9,200 Shares in Independent Bank Co. (NASDAQ:IBCP) Acquired by Marshall Wace LLP

Marshall Wace LLP purchased a new stake in Independent Bank Co. (NASDAQ:IBCP - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 9,200 shares of the financial services provider's stock, valued at approximately $320,000.

Several other hedge funds and other institutional investors also recently modified their holdings of IBCP. PL Capital Advisors LLC raised its holdings in Independent Bank by 3,383.0% during the 4th quarter. PL Capital Advisors LLC now owns 11,110,248 shares of the financial services provider's stock valued at $386,970,000 after acquiring an additional 10,791,263 shares during the period. Vanguard Group Inc. grew its position in shares of Independent Bank by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 1,218,710 shares of the financial services provider's stock valued at $42,448,000 after purchasing an additional 25,756 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Independent Bank by 11.5% during the 4th quarter. American Century Companies Inc. now owns 523,614 shares of the financial services provider's stock valued at $18,237,000 after purchasing an additional 53,938 shares during the period. JPMorgan Chase & Co. lifted its holdings in Independent Bank by 15.3% during the 4th quarter. JPMorgan Chase & Co. now owns 447,690 shares of the financial services provider's stock worth $15,593,000 after purchasing an additional 59,339 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Independent Bank by 28.7% during the third quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider's stock valued at $11,660,000 after buying an additional 77,874 shares during the period. Institutional investors own 79.43% of the company's stock.

Analysts Set New Price Targets

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

Insider Transactions at Independent Bank

In other Independent Bank news, Director Michael M. Magee, Jr. sold 6,404 shares of Independent Bank 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 transaction, the director now directly owns 8,381 shares of the company's stock, valued at approximately $259,811. This trade represents a 43.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 5.68% of the company's stock.

Independent Bank Price Performance

Shares of IBCP stock traded down $0.24 during trading on Friday, hitting $31.64. The company had a trading volume of 70,986 shares, compared to its average volume of 108,292. The stock's 50-day moving average is $30.53 and its two-hundred day moving average is $33.86. The stock 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 quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. 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 quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.74 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $46.25 million. As a group, analysts predict that Independent Bank Co. will post 3.22 EPS for the current fiscal year.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders 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 dividend payout ratio (DPR) is currently 33.12%.

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.