California Public Employees Retirement System Sells 21,987 Shares of Independent Bank Co.(MI) (IBCP)

California Public Employees Retirement System lessened its stake in shares of Independent Bank Co.(MI) (NASDAQ:IBCP) by 24.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 66,545 shares of the financial services provider’s stock after selling 21,987 shares during the quarter. California Public Employees Retirement System owned 0.31% of Independent Bank Co.(MI) worth $1,487,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of IBCP. Maltese Capital Management LLC lifted its stake in shares of Independent Bank Co.(MI) by 12.3% during the fourth quarter. Maltese Capital Management LLC now owns 993,365 shares of the financial services provider’s stock worth $22,202,000 after purchasing an additional 109,105 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Independent Bank Co.(MI) by 31.1% during the third quarter. Russell Investments Group Ltd. now owns 450,993 shares of the financial services provider’s stock worth $10,214,000 after purchasing an additional 107,012 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Independent Bank Co.(MI) by 33.0% during the third quarter. Dimensional Fund Advisors LP now owns 340,508 shares of the financial services provider’s stock worth $7,712,000 after purchasing an additional 84,457 shares in the last quarter. Algert Global LLC acquired a new position in shares of Independent Bank Co.(MI) in the fourth quarter worth about $907,000. Finally, Citadel Advisors LLC acquired a new position in shares of Independent Bank Co.(MI) in the third quarter worth about $918,000. Institutional investors own 81.09% of the company’s stock.

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Shares of Independent Bank Co (IBCP) opened at $22.60 on Monday. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $483.03, a PE ratio of 23.79, a P/E/G ratio of 1.73 and a beta of 0.25. Independent Bank Co has a fifty-two week low of $18.50 and a fifty-two week high of $24.50.

Independent Bank Co.(MI) (NASDAQ:IBCP) last announced its quarterly earnings data on Tuesday, January 30th. The financial services provider reported $0.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.03. The firm had revenue of $34.76 million during the quarter, compared to analyst estimates of $34.23 million. Independent Bank Co.(MI) had a return on equity of 10.07% and a net margin of 14.54%. equities analysts anticipate that Independent Bank Co will post 1.63 EPS for the current year.

Independent Bank Co.(MI) announced that its Board of Directors has authorized a stock buyback plan on Tuesday, January 30th that permits the company to repurchase 500% of shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Several research analysts recently commented on the company. BidaskClub upgraded Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a research note on Monday, February 5th. Boenning Scattergood reiterated a “hold” rating on shares of Independent Bank Co.(MI) in a research note on Wednesday, January 31st. Zacks Investment Research cut Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a research note on Wednesday, February 28th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $24.00 price target on shares of Independent Bank Co.(MI) in a research note on Friday, December 8th. Finally, Compass Point upgraded Independent Bank Co.(MI) from a “neutral” rating to a “buy” rating in a research note on Monday, December 18th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $24.00.

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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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