Independent Bank Co. (NASDAQ:IBCP) Shares Bought by Hudson Edge Investment Partners Inc.

Hudson Edge Investment Partners Inc. increased its holdings in Independent Bank Co. (NASDAQ:IBCP) by 41.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 21,628 shares of the financial services provider’s stock after buying an additional 6,333 shares during the period. Hudson Edge Investment Partners Inc. owned about 0.10% of Independent Bank worth $753,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. increased its stake in shares of Independent Bank by 202.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 171,090 shares of the financial services provider’s stock valued at $5,706,000 after acquiring an additional 114,487 shares during the period. Principal Financial Group Inc. increased its position in shares of Independent Bank by 28.7% during the 3rd 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 period. FMR LLC raised its stake in shares of Independent Bank by 7.2% in the 3rd quarter. FMR LLC now owns 1,034,775 shares of the financial services provider’s stock worth $34,510,000 after buying an additional 69,504 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in Independent Bank by 40.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 132,234 shares of the financial services provider’s stock valued at $4,606,000 after buying an additional 38,157 shares in the last quarter. Finally, State Street Corp grew its holdings in Independent Bank by 4.8% during the third 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 during the period. Institutional investors own 79.43% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on IBCP. DA Davidson lifted their price objective on shares of Independent Bank from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 28th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $41.00 price target (up previously from $39.00) on shares of Independent Bank in a report on Friday, January 24th.

Independent Bank Stock Performance

IBCP stock opened at $33.49 on Friday. The firm has a 50 day moving average of $35.16 and a two-hundred day moving average of $34.69. Independent Bank Co. has a 12 month low of $22.53 and a 12 month high of $40.32. The company has a market capitalization of $699.61 million, a price-to-earnings ratio of 10.60 and a beta of 1.03. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share for the quarter, beating 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 EPS for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.11%. This is a boost from Independent Bank’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, February 4th. Independent Bank’s dividend payout ratio is currently 32.91%.

About Independent Bank

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.