JPMorgan Chase & Co. Purchases 59,339 Shares of Independent Bank Co. (NASDAQ:IBCP)

JPMorgan Chase & Co. grew its position in Independent Bank Co. (NASDAQ:IBCP) by 15.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 447,690 shares of the financial services provider’s stock after purchasing an additional 59,339 shares during the period. JPMorgan Chase & Co.’s holdings in Independent Bank were worth $15,593,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Barclays PLC raised its stake in Independent Bank by 38.1% during the 3rd quarter. Barclays PLC now owns 82,357 shares of the financial services provider’s stock worth $2,748,000 after buying an additional 22,728 shares during the period. Principal Financial Group Inc. grew its stake in Independent Bank by 28.7% in the third quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock valued at $11,660,000 after acquiring an additional 77,874 shares during the period. State Street Corp increased its holdings in shares of Independent Bank by 4.8% in the third quarter. State Street Corp now owns 647,579 shares of the financial services provider’s stock worth $21,597,000 after acquiring an additional 29,475 shares in the last quarter. Franklin Resources Inc. raised its position in shares of 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 purchasing an additional 1,217 shares during the period. Finally, Jane Street Group LLC lifted its holdings in shares of Independent Bank by 11.6% during the 3rd quarter. Jane Street Group LLC now owns 21,360 shares of the financial services provider’s stock valued at $712,000 after purchasing an additional 2,213 shares in the last quarter. 79.43% of the stock is owned by institutional investors.

Independent Bank Stock Down 1.0 %

NASDAQ:IBCP opened at $28.52 on Friday. The company has a market cap of $598.15 million, a PE ratio of 9.03 and a beta of 0.85. The stock has a 50-day simple moving average of $32.14 and a 200 day simple moving average of $34.16. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88. Independent Bank Co. has a 52-week low of $22.53 and a 52-week high of $40.32.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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, sell-side analysts expect that Independent Bank Co. will post 3.22 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

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.