Marshall Wace LLP Invests $320,000 in Independent Bank Co. (NASDAQ:IBCP)

Marshall Wace LLP purchased a new stake in Independent Bank Co. (NASDAQ:IBCP - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 9,200 shares of the financial services provider's stock, valued at approximately $320,000.

Other large investors have also made changes to their positions in the company. Quantbot Technologies LP acquired a new position in Independent Bank during the fourth quarter worth $58,000. Quadrant Capital Group LLC boosted its position in shares of Independent Bank by 10.9% during the 4th quarter. Quadrant Capital Group LLC now owns 2,890 shares of the financial services provider's stock valued at $101,000 after acquiring an additional 283 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of Independent Bank in the fourth quarter valued at about $127,000. KLP Kapitalforvaltning AS acquired a new stake in Independent Bank during the fourth quarter worth about $160,000. Finally, Dakota Wealth Management purchased a new position in Independent Bank during the fourth quarter worth about $203,000. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

IBCP has been the subject of several analyst reports. Keefe, Bruyette & Woods dropped their price target on shares of Independent Bank from $37.00 to $35.00 and set a "market perform" rating for the company in a research note on Friday, April 25th. DA Davidson increased 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 reduced their target price 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 Trading Up 0.0 %

Shares of IBCP traded up $0.01 during trading on Wednesday, reaching $31.11. 87,337 shares of the company traded hands, compared to its average volume of 108,515. The stock has a 50-day simple moving average of $30.58 and a 200-day simple moving average of $33.88. The stock has a market cap of $652.47 million, a PE ratio of 9.84 and a beta of 0.83. Independent Bank Co. has a twelve month low of $22.53 and a twelve month high of $40.32. 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 - Get Free Report) last posted its earnings results on Thursday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.04. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. The firm had revenue of $54.11 million during the quarter, compared to the consensus estimate of $46.25 million. On average, analysts anticipate that Independent Bank Co. will post 3.22 earnings per share for the current year.

Independent Bank Announces Dividend

The company also recently announced 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 3.34%. The ex-dividend date of this dividend is Monday, May 5th. Independent Bank's payout ratio is 33.12%.

Insider Activity at Independent Bank

In other Independent Bank news, Director Michael M. Magee, Jr. sold 6,404 shares of the 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 directly owns 8,381 shares in the company, valued at $259,811. This represents a 43.31 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 5.68% of the stock is currently owned by company insiders.

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.