Geode Capital Management LLC Decreases Stock Holdings in Independent Bank Co. (NASDAQ:IBCP)

Geode Capital Management LLC lowered its holdings in Independent Bank Co. (NASDAQ:IBCP) by 0.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 496,443 shares of the financial services provider’s stock after selling 3,103 shares during the quarter. Geode Capital Management LLC owned approximately 2.38% of Independent Bank worth $17,296,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the stock. State Street Corp increased its stake in shares of Independent Bank by 4.8% in the 3rd quarter. State Street Corp now owns 647,579 shares of the financial services provider’s stock worth $21,597,000 after acquiring an additional 29,475 shares in the last quarter. Jane Street Group LLC lifted its position in Independent Bank by 11.6% in the 3rd 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 in the last quarter. Barclays PLC boosted 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 valued at $2,748,000 after purchasing an additional 22,728 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Independent Bank by 3.9% during the 3rd 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 during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of Independent Bank by 28.7% during 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 purchasing an additional 77,874 shares during the last quarter. Institutional investors own 79.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. DA Davidson lifted their target price on shares of 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 reaffirmed a “market perform” rating and issued a $41.00 price objective (up previously from $39.00) on shares of Independent Bank in a report on Friday, January 24th.

Independent Bank Trading Up 0.8 %

Shares of Independent Bank stock opened at $30.12 on Friday. Independent Bank Co. has a 1-year low of $22.53 and a 1-year high of $40.32. The company’s fifty day simple moving average is $31.47 and its 200-day simple moving average is $34.07. 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 market capitalization of $631.71 million, a PE ratio of 9.53 and a beta of 0.85.

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 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%. As a group, equities analysts anticipate that Independent Bank Co. will post 3.22 earnings per share for the current year.

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.