Dakota Wealth Management Makes New Investment in Independent Bank Co. (NASDAQ:IBCP)

Dakota Wealth Management bought a new position in shares of Independent Bank Co. (NASDAQ:IBCP) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 5,826 shares of the financial services provider’s stock, valued at approximately $203,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in IBCP. National Bank of Canada FI bought a new position in Independent Bank during the third quarter worth about $26,000. nVerses Capital LLC bought a new position in Independent Bank during the third quarter worth about $27,000. CWM LLC lifted its holdings in Independent Bank by 47.5% during the third quarter. CWM LLC now owns 6,287 shares of the financial services provider’s stock worth $210,000 after acquiring an additional 2,025 shares in the last quarter. Zacks Investment Management bought a new position in Independent Bank during the third quarter worth about $221,000. Finally, Centiva Capital LP bought a new position in Independent Bank during the third quarter worth about $279,000. 79.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods restated 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.

Independent Bank Stock Performance

Shares of Independent Bank stock opened at $35.60 on Monday. The firm has a market cap of $743.68 million, a price-to-earnings ratio of 12.11 and a beta of 1.03. The stock’s 50-day moving average is $36.02 and its 200-day moving average is $34.25. Independent Bank Co. has a one year low of $22.53 and a one year high of $40.32. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.10. Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. Equities analysts predict that Independent Bank Co. will post 3.04 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

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

Insider Buying and Selling

In related news, EVP Gavin A. Mohr bought 800 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were acquired at an average price of $36.71 per share, for a total transaction of $29,368.00. Following the completion of the acquisition, the executive vice president now owns 18,662 shares of the company’s stock, valued at approximately $685,082.02. The trade was a 4.48 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 5.45% of the stock is currently owned by corporate insiders.

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.