Independent Bank Co. (NASDAQ:IBCP) Stock Holdings Boosted by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Independent Bank Co. (NASDAQ:IBCP) by 30.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 34,110 shares of the financial services provider’s stock after purchasing an additional 7,928 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Independent Bank were worth $1,188,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. National Bank of Canada FI acquired a new stake in shares of Independent Bank during the 3rd quarter valued at $26,000. Dakota Wealth Management acquired a new stake in shares of Independent Bank during the 4th quarter valued at $203,000. Zacks Investment Management purchased a new stake in shares of Independent Bank in the third quarter valued at $221,000. Centiva Capital LP purchased a new stake in shares of Independent Bank in the third quarter valued at $279,000. Finally, Proficio Capital Partners LLC purchased a new stake in shares of Independent Bank in the fourth quarter valued at $352,000. 79.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on IBCP shares. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $41.00 target price (up previously from $39.00) on shares of Independent Bank in a report on Friday, January 24th. DA Davidson increased their target price on Independent Bank from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Tuesday, January 28th.

Independent Bank Trading Down 1.1 %

Independent Bank stock opened at $31.04 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market capitalization of $651.00 million, a price-to-earnings ratio of 9.82 and a beta of 1.04. Independent Bank Co. has a one year low of $22.53 and a one year high of $40.32. The company’s fifty day moving average price is $33.98 and its two-hundred day moving average price is $34.60.

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

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were given a dividend of $0.26 per share. The ex-dividend date was Tuesday, February 4th. 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 3.35%. Independent Bank’s dividend payout ratio (DPR) is 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.