Vanguard Group Inc. Boosts Stock Holdings in Independent Bank Co. (NASDAQ:IBCP)

Vanguard Group Inc. lifted its stake in Independent Bank Co. (NASDAQ:IBCP - Free Report) by 2.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,218,710 shares of the financial services provider's stock after purchasing an additional 25,756 shares during the period. Vanguard Group Inc. owned 5.83% of Independent Bank worth $42,448,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. KLP Kapitalforvaltning AS purchased a new stake in shares of Independent Bank in the fourth quarter worth $160,000. Sei Investments Co. boosted its stake in shares of Independent Bank by 8.3% in the fourth quarter. Sei Investments Co. now owns 102,480 shares of the financial services provider's stock worth $3,569,000 after acquiring an additional 7,840 shares during the period. American Century Companies Inc. raised its stake in Independent Bank by 11.5% during the 4th quarter. American Century Companies Inc. now owns 523,614 shares of the financial services provider's stock valued at $18,237,000 after purchasing an additional 53,938 shares during the period. Quantbot Technologies LP bought a new position in Independent Bank in the 4th quarter worth approximately $58,000. Finally, Summit Global Investments grew its holdings in Independent Bank by 51.5% during the 4th quarter. Summit Global Investments now owns 15,631 shares of the financial services provider's stock valued at $544,000 after buying an additional 5,313 shares in the last quarter. Institutional investors own 79.43% of the company's stock.

Independent Bank Trading Up 0.3 %

NASDAQ IBCP traded up $0.08 during trading hours on Thursday, hitting $29.96. 25,384 shares of the company were exchanged, compared to its average volume of 106,578. The stock has a market cap of $628.25 million, a PE ratio of 9.52 and a beta of 0.85. Independent Bank Co. has a 52 week low of $22.53 and a 52 week high of $40.32. The stock has a 50-day moving average price of $31.72 and a 200 day moving average price of $34.09. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18.

Independent Bank (NASDAQ:IBCP - Get Free Report) last posted 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%. Analysts forecast that Independent Bank Co. will post 3.22 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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