Thrivent Financial for Lutherans Reduces Position in Independent Bank Co. (NASDAQ:IBCP)

Thrivent Financial for Lutherans lessened its holdings in Independent Bank Co. (NASDAQ:IBCP) by 39.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 32,181 shares of the financial services provider’s stock after selling 20,947 shares during the quarter. Thrivent Financial for Lutherans owned about 0.15% of Independent Bank worth $1,120,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in IBCP. PL Capital Advisors LLC boosted its stake in shares of Independent Bank by 3,383.0% in the fourth quarter. PL Capital Advisors LLC now owns 11,110,248 shares of the financial services provider’s stock worth $386,970,000 after buying an additional 10,791,263 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position 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 purchasing an additional 114,487 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of 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 purchasing an additional 77,874 shares during the period. FMR LLC grew its stake in shares of Independent Bank by 7.2% during the 3rd 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 period. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Independent Bank by 40.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 132,234 shares of the financial services provider’s stock valued at $4,606,000 after purchasing an additional 38,157 shares in the last quarter. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Independent Bank Trading Down 0.2 %

Shares of IBCP stock opened at $30.79 on Tuesday. 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 $645.76 million, a price-to-earnings ratio of 9.74 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. The stock has a 50 day simple moving average of $33.60 and a 200-day simple moving average of $34.53.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.87 EPS 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, equities research analysts expect that Independent Bank Co. will post 3.22 EPS for the current fiscal year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were paid 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 dividend on an annualized basis and a yield of 3.38%. Independent Bank’s dividend payout ratio (DPR) is currently 32.91%.

Analysts Set New Price Targets

IBCP has been the topic of a number of recent analyst reports. DA Davidson increased their price target 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 target price (up from $39.00) on shares of Independent Bank in a research note on Friday, January 24th.

Independent Bank Company 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.