Bailard Inc. Has $740,000 Stock Holdings in Independent Bank Co. (NASDAQ:IBCP)

Bailard Inc. raised its position in Independent Bank Co. (NASDAQ:IBCP) by 13.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,260 shares of the financial services provider’s stock after acquiring an additional 2,500 shares during the period. Bailard Inc. owned about 0.10% of Independent Bank worth $740,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. National Bank of Canada FI bought a new stake in shares of Independent Bank during the third quarter valued at approximately $26,000. Dakota Wealth Management bought a new stake in Independent Bank in the 4th quarter valued at $203,000. Zacks Investment Management bought a new stake in Independent Bank in the 3rd quarter valued at $221,000. Centiva Capital LP acquired a new position in shares of Independent Bank in the 3rd quarter valued at $279,000. Finally, Summit Global Investments bought a new position in shares of Independent Bank during the 3rd quarter worth about $344,000. Institutional investors and hedge funds own 79.43% of the company’s stock.

Independent Bank Trading Down 0.7 %

Shares of Independent Bank stock opened at $33.73 on Tuesday. Independent Bank Co. has a 12-month low of $22.53 and a 12-month high of $40.32. The stock has a market capitalization of $704.75 million, a P/E ratio of 10.67 and a beta of 1.03. The company has a 50-day simple moving average of $34.87 and a 200 day simple moving average of $34.82. 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) last posted its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.10. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. Research analysts expect that Independent Bank Co. will post 3.22 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were given a $0.26 dividend. This is an increase from Independent Bank’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, February 4th. This represents a $1.04 annualized dividend and a yield of 3.08%. Independent Bank’s payout ratio is presently 32.91%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on IBCP. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $41.00 target price (up previously from $39.00) on shares of Independent Bank in a research note on Friday, January 24th. DA Davidson increased their target price on Independent Bank from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Tuesday, January 28th.

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.