PL Capital Advisors LLC cut its stake in shares of Independent Bank Co. (NASDAQ:IBCP – Free Report) by 3.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 328,985 shares of the financial services provider’s stock after selling 12,000 shares during the quarter. Independent Bank accounts for about 3.0% of PL Capital Advisors LLC’s holdings, making the stock its 9th biggest holding. PL Capital Advisors LLC’s holdings in Independent Bank were worth $8,560,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also bought and sold shares of the company. Swiss National Bank lifted its position in Independent Bank by 2.2% during the third quarter. Swiss National Bank now owns 46,500 shares of the financial services provider’s stock valued at $853,000 after purchasing an additional 1,000 shares during the last quarter. Fifth Third Bancorp lifted its position in Independent Bank by 524.2% during the fourth quarter. Fifth Third Bancorp now owns 2,060 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 1,730 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Independent Bank by 31.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 190,556 shares of the financial services provider’s stock worth $3,495,000 after acquiring an additional 45,617 shares during the last quarter. FMR LLC lifted its holdings in shares of Independent Bank by 12.8% in the 3rd quarter. FMR LLC now owns 773,868 shares of the financial services provider’s stock worth $14,193,000 after acquiring an additional 87,852 shares during the last quarter. Finally, Denali Advisors LLC bought a new stake in shares of Independent Bank in the 4th quarter worth approximately $138,000. 79.43% of the stock is currently owned by institutional investors.
Independent Bank Trading Down 0.7 %
Shares of IBCP opened at $24.99 on Friday. The firm has a market cap of $522.54 million, a price-to-earnings ratio of 8.50 and a beta of 0.97. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.85 and a current ratio of 0.86. Independent Bank Co. has a fifty-two week low of $14.90 and a fifty-two week high of $27.39. The firm has a 50 day moving average price of $24.31 and a 200-day moving average price of $23.55.
Independent Bank Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, May 13th. Investors of record on Friday, May 3rd will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.84%. The ex-dividend date of this dividend is Thursday, May 2nd. Independent Bank’s payout ratio is 32.65%.
Wall Street Analysts Forecast Growth
Separately, Hovde Group assumed coverage on shares of Independent Bank in a report on Monday, March 4th. They issued a “market perform” rating for the company.
View Our Latest Stock Analysis on IBCP
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.
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