Sterling Capital Management LLC Has $513,000 Stock Position in Independent Bank Co. (NASDAQ:IBCP)

Sterling Capital Management LLC lifted its holdings in Independent Bank Co. (NASDAQ:IBCP) by 4.0% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,721 shares of the financial services provider’s stock after acquiring an additional 569 shares during the period. Sterling Capital Management LLC owned approximately 0.07% of Independent Bank worth $513,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. National Bank of Canada FI bought a new position in shares of Independent Bank during the third quarter worth approximately $26,000. Quantbot Technologies LP acquired a new stake in Independent Bank during the fourth quarter worth approximately $58,000. Quadrant Capital Group LLC increased its stake in Independent Bank by 10.9% during the 4th quarter. Quadrant Capital Group LLC now owns 2,890 shares of the financial services provider’s stock worth $101,000 after acquiring an additional 283 shares during the period. Aster Capital Management DIFC Ltd acquired a new position in Independent Bank in the 4th quarter valued at $127,000. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Independent Bank during the 4th quarter valued at $160,000. 79.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Independent Bank Price Performance

Shares of IBCP stock opened at $30.12 on Friday. Independent Bank Co. has a twelve month low of $22.53 and a twelve month high of $40.32. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. The business has a fifty day simple moving average of $31.60 and a 200 day simple moving average of $34.07. The company has a market cap of $631.71 million, a P/E ratio of 9.53 and a beta of 0.85.

Independent Bank (NASDAQ:IBCP) last posted its earnings results on Thursday, January 23rd. The financial services provider reported $0.87 EPS 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%. On average, sell-side analysts forecast that Independent Bank Co. will post 3.22 EPS for the current fiscal year.

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.