Principal Financial Group Inc. Decreases Stake in Independent Bank Co. (NASDAQ:IBCP)

Principal Financial Group Inc. cut its holdings in shares of Independent Bank Co. (NASDAQ:IBCP) by 3.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 337,112 shares of the financial services provider’s stock after selling 12,519 shares during the quarter. Principal Financial Group Inc.’s holdings in Independent Bank were worth $11,742,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently modified their holdings of the company. National Bank of Canada FI purchased a new stake in shares of Independent Bank during the 3rd quarter valued at approximately $26,000. Dakota Wealth Management bought a new stake in Independent Bank during the 4th quarter valued at $203,000. Zacks Investment Management purchased a new stake in shares of Independent Bank during the third quarter worth $221,000. Centiva Capital LP bought a new position in shares of Independent Bank in the third quarter worth $279,000. Finally, Summit Global Investments purchased a new position in shares of Independent Bank in the third quarter valued at $344,000. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Independent Bank Trading Up 0.5 %

Independent Bank stock opened at $33.42 on Friday. 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 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 $698.30 million, a P/E ratio of 10.58 and a beta of 1.03. The firm’s fifty day moving average price is $34.92 and its 200-day moving average price is $34.75.

Independent Bank (NASDAQ:IBCP) last announced its earnings results on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.10. Independent Bank had a return on equity of 15.43% and a net margin of 20.67%. Equities research analysts forecast that Independent Bank Co. will post 3.22 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were paid a $0.26 dividend. This is an increase from Independent Bank’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date was Tuesday, February 4th. Independent Bank’s dividend payout ratio (DPR) is currently 32.91%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on IBCP shares. DA Davidson increased their price objective on Independent Bank from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Tuesday, January 28th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $41.00 price target (up from $39.00) on shares of Independent Bank in a report 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.