Intech Investment Management LLC Purchases New Position in Independent Bank Co. (NASDAQ:IBCP)

Intech Investment Management LLC acquired a new stake in shares of Independent Bank Co. (NASDAQ:IBCP) in the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 12,516 shares of the financial services provider’s stock, valued at approximately $436,000.

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

Independent Bank Stock Performance

IBCP opened at $31.81 on Tuesday. 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 $667.15 million, a price-to-earnings ratio of 10.07 and a beta of 1.04. The business’s 50-day moving average price is $33.92 and its two-hundred day moving average price is $34.59. Independent Bank Co. has a 1 year low of $22.53 and a 1 year high of $40.32.

Independent Bank (NASDAQ:IBCP) last released its earnings results on Thursday, January 23rd. The financial services provider reported $0.87 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%. Equities analysts expect 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 given a $0.26 dividend. The ex-dividend date was Tuesday, February 4th. This represents a $1.04 dividend on an annualized basis and a yield of 3.27%. This is an increase from Independent Bank’s previous quarterly dividend of $0.24. Independent Bank’s dividend payout ratio (DPR) is 32.91%.

Analysts Set New Price Targets

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