Independent Bank Co. (NASDAQ:IBCP) Holdings Lowered by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its stake in shares of Independent Bank Co. (NASDAQ:IBCP) by 14.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 167,249 shares of the financial services provider’s stock after selling 27,348 shares during the period. Bank of New York Mellon Corp’s holdings in Independent Bank were worth $5,825,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC raised its holdings in shares of Independent Bank by 7.2% in the 3rd quarter. FMR LLC now owns 1,034,775 shares of the financial services provider’s stock worth $34,510,000 after purchasing an additional 69,504 shares in the last quarter. State Street Corp raised its holdings in shares of Independent Bank by 4.8% in the 3rd quarter. State Street Corp now owns 647,579 shares of the financial services provider’s stock worth $21,597,000 after purchasing an additional 29,475 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Independent Bank by 0.4% in the 3rd quarter. Geode Capital Management LLC now owns 499,546 shares of the financial services provider’s stock worth $16,663,000 after purchasing an additional 1,831 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of 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 worth $11,660,000 after acquiring an additional 77,874 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC increased its position in shares of Independent Bank by 9.3% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 264,090 shares of the financial services provider’s stock worth $8,807,000 after acquiring an additional 22,580 shares in the last quarter. 79.43% of the stock is currently owned by institutional investors.

Independent Bank Stock Performance

Shares of IBCP opened at $30.91 on Monday. The company’s 50 day moving average price is $34.19 and its 200 day moving average price is $34.69. Independent Bank Co. has a 52 week low of $22.53 and a 52 week high of $40.32. The company has a market capitalization of $648.28 million, a PE ratio of 9.78 and a beta of 1.04. 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 (NASDAQ:IBCP) last announced its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.87 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%. Research analysts expect 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 paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.36%. 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 payout ratio is presently 32.91%.

Analyst Ratings Changes

Several research firms have recently weighed in on IBCP. DA Davidson lifted their target price on shares of 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 reissued a “market perform” rating and issued a $41.00 target price (up from $39.00) on shares of Independent Bank in a research report on Friday, January 24th.

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.