10,101 Shares in Independent Bank Co. (NASDAQ:IBCP) Bought by Proficio Capital Partners LLC

Proficio Capital Partners LLC acquired a new stake in Independent Bank Co. (NASDAQ:IBCP) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 10,101 shares of the financial services provider’s stock, valued at approximately $352,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in IBCP. Rhumbline Advisers raised its stake in shares of Independent Bank by 0.9% in the 4th quarter. Rhumbline Advisers now owns 41,649 shares of the financial services provider’s stock valued at $1,451,000 after purchasing an additional 374 shares in the last quarter. HighTower Advisors LLC increased its stake in shares of Independent Bank by 1.5% in the third quarter. HighTower Advisors LLC now owns 26,672 shares of the financial services provider’s stock valued at $889,000 after purchasing an additional 384 shares during the period. National Bank of Canada FI acquired a new stake in shares of Independent Bank in the third quarter valued at approximately $26,000. Franklin Resources Inc. increased its stake in shares of Independent Bank by 3.9% in the third 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 during the period. Finally, Geode Capital Management LLC raised its holdings in Independent Bank by 0.4% during the third quarter. Geode Capital Management LLC now owns 499,546 shares of the financial services provider’s stock worth $16,663,000 after purchasing an additional 1,831 shares in the last quarter. 79.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $41.00 target price (up previously from $39.00) on shares of Independent Bank in a report on Friday, January 24th. DA Davidson lifted their price objective on shares of 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 Stock Down 4.1 %

IBCP stock opened at $30.32 on Tuesday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. Independent Bank Co. has a 1 year low of $22.53 and a 1 year high of $40.32. The company has a fifty day simple moving average of $34.53 and a 200 day simple moving average of $34.79. The firm has a market cap of $633.51 million, a PE ratio of 9.59 and a beta of 1.04.

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 analysts’ consensus estimates of $0.77 by $0.10. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. Sell-side analysts anticipate that Independent Bank Co. will post 3.22 EPS for the current fiscal year.

Independent Bank Increases Dividend

The firm 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. The ex-dividend date of this dividend was Tuesday, February 4th. This represents a $1.04 dividend on an annualized basis and a yield of 3.43%. This is a boost from Independent Bank’s previous quarterly dividend of $0.24. Independent Bank’s payout ratio is presently 32.91%.

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.