Independent Bank Co. (NASDAQ:IBCP) Shares Acquired by Summit Global Investments

Summit Global Investments boosted its position in shares of Independent Bank Co. (NASDAQ:IBCP) by 51.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,631 shares of the financial services provider’s stock after purchasing an additional 5,313 shares during the period. Summit Global Investments owned approximately 0.07% of Independent Bank worth $544,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Rhumbline Advisers grew its position in shares of Independent Bank by 0.9% during the fourth 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 in the last quarter. HighTower Advisors LLC boosted its stake in Independent Bank by 1.5% during the 3rd quarter. HighTower Advisors LLC now owns 26,672 shares of the financial services provider’s stock valued at $889,000 after acquiring an additional 384 shares during the last quarter. National Bank of Canada FI acquired a new position in Independent Bank during the 3rd quarter worth $26,000. Franklin Resources Inc. increased its position 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 worth $1,095,000 after purchasing an additional 1,217 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Independent Bank by 0.7% in 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 in the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

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 (EPS) for the quarter, topping 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%. 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 company 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. The ex-dividend date was Tuesday, February 4th. This represents a $1.04 annualized dividend and a dividend yield of 3.27%. This is a positive change from Independent Bank’s previous quarterly dividend of $0.24. Independent Bank’s dividend payout ratio is currently 32.91%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. DA Davidson lifted their price target on Independent Bank from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 28th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $41.00 price target (up from $39.00) on shares of Independent Bank in a research report on Friday, January 24th.

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.