Magnetar Financial LLC Buys Shares of 8,214 Independent Bank Co. (NASDAQ:IBCP)

Magnetar Financial LLC purchased a new stake in shares of Independent Bank Co. (NASDAQ:IBCP) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 8,214 shares of the financial services provider’s stock, valued at approximately $286,000.

A number of other institutional investors have also made changes to their positions in the stock. National Bank of Canada FI purchased a new position in shares of Independent Bank during the 3rd quarter worth approximately $26,000. Dakota Wealth Management purchased a new position in shares of Independent Bank during the fourth quarter worth $203,000. Zacks Investment Management purchased a new position in shares of Independent Bank during the third quarter worth $221,000. Centiva Capital LP purchased a new stake in shares of Independent Bank in the 3rd quarter valued at $279,000. Finally, Proficio Capital Partners LLC acquired a new position in Independent Bank during the 4th quarter worth about $352,000. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

IBCP has been the subject of several research reports. DA Davidson lifted their target price on Independent Bank from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Tuesday, January 28th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $41.00 target price (up from $39.00) on shares of Independent Bank in a research note on Friday, January 24th.

Independent Bank Price Performance

IBCP stock opened at $31.06 on Monday. The business’s 50-day moving average is $33.95 and its two-hundred day moving average is $34.59. 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 firm has a market capitalization of $651.42 million, a P/E ratio of 9.83 and a beta of 1.04. Independent Bank Co. has a 1 year low of $22.53 and a 1 year high of $40.32.

Independent Bank (NASDAQ:IBCP) last issued 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 net margin of 20.67% and a return on equity of 15.43%. Analysts anticipate that Independent Bank Co. will post 3.22 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 3.35%. 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 dividend payout ratio is 32.91%.

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.