Charles Schwab Investment Management Inc. Grows Holdings in Independent Bank Co. (NASDAQ:IBCP)

Charles Schwab Investment Management Inc. increased its stake in Independent Bank Co. (NASDAQ:IBCP) by 0.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 172,346 shares of the financial services provider’s stock after buying an additional 1,256 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Independent Bank were worth $6,003,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. National Bank of Canada FI acquired a new position in Independent Bank during the 3rd quarter worth $26,000. Dakota Wealth Management bought a new position in shares of Independent Bank during the fourth quarter worth about $203,000. Zacks Investment Management acquired a new position in Independent Bank in the third quarter worth about $221,000. Centiva Capital LP bought a new stake in Independent Bank in the third quarter valued at about $279,000. Finally, Proficio Capital Partners LLC acquired a new stake in Independent Bank during the fourth quarter valued at approximately $352,000. 79.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Independent Bank Price Performance

IBCP opened at $31.81 on Tuesday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. The company’s 50-day moving average price is $33.92 and its 200 day moving average price is $34.59. Independent Bank Co. has a fifty-two week low of $22.53 and a fifty-two week high of $40.32. The firm has a market cap of $667.15 million, a price-to-earnings ratio of 10.07 and a beta of 1.04.

Independent Bank (NASDAQ:IBCP) last announced its quarterly 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 return on equity of 15.43% and a net margin of 20.67%. As a group, sell-side analysts expect that Independent Bank Co. will post 3.22 earnings per share for the current year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 3.27%. This is a boost from Independent Bank’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, February 4th. Independent Bank’s dividend payout ratio (DPR) is presently 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.