Independent Bank's dividend payout ratio (DPR) is presently 32.91%.

Wall Street Analysts Forecast Growth

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

About Independent Bank

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.