Dimensional Fund Advisors LP Has $32.95 Million Holdings in Independent Bank Co. (NASDAQ:IBCP)

Dimensional Fund Advisors LP decreased its stake in Independent Bank Co. (NASDAQ:IBCP - Free Report) by 1.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 945,943 shares of the financial services provider's stock after selling 15,259 shares during the period. Dimensional Fund Advisors LP owned 4.53% of Independent Bank worth $32,947,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Quadrant Capital Group LLC raised its holdings in shares of Independent Bank by 10.9% during the fourth quarter. Quadrant Capital Group LLC now owns 2,890 shares of the financial services provider's stock valued at $101,000 after buying an additional 283 shares during the last quarter. Rhumbline Advisers increased its stake in Independent Bank by 0.9% during the 4th quarter. Rhumbline Advisers now owns 41,649 shares of the financial services provider's stock valued at $1,451,000 after buying an additional 374 shares during the period. Sterling Capital Management LLC raised its position in shares of Independent Bank by 4.0% during the 4th quarter. Sterling Capital Management LLC now owns 14,721 shares of the financial services provider's stock worth $513,000 after buying an additional 569 shares in the last quarter. HighTower Advisors LLC raised its position in shares of Independent Bank by 2.2% during the 4th quarter. HighTower Advisors LLC now owns 27,270 shares of the financial services provider's stock worth $950,000 after buying an additional 598 shares in the last quarter. Finally, Franklin Resources Inc. lifted its stake in shares of Independent Bank by 3.9% in the 3rd quarter. Franklin Resources Inc. now owns 32,756 shares of the financial services provider's stock worth $1,095,000 after acquiring an additional 1,217 shares during the period. Institutional investors and hedge funds own 79.43% of the company's stock.

Insider Activity at Independent Bank

In other news, Director Michael M. Magee, Jr. sold 6,404 shares of the business's stock in a transaction that occurred on 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 in the company, 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 Securities & Exchange Commission, which can be accessed through the SEC website. 5.68% of the stock is currently owned by corporate insiders.

Independent Bank Price Performance

Shares of NASDAQ:IBCP traded down $0.24 during trading hours on Friday, hitting $31.64. 70,986 shares of the company's stock traded hands, compared to its average volume of 108,292. The company's fifty day simple moving average is $30.53 and its two-hundred day simple moving average is $33.87. The company has a market cap 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. Independent Bank Co. has a 52 week low of $22.53 and a 52 week high of $40.32.

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

Independent Bank Announces Dividend

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

Analysts Set New Price Targets

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

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.