Proficio Capital Partners LLC Takes $352,000 Position in Independent Bank Co. (NASDAQ:IBCP)

Proficio Capital Partners LLC purchased a new position in shares of Independent Bank Co. (NASDAQ:IBCP) during the 4th quarter, HoldingsChannel reports. The institutional investor purchased 10,101 shares of the financial services provider’s stock, valued at approximately $352,000.

Several other institutional investors and hedge funds have also bought and sold shares of IBCP. Charles Schwab Investment Management Inc. boosted its stake in shares of Independent Bank by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 172,346 shares of the financial services provider’s stock valued at $6,003,000 after purchasing an additional 1,256 shares during the period. Bailard Inc. boosted its position in Independent Bank by 13.3% during the 4th quarter. Bailard Inc. now owns 21,260 shares of the financial services provider’s stock valued at $740,000 after buying an additional 2,500 shares during the period. PL Capital Advisors LLC boosted its position in Independent Bank by 3,383.0% during the 4th quarter. PL Capital Advisors LLC now owns 11,110,248 shares of the financial services provider’s stock valued at $386,970,000 after buying an additional 10,791,263 shares during the period. Hudson Edge Investment Partners Inc. grew its holdings in Independent Bank by 41.4% in the 4th quarter. Hudson Edge Investment Partners Inc. now owns 21,628 shares of the financial services provider’s stock worth $753,000 after acquiring an additional 6,333 shares during the last quarter. Finally, Rhumbline Advisers increased its position in shares of Independent Bank by 0.9% in the fourth quarter. Rhumbline Advisers now owns 41,649 shares of the financial services provider’s stock valued at $1,451,000 after acquiring an additional 374 shares during the period. 79.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Independent Bank Stock Down 0.6 %

IBCP stock opened at $31.61 on Wednesday. Independent Bank Co. has a fifty-two week low of $22.53 and a fifty-two week high of $40.32. The company has a market capitalization of $662.96 million, a price-to-earnings ratio of 10.00 and a beta of 1.04. The business’s 50 day moving average price is $33.88 and its two-hundred day moving average price is $34.58. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88.

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%. As a group, analysts forecast that Independent Bank Co. will post 3.22 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.29%. The ex-dividend date was Tuesday, February 4th. This is a positive change from Independent Bank’s previous quarterly dividend of $0.24. Independent Bank’s payout ratio is currently 32.91%.

Independent Bank Company 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.