Independent Bank Co.(MI) (IBCP) Shares Bought by PL Capital Advisors LLC

PL Capital Advisors LLC grew its stake in Independent Bank Co.(MI) (NASDAQ:IBCP) by 10.2% during the third quarter, HoldingsChannel.com reports. The firm owned 1,158,285 shares of the financial services provider’s stock after purchasing an additional 107,300 shares during the quarter. Independent Bank Co.(MI) comprises approximately 7.1% of PL Capital Advisors LLC’s portfolio, making the stock its 4th biggest holding. PL Capital Advisors LLC’s holdings in Independent Bank Co.(MI) were worth $27,393,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in shares of Independent Bank Co.(MI) by 7.0% in the second quarter. BlackRock Inc. now owns 2,084,772 shares of the financial services provider’s stock valued at $53,161,000 after buying an additional 135,945 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Independent Bank Co.(MI) by 18.7% in the second quarter. Renaissance Technologies LLC now owns 1,106,600 shares of the financial services provider’s stock valued at $28,218,000 after buying an additional 174,700 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Independent Bank Co.(MI) by 51.7% in the second quarter. Millennium Management LLC now owns 520,993 shares of the financial services provider’s stock valued at $13,285,000 after buying an additional 177,570 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Independent Bank Co.(MI) by 6.4% in the second quarter. Dimensional Fund Advisors LP now owns 444,101 shares of the financial services provider’s stock valued at $11,325,000 after buying an additional 26,609 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of Independent Bank Co.(MI) by 74.1% in the second quarter. Wells Fargo & Company MN now owns 312,373 shares of the financial services provider’s stock valued at $7,965,000 after buying an additional 132,939 shares in the last quarter. 77.24% of the stock is currently owned by institutional investors and hedge funds.

IBCP traded down $0.42 during trading on Thursday, reaching $23.67. 4,289 shares of the stock were exchanged, compared to its average volume of 117,108. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.90 and a current ratio of 0.92. The company has a market cap of $571.17 million, a price-to-earnings ratio of 19.77, a PEG ratio of 1.68 and a beta of 0.06. Independent Bank Co has a 1 year low of $21.25 and a 1 year high of $27.10.

Independent Bank Co.(MI) (NASDAQ:IBCP) last posted its earnings results on Thursday, July 26th. The financial services provider reported $0.44 EPS for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.05. The company had revenue of $41.30 million for the quarter, compared to the consensus estimate of $38.70 million. Independent Bank Co.(MI) had a return on equity of 11.84% and a net margin of 16.92%. On average, analysts predict that Independent Bank Co will post 1.76 EPS for the current fiscal year.

A number of research firms recently weighed in on IBCP. BidaskClub upgraded Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a research note on Thursday, October 11th. DA Davidson upgraded Independent Bank Co.(MI) from a “neutral” rating to a “buy” rating and set a $27.00 price target on the stock in a research note on Monday, October 1st. Zacks Investment Research downgraded Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a research note on Thursday, September 27th. Boenning Scattergood restated a “hold” rating on shares of Independent Bank Co.(MI) in a research note on Monday, July 30th. Finally, Hovde Group set a $27.00 price target on Independent Bank Co.(MI) and gave the company a “hold” rating in a research note on Friday, July 27th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Independent Bank Co.(MI) presently has a consensus rating of “Hold” and a consensus target price of $26.50.

In other Independent Bank Co.(MI) news, Director Michael M. Magee, Jr. sold 15,000 shares of the business’s stock in a transaction on Thursday, September 6th. The stock was sold at an average price of $24.80, for a total transaction of $372,000.00. Following the sale, the director now directly owns 34,814 shares in the company, valued at $863,387.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.22% of the stock is currently owned by insiders.

About Independent Bank Co.(MI)

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides various banking services to individuals and businesses in Michigan. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machines, and Internet and mobile banking services.

See Also: Diversification

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

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