Independent Bank Co. (NASDAQ:IBCP) Shares Bought by Boston Partners

Boston Partners boosted its stake in shares of Independent Bank Co. (NASDAQ:IBCP) by 22.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 347,986 shares of the financial services provider’s stock after buying an additional 64,006 shares during the quarter. Boston Partners owned 1.67% of Independent Bank worth $12,120,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Quest Partners LLC increased its holdings in Independent Bank by 112.8% in the 3rd quarter. Quest Partners LLC now owns 24,157 shares of the financial services provider’s stock valued at $806,000 after purchasing an additional 12,803 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Independent Bank by 13.7% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 26,182 shares of the financial services provider’s stock valued at $873,000 after buying an additional 3,154 shares in the last quarter. Foundry Partners LLC raised its holdings in shares of Independent Bank by 0.9% in the 3rd quarter. Foundry Partners LLC now owns 210,870 shares of the financial services provider’s stock valued at $7,033,000 after buying an additional 1,970 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Independent Bank by 202.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 171,090 shares of the financial services provider’s stock worth $5,706,000 after acquiring an additional 114,487 shares in the last quarter. Finally, FMR LLC boosted its holdings in Independent Bank by 7.2% during the 3rd quarter. FMR LLC now owns 1,034,775 shares of the financial services provider’s stock valued at $34,510,000 after acquiring an additional 69,504 shares during the period. 79.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Independent Bank Price Performance

Shares of NASDAQ IBCP opened at $31.04 on Friday. 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 cap of $651.00 million, a price-to-earnings ratio of 9.82 and a beta of 1.04. The stock’s 50-day moving average is $33.98 and its two-hundred day moving average is $34.60. Independent Bank Co. has a 1-year low of $22.53 and a 1-year high of $40.32.

Independent Bank (NASDAQ:IBCP) last issued its earnings results on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.10. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. Analysts forecast that Independent Bank Co. will post 3.22 EPS for the current fiscal year.

Independent Bank Increases Dividend

The company also recently disclosed 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 is a boost from Independent Bank’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend was Tuesday, February 4th. Independent Bank’s payout ratio is 32.91%.

Independent Bank 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.