1 week Ago By ABMN Staff
KLP Kapitalforvaltning AS purchased a new stake in shares of Independent Bank Co. ( NASDAQ:IBCP – Free Report ) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 4,600 shares of the financial services provider’s stock, valued at approximately $160,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Barclays PLC lifted its holdings in shares of Independent Bank by 38.1% in the third quarter.
Barclays PLC now owns 82,357 shares of the financial services provider’s stock valued at $2,748,000 after buying an additional 22,728 shares during the period. Principal Financial Group Inc. raised its position 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 worth $11,660,000 after acquiring an additional 77,874 shares in the last quarter.
State Street Corp lifted its holdings in Independent Bank by 4.8% in the 3rd quarter. State Street Corp now owns 647,579 shares of the financial services provider’s stock valued at $21,597,000 after acquiring an additional 29,475 shares during the last quarter.
Franklin Resources Inc. boosted its position in shares of Independent Bank by 3.9% during 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, Jane Street Group LLC grew its stake in shares of Independent Bank by 11.
6% in the 3rd quarter. Jane Street Group LLC now owns 21,360 shares of the financial services provider’s stock worth $712,000 after purchasing an additional 2,213 shares during the last quarter. 79.
43% of the stock is owned by institutional investors. Wall Street Analysts Forecast Growth Several analysts recently commented on the stock. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $41.
00 target price (up from $39.00) on shares of Independent Bank in a research note on Friday, January 24th. DA Davidson increased their price objective on Independent Bank from $37.
00 to $39.00 and gave the company a “neutral” rating in a research report on Tuesday, January 28th. Independent Bank Price Performance NASDAQ IBCP opened at $28.
56 on Wednesday. The company has a current ratio of 0.88, a quick ratio of 0.
88 and a debt-to-equity ratio of 0.18. Independent Bank Co.
has a 1 year low of $22.53 and a 1 year high of $40.32.
The company has a market cap of $598.99 million, a PE ratio of 9.04 and a beta of 0.
85. The stock’s 50-day moving average price is $32.70 and its two-hundred day moving average price is $34.
28. Independent Bank ( NASDAQ:IBCP – Get Free Report ) last released its earnings results on Thursday, January 23rd. The financial services provider reported $0.
87 earnings per share for the quarter, topping 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, analysts predict that Independent Bank Co. will post 3.22 EPS for the current year.
Independent Bank Increases Dividend The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were paid a dividend of $0.26 per share.
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%. The ex-dividend date of this dividend was Tuesday, February 4th.
Independent Bank’s payout ratio is 32.91%. Independent Bank Company Profile ( Free Report ) 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. Further Reading Want to see what other hedge funds are holding IBCP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independent Bank Co.
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