Teacher Retirement System of Texas Has $1.50 Million Stock Holdings in Independent Bank Co. (NASDAQ:IBCP)

Teacher Retirement System of Texas reduced its holdings in Independent Bank Co. (NASDAQ:IBCP) by 34.1% in the 4th quarter, HoldingsChannel reports. The fund owned 43,057 shares of the financial services provider’s stock after selling 22,254 shares during the period. Teacher Retirement System of Texas’ holdings in Independent Bank were worth $1,500,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the business. Rhumbline Advisers boosted its holdings in 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 last quarter. HighTower Advisors LLC lifted its position in shares of Independent Bank by 1.5% in the 3rd quarter. HighTower Advisors LLC now owns 26,672 shares of the financial services provider’s stock worth $889,000 after purchasing an additional 384 shares during the period. National Bank of Canada FI acquired a new stake in shares of Independent Bank during the third quarter worth $26,000. Franklin Resources Inc. raised its stake in Independent Bank by 3.9% during the third quarter. Franklin Resources Inc. now owns 32,756 shares of the financial services provider’s stock worth $1,095,000 after buying an additional 1,217 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Independent Bank by 0.7% in 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 buying an additional 1,256 shares during the period. Institutional investors own 79.43% of the company’s stock.

Independent Bank Trading Down 2.2 %

NASDAQ:IBCP opened at $30.86 on Friday. Independent Bank Co. has a 12 month low of $22.53 and a 12 month high of $40.32. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $647.23 million, a price-to-earnings ratio of 9.77 and a beta of 1.04. The firm has a fifty day simple moving average of $33.67 and a two-hundred day simple moving average of $34.53.

Independent Bank (NASDAQ:IBCP) last issued its 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 15.43% and a net margin of 20.67%. Analysts expect that Independent Bank Co. will post 3.22 EPS for the current fiscal year.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.37%. This is a positive change from Independent Bank’s previous quarterly dividend of $0.24. The ex-dividend date was Tuesday, February 4th. Independent Bank’s dividend payout ratio is presently 32.91%.

Analyst Ratings Changes

A number of analysts have weighed in on IBCP shares. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $41.00 price target (up from $39.00) on shares of Independent Bank in a report on Friday, January 24th. DA Davidson raised their target price on Independent Bank from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 28th.

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.