Independent Bank Co.(MI) (IBCP) Position Trimmed by First Trust Advisors LP

First Trust Advisors LP trimmed its position in shares of Independent Bank Co.(MI) (NASDAQ:IBCP) by 12.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,051 shares of the financial services provider’s stock after selling 6,387 shares during the period. First Trust Advisors LP owned approximately 0.21% of Independent Bank Co.(MI) worth $998,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Nationwide Fund Advisors grew its holdings in Independent Bank Co.(MI) by 63.1% during the 3rd quarter. Nationwide Fund Advisors now owns 98,860 shares of the financial services provider’s stock valued at $2,239,000 after purchasing an additional 38,253 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Independent Bank Co.(MI) by 1.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 562,914 shares of the financial services provider’s stock worth $12,243,000 after acquiring an additional 10,392 shares in the last quarter. State Street Corp grew its holdings in Independent Bank Co.(MI) by 37.1% during the 2nd quarter. State Street Corp now owns 557,412 shares of the financial services provider’s stock worth $12,125,000 after acquiring an additional 150,958 shares in the last quarter. Balyasny Asset Management LLC acquired a new position in Independent Bank Co.(MI) during the 2nd quarter worth $1,029,000. Finally, Voya Investment Management LLC grew its holdings in Independent Bank Co.(MI) by 7.7% during the 2nd quarter. Voya Investment Management LLC now owns 17,313 shares of the financial services provider’s stock worth $377,000 after acquiring an additional 1,243 shares in the last quarter. 81.66% of the stock is owned by institutional investors and hedge funds.

IBCP has been the subject of several recent analyst reports. Keefe, Bruyette & Woods reissued a “hold” rating and set a $22.00 price objective on shares of Independent Bank Co.(MI) in a report on Wednesday, October 4th. Boenning Scattergood reissued a “hold” rating on shares of Independent Bank Co.(MI) in a report on Friday, October 27th. Finally, Zacks Investment Research raised shares of Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a report on Wednesday, September 27th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. Independent Bank Co.(MI) has a consensus rating of “Hold” and an average target price of $22.67.

Independent Bank Co (IBCP) opened at $22.55 on Tuesday. The firm has a market cap of $475.70, a price-to-earnings ratio of 19.56, a price-to-earnings-growth ratio of 2.32 and a beta of 0.70. The company has a current ratio of 0.86, a quick ratio of 0.84 and a debt-to-equity ratio of 0.40. Independent Bank Co has a fifty-two week low of $18.50 and a fifty-two week high of $23.65.

Independent Bank Co.(MI) (NASDAQ:IBCP) last announced its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.32 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.33 by ($0.01). The company had revenue of $33.22 million for the quarter, compared to analyst estimates of $33.36 million. Independent Bank Co.(MI) had a return on equity of 9.52% and a net margin of 17.75%. sell-side analysts predict that Independent Bank Co will post 1.2 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Monday, November 6th were issued a dividend of $0.12 per share. This is a positive change from Independent Bank Co.(MI)’s previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a yield of 2.13%. The ex-dividend date was Friday, November 3rd. Independent Bank Co.(MI)’s dividend payout ratio (DPR) is currently 42.11%.

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Independent Bank Co.(MI) Profile

Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank focuses on commercial banking industry. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services.

Institutional Ownership by Quarter for Independent Bank Co.(MI) (NASDAQ:IBCP)

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