FJ Capital Management LLC Trims Position in Independent Bank Co. (NASDAQ:IBCP)

FJ Capital Management LLC decreased its position in Independent Bank Co. (NASDAQ:IBCP - Free Report) by 16.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 670,484 shares of the financial services provider's stock after selling 134,883 shares during the quarter. Independent Bank makes up 2.7% of FJ Capital Management LLC's investment portfolio, making the stock its 11th largest position. FJ Capital Management LLC owned 3.21% of Independent Bank worth $23,353,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Deutsche Bank AG increased its position in shares of Independent Bank by 81.3% in the fourth quarter. Deutsche Bank AG now owns 15,746 shares of the financial services provider's stock valued at $548,000 after acquiring an additional 7,059 shares during the period. Cubist Systematic Strategies LLC bought a new stake in shares of Independent Bank in the 4th quarter worth approximately $186,000. Bank of America Corp DE grew its position in shares of Independent Bank by 17.5% in the 4th quarter. Bank of America Corp DE now owns 124,784 shares of the financial services provider's stock worth $4,346,000 after buying an additional 18,602 shares during the last quarter. Tudor Investment Corp ET AL grew its position in shares of Independent Bank by 125.9% in the 4th quarter. Tudor Investment Corp ET AL now owns 57,938 shares of the financial services provider's stock worth $2,018,000 after buying an additional 32,291 shares during the last quarter. Finally, Aquatic Capital Management LLC bought a new stake in shares of Independent Bank in the 4th quarter worth approximately $42,000. Hedge funds and other institutional investors own 79.43% of the company's stock.

Insider Buying and Selling

In related news, Director Michael M. Magee, Jr. sold 6,404 shares of the business's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $31.00, for a total transaction of $198,524.00. Following the sale, the director now owns 8,381 shares of the company's stock, valued at $259,811. The trade was a 43.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 5.68% of the stock is currently owned by insiders.

Independent Bank Stock Down 0.8%

Shares of IBCP traded down $0.24 on Friday, reaching $31.64. The stock had a trading volume of 70,986 shares, compared to its average volume of 108,292. The firm has a market capitalization of $663.59 million, a price-to-earnings ratio of 10.01 and a beta of 0.83. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88. The company has a 50-day simple moving average of $30.53 and a 200-day simple moving average of $33.87. Independent Bank Co. has a 12-month low of $22.53 and a 12-month high of $40.32.

Independent Bank (NASDAQ:IBCP - Get Free Report) last released its earnings results on Thursday, April 24th. The financial services provider reported $0.74 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.04. The company had revenue of $54.11 million during the quarter, compared to analysts' expectations of $46.25 million. Independent Bank had a return on equity of 15.43% and a net margin of 20.67%. Sell-side analysts predict that Independent Bank Co. will post 3.22 EPS for the current year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Monday, May 5th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 3.29%. The ex-dividend date of this dividend is Monday, May 5th. Independent Bank's payout ratio is currently 33.12%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on IBCP. Keefe, Bruyette & Woods cut their price objective on Independent Bank from $37.00 to $35.00 and set a "market perform" rating on the stock in a research report on Friday, April 25th. DA Davidson lifted their price objective on Independent Bank from $37.00 to $39.00 and gave the stock a "neutral" rating in a research report on Tuesday, January 28th. Finally, Piper Sandler cut their price objective on Independent Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a research report on Monday, April 28th.

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.