Franklin Resources Inc. Acquires 1,217 Shares of Independent Bank Co. (NASDAQ:IBCP)

Franklin Resources Inc. increased its stake in Independent Bank Co. (NASDAQ:IBCP) by 3.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 32,756 shares of the financial services provider’s stock after purchasing an additional 1,217 shares during the period. Franklin Resources Inc. owned approximately 0.16% of Independent Bank worth $1,095,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. grew its stake in Independent Bank by 202.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 171,090 shares of the financial services provider’s stock worth $5,706,000 after buying an additional 114,487 shares in the last quarter. Acadian Asset Management LLC grew its position in Independent Bank by 27.8% in the second quarter. Acadian Asset Management LLC now owns 423,631 shares of the financial services provider’s stock worth $11,432,000 after acquiring an additional 92,148 shares in the last quarter. Principal Financial Group Inc. increased 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 last quarter. AQR Capital Management LLC raised its position in Independent Bank by 75.8% during the second quarter. AQR Capital Management LLC now owns 174,011 shares of the financial services provider’s stock valued at $4,698,000 after purchasing an additional 75,022 shares in the last quarter. Finally, FMR LLC lifted its stake in Independent Bank by 7.2% during the third 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 during the last quarter. 79.43% of the stock is currently owned by institutional investors.

Insider Activity at Independent Bank

In other news, EVP Gavin A. Mohr acquired 800 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were purchased at an average price of $36.71 per share, for a total transaction of $29,368.00. Following the completion of the transaction, the executive vice president now owns 18,662 shares of the company’s stock, valued at $685,082.02. The trade was a 4.48 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.45% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods raised their price objective on Independent Bank from $33.00 to $39.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th.

Independent Bank Stock Performance

Independent Bank stock opened at $34.69 on Friday. The firm has a fifty day simple moving average of $36.28 and a two-hundred day simple moving average of $32.89. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. Independent Bank Co. has a twelve month low of $22.53 and a twelve month high of $40.32. The company has a market capitalization of $724.81 million, a PE ratio of 11.80 and a beta of 1.02.

Independent Bank (NASDAQ:IBCP) last issued its earnings results on Thursday, October 24th. The financial services provider reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.11). The company had revenue of $77.84 million for the quarter, compared to analysts’ expectations of $55.05 million. Independent Bank had a net margin of 19.93% and a return on equity of 15.26%. During the same quarter in the prior year, the company earned $0.83 earnings per share. Research analysts expect that Independent Bank Co. will post 3.02 EPS for the current year.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, November 5th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.77%. The ex-dividend date of this dividend was Tuesday, November 5th. Independent Bank’s payout ratio is 32.65%.

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.