Independent Bank Co. (NASDAQ:IBCP) Position Boosted by Summit Global Investments

Summit Global Investments raised its holdings in shares of Independent Bank Co. (NASDAQ:IBCP) by 51.5% during the 4th quarter, Holdings Channel reports. The fund owned 15,631 shares of the financial services provider’s stock after purchasing an additional 5,313 shares during the period. Summit Global Investments’ holdings in Independent Bank were worth $544,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. PL Capital Advisors LLC lifted its stake in shares of Independent Bank by 3,383.0% in the 4th quarter. PL Capital Advisors LLC now owns 11,110,248 shares of the financial services provider’s stock worth $386,970,000 after acquiring an additional 10,791,263 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Independent Bank by 202.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 171,090 shares of the financial services provider’s stock worth $5,706,000 after buying an additional 114,487 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Independent Bank by 28.7% in the third quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock valued at $11,660,000 after buying an additional 77,874 shares during the period. FMR LLC boosted its stake in Independent Bank by 7.2% during the third quarter. FMR LLC now owns 1,034,775 shares of the financial services provider’s stock valued at $34,510,000 after buying an additional 69,504 shares in the last quarter. Finally, Boston Partners grew its holdings in Independent Bank by 22.5% during the fourth quarter. Boston Partners now owns 347,986 shares of the financial services provider’s stock worth $12,120,000 after acquiring an additional 64,006 shares during the period. Institutional investors and hedge funds own 79.43% of the company’s stock.

Independent Bank Trading Up 2.4 %

Shares of IBCP opened at $31.81 on Tuesday. The business’s 50-day moving average price is $33.92 and its 200 day moving average price is $34.59. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $667.15 million, a P/E ratio of 10.07 and a beta of 1.04. Independent Bank Co. has a 1-year low of $22.53 and a 1-year high of $40.32.

Independent Bank (NASDAQ:IBCP) last released its earnings results on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share 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 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. Stockholders of record on Tuesday, February 4th were issued a $0.26 dividend. The ex-dividend date was Tuesday, February 4th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.27%. This is a positive change from Independent Bank’s previous quarterly dividend of $0.24. Independent Bank’s dividend payout ratio is presently 32.91%.

Analyst Ratings Changes

A number of brokerages have weighed in on IBCP. DA Davidson upped their price target on shares of Independent Bank from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Tuesday, January 28th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $41.00 target price (up from $39.00) on shares of Independent Bank in a research note on Friday, January 24th.

Independent Bank Company 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.