Dakota Wealth Management Purchases New Shares in Independent Bank Co. (NASDAQ:IBCP)

Dakota Wealth Management purchased a new stake in shares of Independent Bank Co. (NASDAQ:IBCP) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 5,826 shares of the financial services provider’s stock, valued at approximately $203,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Principal Financial Group Inc. increased its holdings in Independent Bank by 28.7% during the 3rd quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock valued at $11,660,000 after purchasing an additional 77,874 shares in the last quarter. Barclays PLC increased its holdings in Independent Bank by 38.1% during 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. State Street Corp increased its holdings in Independent Bank by 4.8% during the 3rd quarter. State Street Corp now owns 647,579 shares of the financial services provider’s stock valued at $21,597,000 after purchasing an additional 29,475 shares in the last quarter. Franklin Resources Inc. increased its holdings in Independent Bank by 3.9% during the 3rd quarter. Franklin Resources Inc. now owns 32,756 shares of the financial services provider’s stock valued at $1,095,000 after purchasing an additional 1,217 shares in the last quarter. Finally, Jane Street Group LLC increased its holdings in Independent Bank by 11.6% during the 3rd quarter. Jane Street Group LLC now owns 21,360 shares of the financial services provider’s stock valued at $712,000 after purchasing an additional 2,213 shares in the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

Independent Bank Stock Up 1.0 %

NASDAQ IBCP opened at $35.60 on Monday. The stock has a fifty day moving average of $36.02 and a 200-day moving average of $34.25. The stock has a market capitalization of $743.68 million, a P/E ratio of 12.11 and a beta of 1.03. Independent Bank Co. has a 52 week low of $22.53 and a 52 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.

Independent Bank (NASDAQ:IBCP) 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 15.26% and a net margin of 19.93%. On average, equities research analysts forecast that Independent Bank Co. will post 3.04 EPS for the current year.

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Tuesday, February 4th will be paid a dividend of $0.26 per share. The ex-dividend date is Tuesday, February 4th. This is a boost from Independent Bank’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.92%. Independent Bank’s payout ratio is 32.65%.

Insider Buying and Selling

In related news, EVP Gavin A. Mohr acquired 800 shares of the firm’s stock in a transaction that occurred 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 purchase, the executive vice president now directly owns 18,662 shares in the company, valued at approximately $685,082.02. This trade represents a 4.48 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 5.45% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $41.00 price target (up from $39.00) on shares of Independent Bank in a report on Friday.

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.