Raymond James Financial Inc. Takes Position in Independent Bank Co. (NASDAQ:IBCP)

Raymond James Financial Inc. bought a new stake in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 11,772 shares of the financial services provider's stock, valued at approximately $410,000. Raymond James Financial Inc. owned approximately 0.06% of Independent Bank as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Foundry Partners LLC boosted its stake in Independent Bank by 1.1% during the 4th quarter. Foundry Partners LLC now owns 213,225 shares of the financial services provider's stock valued at $7,427,000 after purchasing an additional 2,355 shares during the last quarter. Barclays PLC lifted its holdings in shares of Independent Bank by 38.1% during the third quarter. Barclays PLC now owns 82,357 shares of the financial services provider's stock valued at $2,748,000 after purchasing an additional 22,728 shares in the last quarter. Principal Financial Group Inc. boosted 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 last quarter. Franklin Resources Inc. increased its holdings in 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 buying an additional 1,217 shares in the last quarter. Finally, Intech Investment Management LLC bought a new stake in Independent Bank in the 4th quarter worth about $436,000. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Price Performance

IBCP stock traded up $0.08 during mid-day trading on Tuesday, hitting $32.48. The company had a trading volume of 63,881 shares, compared to its average volume of 108,062. The company has a market capitalization of $673.02 million, a price-to-earnings ratio of 10.28 and a beta of 0.83. The company has a 50-day moving average price of $30.53 and a 200 day moving average price of $33.87. 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 12-month low of $22.53 and a 12-month high of $40.32.

Independent Bank (NASDAQ:IBCP - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.74 EPS 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 business had revenue of $54.11 million during the quarter, compared to analyst estimates of $46.25 million. On average, research analysts anticipate that Independent Bank Co. will post 3.22 earnings per share for the current year.

Independent Bank Dividend Announcement

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 given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 3.20%. The ex-dividend date of this dividend is Monday, May 5th. Independent Bank's payout ratio is 33.12%.

Analysts Set New Price Targets

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

Insider Activity

In related news, Director Michael M. Magee, Jr. sold 6,404 shares of Independent Bank stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $31.00, for a total transaction of $198,524.00. Following the completion of 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 document filed with the SEC, which is available through this hyperlink. Company insiders own 5.68% of the company's stock.

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.