Proficio Capital Partners LLC Makes New Investment in Independent Bank Co. (NASDAQ:IBCP)

Proficio Capital Partners LLC bought a new position in Independent Bank Co. (NASDAQ:IBCP) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 10,101 shares of the financial services provider’s stock, valued at approximately $352,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Barclays PLC grew its position in Independent Bank by 38.1% in the 3rd quarter. Barclays PLC now owns 82,357 shares of the financial services provider’s stock worth $2,748,000 after purchasing an additional 22,728 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Independent Bank by 28.7% in 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 last quarter. State Street Corp grew its holdings in shares of Independent Bank by 4.8% in the third 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 in the last quarter. Franklin Resources Inc. grew its holdings in shares of Independent Bank by 3.9% in the third quarter. Franklin Resources Inc. now owns 32,756 shares of the financial services provider’s stock valued at $1,095,000 after acquiring an additional 1,217 shares in the last quarter. Finally, Jane Street Group LLC increased its position in shares of Independent Bank by 11.6% during the third quarter. Jane Street Group LLC now owns 21,360 shares of the financial services provider’s stock valued at $712,000 after acquiring an additional 2,213 shares during the last quarter. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Independent Bank Stock Performance

NASDAQ:IBCP opened at $31.61 on Wednesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market capitalization of $662.96 million, a P/E ratio of 10.00 and a beta of 1.04. Independent Bank Co. has a 1 year low of $22.53 and a 1 year high of $40.32. The business has a fifty day simple moving average of $33.88 and a two-hundred day simple moving average of $34.58.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.10. Independent Bank had a return on equity of 15.43% and a net margin of 20.67%. On average, analysts expect that Independent Bank Co. will post 3.22 earnings per share for the current year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were paid a $0.26 dividend. The ex-dividend date was Tuesday, February 4th. This represents a $1.04 annualized dividend and a yield of 3.29%. This is an increase from Independent Bank’s previous quarterly dividend of $0.24. Independent Bank’s dividend payout ratio (DPR) is currently 32.91%.

Analysts Set New Price Targets

IBCP has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $41.00 price objective (up previously from $39.00) on shares of Independent Bank in a research note on Friday, January 24th. DA Davidson increased their price target on shares of Independent Bank from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Tuesday, January 28th.

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.