Independent Bank Co. (NASDAQ:IBCP) Shares Purchased by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. raised its stake in Independent Bank Co. (NASDAQ:IBCP) by 30.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 34,110 shares of the financial services provider’s stock after acquiring an additional 7,928 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.16% of Independent Bank worth $1,188,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in IBCP. National Bank of Canada FI purchased a new stake in shares of Independent Bank in the third quarter valued at $26,000. Dakota Wealth Management purchased a new stake in shares of Independent Bank in the fourth quarter valued at $203,000. Zacks Investment Management purchased a new stake in shares of Independent Bank in the third quarter valued at $221,000. Centiva Capital LP purchased a new stake in shares of Independent Bank in the third quarter valued at $279,000. Finally, Proficio Capital Partners LLC purchased a new stake in shares of Independent Bank in the fourth quarter valued at $352,000. 79.43% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

IBCP has been the subject of a number of research reports. DA Davidson boosted their price target on Independent Bank from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Tuesday, January 28th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $41.00 price target (up previously from $39.00) on shares of Independent Bank in a research report on Friday, January 24th.

Independent Bank Trading Down 1.1 %

Shares of NASDAQ IBCP opened at $31.04 on Friday. The stock’s 50 day moving average price is $33.98 and its two-hundred day moving average price is $34.60. Independent Bank Co. has a 52-week low of $22.53 and a 52-week high of $40.32. The stock has a market capitalization of $651.00 million, a P/E ratio of 9.82 and a beta of 1.04. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share (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%. On average, analysts anticipate 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 dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.35%. This is a boost 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%.

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.