MQS Management LLC Buys New Holdings in Independent Bank Corporation $IBCP

MQS Management LLC acquired a new stake in Independent Bank Corporation (NASDAQ:IBCP) during the 3rd quarter, Holdings Channel reports. The institutional investor acquired 15,921 shares of the financial services provider’s stock, valued at approximately $493,000.

A number of other hedge funds also recently made changes to their positions in IBCP. Magnetar Financial LLC bought a new stake in Independent Bank in the 2nd quarter valued at $639,000. Assenagon Asset Management S.A. bought a new position in shares of Independent Bank in the third quarter valued at about $6,394,000. CSM Advisors LLC acquired a new stake in shares of Independent Bank during the 2nd quarter worth about $6,611,000. Y Intercept Hong Kong Ltd acquired a new position in Independent Bank in the 2nd quarter valued at about $298,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Independent Bank in the 2nd quarter valued at about $346,000. 79.43% of the stock is owned by institutional investors and hedge funds.

Independent Bank Trading Down 0.1%

IBCP opened at $35.99 on Thursday. The company has a market cap of $744.63 million, a P/E ratio of 10.97 and a beta of 0.80. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09. The company’s 50 day moving average is $34.25 and its 200-day moving average is $32.49. Independent Bank Corporation has a 1-year low of $26.75 and a 1-year high of $37.39.

Independent Bank (NASDAQ:IBCP) last issued its earnings results on Thursday, January 22nd. The financial services provider reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.06. The firm had revenue of $46.80 million for the quarter, compared to analyst estimates of $50.52 million. Independent Bank had a net margin of 21.73% and a return on equity of 14.41%. Equities research analysts predict that Independent Bank Corporation will post 3.22 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Tuesday, February 3rd will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Tuesday, February 3rd. This is a positive change from Independent Bank’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.1%. Independent Bank’s payout ratio is 34.15%.

Analyst Ratings Changes

Several analysts recently issued reports on IBCP shares. Piper Sandler boosted their price target on Independent Bank from $36.00 to $39.00 and gave the company a “neutral” rating in a research note on Monday, January 26th. Weiss Ratings raised shares of Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 12th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Independent Bank has an average rating of “Hold” and a consensus target price of $37.00.

About Independent Bank

Independent Bank Corporation (NASDAQ: IBCP) is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company’s offerings span traditional branch-based banking as well as digital and mobile platforms.

Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.