Proficio Capital Partners LLC Purchases Shares of 10,101 Independent Bank Co. (NASDAQ:IBCP)

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

A number of other hedge funds have also recently modified their holdings of IBCP. Rhumbline Advisers raised its holdings in Independent Bank by 0.9% in the 4th quarter. Rhumbline Advisers now owns 41,649 shares of the financial services provider’s stock worth $1,451,000 after purchasing an additional 374 shares during the period. HighTower Advisors LLC increased its holdings in shares of Independent Bank by 1.5% in the third quarter. HighTower Advisors LLC now owns 26,672 shares of the financial services provider’s stock valued at $889,000 after purchasing an additional 384 shares during the last quarter. National Bank of Canada FI acquired a new stake in shares of Independent Bank in the third quarter valued at approximately $26,000. Franklin Resources Inc. grew its position in Independent Bank by 3.9% in the third quarter. Franklin Resources Inc. now owns 32,756 shares of the financial services provider’s stock worth $1,095,000 after acquiring an additional 1,217 shares during the period. Finally, Geode Capital Management LLC grew its position in Independent Bank by 0.4% in the third quarter. Geode Capital Management LLC now owns 499,546 shares of the financial services provider’s stock worth $16,663,000 after acquiring an additional 1,831 shares during the period. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on IBCP. DA Davidson raised their price target on Independent Bank from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 28th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $41.00 price target (up from $39.00) on shares of Independent Bank in a research note on Friday, January 24th.

Independent Bank Stock Down 4.1 %

IBCP opened at $30.32 on Tuesday. The business’s 50-day simple moving average is $34.53 and its 200-day simple moving average is $34.79. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88. Independent Bank Co. has a one year low of $22.53 and a one year high of $40.32. The stock has a market capitalization of $633.51 million, a P/E ratio of 9.59 and a beta of 1.04.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping 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%. Analysts anticipate that Independent Bank Co. will post 3.22 EPS for the current year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 3.43%. The ex-dividend date of this dividend was Tuesday, February 4th. This is a positive change from Independent Bank’s previous quarterly dividend of $0.24. Independent Bank’s payout ratio is currently 32.91%.

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.