Geode Capital Management LLC Buys 1,831 Shares of Independent Bank Co. (NASDAQ:IBCP)

Geode Capital Management LLC increased its position in shares of Independent Bank Co. (NASDAQ:IBCP) by 0.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 499,546 shares of the financial services provider’s stock after purchasing an additional 1,831 shares during the quarter. Geode Capital Management LLC owned 2.39% of Independent Bank worth $16,663,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. 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. Barclays PLC increased its stake in shares of Independent Bank by 38.1% in the 3rd quarter. Barclays PLC now owns 82,357 shares of the financial services provider’s stock valued at $2,748,000 after purchasing an additional 22,728 shares during the last quarter. State Street Corp raised its holdings in shares of 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 in the last quarter. Acadian Asset Management LLC lifted its position in shares of Independent Bank by 27.8% during the 2nd quarter. Acadian Asset Management LLC now owns 423,631 shares of the financial services provider’s stock worth $11,432,000 after buying an additional 92,148 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Independent Bank by 14.8% in the second quarter. Bank of New York Mellon Corp now owns 206,619 shares of the financial services provider’s stock valued at $5,579,000 after acquiring an additional 26,674 shares during the last quarter. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Gavin A. Mohr acquired 800 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was bought at an average price of $36.71 per share, with a total value of $29,368.00. Following the acquisition, the executive vice president now owns 18,662 shares in the company, valued at $685,082.02. The trade was a 4.48 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 5.45% of the company’s stock.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods boosted their target price on shares of Independent Bank from $33.00 to $39.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th.

Independent Bank Trading Down 2.0 %

Shares of IBCP stock opened at $34.69 on Monday. The company has a market cap of $724.81 million, a P/E ratio of 11.80 and a beta of 1.02. Independent Bank Co. has a fifty-two week low of $22.53 and a fifty-two week high of $40.32. The stock has a 50 day simple moving average of $36.28 and a two-hundred day simple moving average of $32.89. 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 (NASDAQ:IBCP) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11). Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. The firm had revenue of $77.84 million for the quarter, compared to analyst estimates of $55.05 million. During the same period last year, the company posted $0.83 earnings per share. Research analysts forecast that Independent Bank Co. will post 3.02 earnings per share for the current year.

Independent Bank Announces Dividend

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

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.