Intech Investment Management LLC Takes $436,000 Position in Independent Bank Co. (NASDAQ:IBCP)

Intech Investment Management LLC purchased a new position in shares of Independent Bank Co. (NASDAQ:IBCP) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 12,516 shares of the financial services provider’s stock, valued at approximately $436,000. Intech Investment Management LLC owned approximately 0.06% of Independent Bank at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. National Bank of Canada FI acquired a new stake in Independent Bank in the 3rd quarter valued at $26,000. Dakota Wealth Management acquired a new stake in shares of Independent Bank in the 4th quarter valued at $203,000. Zacks Investment Management bought a new stake in shares of Independent Bank in the 3rd quarter worth about $221,000. Centiva Capital LP bought a new stake in shares of Independent Bank in the 3rd quarter worth about $279,000. Finally, Proficio Capital Partners LLC acquired a new stake in shares of Independent Bank during the 4th quarter worth about $352,000. Institutional investors own 79.43% of the company’s stock.

Independent Bank Trading Up 2.4 %

Shares of NASDAQ IBCP opened at $31.81 on Tuesday. Independent Bank Co. has a 1-year low of $22.53 and a 1-year high of $40.32. The company has a 50-day moving average of $33.92 and a two-hundred day moving average of $34.59. The company has a market cap of $667.15 million, a PE ratio of 10.07 and a beta of 1.04. 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 (NASDAQ:IBCP) last posted its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping 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%. As a group, equities analysts expect that Independent Bank Co. will post 3.22 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were issued a $0.26 dividend. This is a boost from Independent Bank’s previous quarterly dividend of $0.24. The ex-dividend date was Tuesday, February 4th. This represents a $1.04 annualized dividend and a yield of 3.27%. Independent Bank’s dividend payout ratio (DPR) is currently 32.91%.

Analyst Upgrades and Downgrades

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

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.