Arrowstreet Capital Limited Partnership Sells 115,706 Shares of Independent Bank Co. (NASDAQ:IBCP)

Arrowstreet Capital Limited Partnership lessened its holdings in Independent Bank Co. (NASDAQ:IBCP) by 52.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 105,787 shares of the financial services provider’s stock after selling 115,706 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Independent Bank were worth $3,685,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Rhumbline Advisers lifted its position in shares of Independent Bank by 0.9% during the 4th quarter. Rhumbline Advisers now owns 41,649 shares of the financial services provider’s stock worth $1,451,000 after buying an additional 374 shares during the last quarter. HighTower Advisors LLC raised its stake in Independent Bank by 1.5% during the third quarter. HighTower Advisors LLC now owns 26,672 shares of the financial services provider’s stock worth $889,000 after acquiring an additional 384 shares in the last quarter. National Bank of Canada FI bought a new position in shares of Independent Bank in the third quarter worth about $26,000. Franklin Resources Inc. boosted its stake in shares of Independent Bank by 3.9% in the 3rd quarter. Franklin Resources Inc. now owns 32,756 shares of the financial services provider’s stock valued at $1,095,000 after purchasing an additional 1,217 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Independent Bank by 0.7% during the 4th 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 last quarter. Institutional investors own 79.43% of the company’s stock.

Analyst Ratings Changes

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

Independent Bank Stock Performance

Independent Bank stock opened at $28.56 on Wednesday. The business has a 50 day moving average of $32.70 and a 200-day moving average of $34.28. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. Independent Bank Co. has a 1 year low of $22.53 and a 1 year high of $40.32. The company has a market capitalization of $598.99 million, a P/E ratio of 9.04 and a beta of 0.85.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings results 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 net margin of 20.67% and a return on equity of 15.43%. On average, equities research analysts predict 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 issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Tuesday, February 4th. This is an increase from Independent Bank’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 3.64%. Independent Bank’s payout ratio is presently 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.