Independent Bank Co. (NASDAQ:IBCP) Stake Raised by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC boosted its holdings in Independent Bank Co. (NASDAQ:IBCP) by 6.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,139 shares of the financial services provider’s stock after acquiring an additional 1,345 shares during the quarter. Wedge Capital Management L L P NC owned about 0.10% of Independent Bank worth $550,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. FMR LLC raised its holdings in Independent Bank by 12.8% during the 3rd quarter. FMR LLC now owns 773,868 shares of the financial services provider’s stock worth $14,193,000 after buying an additional 87,852 shares during the period. Assenagon Asset Management S.A. raised its holdings in Independent Bank by 31.5% during 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 buying an additional 45,617 shares during the period. American Century Companies Inc. raised its holdings in Independent Bank by 10.1% during the 3rd quarter. American Century Companies Inc. now owns 234,147 shares of the financial services provider’s stock worth $4,294,000 after buying an additional 21,567 shares during the period. Raymond James Financial Services Advisors Inc. acquired a new stake in Independent Bank during the 3rd quarter worth about $258,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in Independent Bank by 1.9% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 398,871 shares of the financial services provider’s stock worth $10,379,000 after buying an additional 7,455 shares during the period. 79.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Hovde Group began coverage on Independent Bank in a report on Monday, March 4th. They set a “market perform” rating on the stock.

Independent Bank Trading Down 0.7 %

NASDAQ:IBCP opened at $24.99 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.86 and a quick ratio of 0.85. Independent Bank Co. has a fifty-two week low of $14.90 and a fifty-two week high of $27.39. The stock’s 50-day moving average is $24.31 and its two-hundred day moving average is $23.51. The stock has a market cap of $522.54 million, a PE ratio of 8.50 and a beta of 0.97.

Independent Bank (NASDAQ:IBCP) last released its earnings results on Thursday, January 25th. The financial services provider reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.08. Independent Bank had a return on equity of 16.88% and a net margin of 20.45%. The company had revenue of $49.21 million for the quarter, compared to analysts’ expectations of $51.50 million. As a group, equities research analysts forecast that Independent Bank Co. will post 2.99 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $0.96 annualized dividend and a dividend yield of 3.84%. Independent Bank’s payout ratio is 32.65%.

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.