Geode Capital Management LLC Boosts Stake in Independent Bank Co. (NASDAQ:IBCP)

Geode Capital Management LLC raised its holdings in Independent Bank Co. (NASDAQ:IBCP) by 0.4% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 499,546 shares of the financial services provider’s stock after acquiring an additional 1,831 shares during the quarter. Geode Capital Management LLC’s holdings in Independent Bank were worth $16,663,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Barclays PLC boosted its stake in shares of Independent Bank by 38.1% in the 3rd quarter. Barclays PLC now owns 82,357 shares of the financial services provider’s stock valued at $2,748,000 after purchasing an additional 22,728 shares in the last quarter. Zacks Investment Management bought a new stake in Independent Bank in the third quarter worth $221,000. National Bank of Canada FI bought a new stake in Independent Bank in the third quarter worth $26,000. Jane Street Group LLC boosted its position in Independent Bank by 11.6% during the third quarter. Jane Street Group LLC now owns 21,360 shares of the financial services provider’s stock valued at $712,000 after buying an additional 2,213 shares during the period. Finally, State Street Corp grew its stake in shares of Independent Bank by 4.8% during the third quarter. State Street Corp now owns 647,579 shares of the financial services provider’s stock valued at $21,597,000 after buying an additional 29,475 shares during the last quarter. Institutional investors own 79.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods increased their price objective on Independent Bank from $33.00 to $39.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th.

Independent Bank Price Performance

Shares of IBCP opened at $34.69 on Monday. 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 firm’s 50-day simple moving average is $36.28 and its two-hundred day simple moving average is $32.89. Independent Bank Co. has a fifty-two week low of $22.53 and a fifty-two week high of $40.32. The stock has a market cap of $724.81 million, a PE ratio of 11.80 and a beta of 1.02.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.11). The company had revenue of $77.84 million during the quarter, compared to analysts’ expectations of $55.05 million. Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. During the same period in the prior year, the firm earned $0.83 EPS. Analysts anticipate that Independent Bank Co. will post 3.02 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.77%. The ex-dividend date was Tuesday, November 5th. Independent Bank’s dividend payout ratio is currently 32.65%.

Insider Activity

In other Independent Bank news, EVP Gavin A. Mohr bought 800 shares of Independent Bank stock in a transaction on Wednesday, November 20th. The stock was acquired at an average cost of $36.71 per share, with a total value of $29,368.00. Following the completion of the acquisition, the executive vice president now owns 18,662 shares in the company, valued at approximately $685,082.02. This represents a 4.48 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 5.45% of the company’s stock.

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.