Bank of New York Mellon Corp Cuts Stock Position in Independent Bank Co. (NASDAQ:IBCP)

Bank of New York Mellon Corp decreased its position in shares of Independent Bank Co. (NASDAQ:IBCP) by 14.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 owned about 0.80% of Independent Bank worth $5,825,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its stake in Independent Bank by 28.7% during the 3rd quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock worth $11,660,000 after buying an additional 77,874 shares during the period. Barclays PLC increased 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. State Street Corp increased its stake in Independent Bank by 4.8% during the 3rd quarter. State Street Corp now owns 647,579 shares of the financial services provider’s stock worth $21,597,000 after buying an additional 29,475 shares during the period. Franklin Resources Inc. increased its stake in Independent Bank by 3.9% during the 3rd quarter. Franklin Resources Inc. now owns 32,756 shares of the financial services provider’s stock worth $1,095,000 after buying an additional 1,217 shares during the period. Finally, Jane Street Group LLC increased its stake in 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 worth $712,000 after buying an additional 2,213 shares during the period. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Independent Bank Price Performance

Shares of IBCP stock opened at $30.91 on Monday. The firm has a market cap of $648.28 million, a P/E ratio of 9.78 and a beta of 1.04. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. Independent Bank Co. has a 1-year low of $22.53 and a 1-year high of $40.32. The firm has a fifty day moving average of $34.19 and a two-hundred day moving average of $34.69.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.87 EPS for the quarter, beating 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%. As a group, research analysts anticipate that Independent Bank Co. will post 3.22 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were issued a $0.26 dividend. The ex-dividend date was Tuesday, February 4th. This is a positive change from Independent Bank’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 3.36%. Independent Bank’s payout ratio is 32.91%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on IBCP shares. 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. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $41.00 price objective (up from $39.00) on shares of Independent Bank in a report on Friday, January 24th.

Independent Bank 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.