Hudson Edge Investment Partners Inc. Buys 6,333 Shares of Independent Bank Co. (NASDAQ:IBCP)

Hudson Edge Investment Partners Inc. raised its stake in shares of Independent Bank Co. (NASDAQ:IBCP) by 41.4% in the fourth quarter, Holdings Channel reports. The fund owned 21,628 shares of the financial services provider’s stock after acquiring an additional 6,333 shares during the period. Hudson Edge Investment Partners Inc.’s holdings in Independent Bank were worth $753,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

Several research analysts have issued reports on IBCP shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $41.00 price objective (up previously from $39.00) on shares of Independent Bank in a report on Friday, January 24th. DA Davidson raised their price target on Independent Bank from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Tuesday, January 28th.

Independent Bank Stock Down 3.0 %

Shares of Independent Bank stock opened at $33.49 on Friday. The company has a market capitalization of $699.61 million, a P/E ratio of 10.60 and a beta of 1.03. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. The business has a 50-day moving average of $35.16 and a two-hundred day moving average of $34.69. 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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.10. Independent Bank had a return on equity of 15.43% and a net margin of 20.67%. As a group, equities analysts predict that Independent Bank Co. will post 3.22 EPS for the current year.

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were given a $0.26 dividend. This is a boost from Independent Bank’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 3.11%. The ex-dividend date of this dividend was Tuesday, February 4th. Independent Bank’s payout ratio is currently 32.91%.

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.