AlphaQuest LLC Reduces Stake in Independent Bank Co. (NASDAQ:IBCP)

AlphaQuest LLC trimmed its stake in Independent Bank Co. (NASDAQ:IBCP) by 41.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,238 shares of the financial services provider’s stock after selling 9,919 shares during the quarter. AlphaQuest LLC owned approximately 0.07% of Independent Bank worth $496,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in IBCP. PL Capital Advisors LLC boosted its stake in Independent Bank by 3,383.0% in the fourth 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 last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Independent Bank by 202.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 171,090 shares of the financial services provider’s stock valued at $5,706,000 after buying an additional 114,487 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Independent Bank by 28.7% during the 3rd 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 in the last quarter. FMR LLC lifted its stake in shares of Independent Bank by 7.2% during the 3rd quarter. FMR LLC now owns 1,034,775 shares of the financial services provider’s stock valued at $34,510,000 after buying an additional 69,504 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Independent Bank by 40.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 132,234 shares of the financial services provider’s stock valued at $4,606,000 after buying an additional 38,157 shares in the last quarter. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Stock Performance

Independent Bank stock opened at $30.45 on Thursday. The firm’s 50 day simple moving average is $34.35 and its 200 day simple moving average is $34.73. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $636.22 million, a PE ratio of 9.64 and a beta of 1.04. Independent Bank Co. has a 1-year low of $22.53 and a 1-year high of $40.32.

Independent Bank (NASDAQ:IBCP) last posted its earnings results on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.10. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. As a group, analysts expect that Independent Bank Co. will post 3.22 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date of this dividend was Tuesday, February 4th. This is a positive change from Independent Bank’s previous quarterly dividend of $0.24. Independent Bank’s dividend payout ratio is 32.91%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. DA Davidson upped their price target on shares of Independent Bank from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Tuesday, January 28th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $41.00 price target (up from $39.00) on shares of Independent Bank in a research note on Friday, January 24th.

Independent Bank 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.