Bowling Portfolio Management LLC Decreases Position in Independent Bank Co.(MI) (IBCP)

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Bowling Portfolio Management LLC decreased its position in shares of Independent Bank Co.(MI) (NASDAQ:IBCP) by 5.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 70,179 shares of the financial services provider’s stock after selling 4,270 shares during the quarter. Bowling Portfolio Management LLC owned 0.29% of Independent Bank Co.(MI) worth $1,660,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its holdings in shares of Independent Bank Co.(MI) by 7.0% during the second quarter. BlackRock Inc. now owns 2,084,772 shares of the financial services provider’s stock worth $53,161,000 after purchasing an additional 135,945 shares during the period. Renaissance Technologies LLC raised its position in Independent Bank Co.(MI) by 18.7% during 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 acquiring an additional 174,700 shares in the last quarter. Millennium Management LLC raised its position in Independent Bank Co.(MI) by 51.7% during the second quarter. Millennium Management LLC now owns 520,993 shares of the financial services provider’s stock valued at $13,285,000 after acquiring an additional 177,570 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Independent Bank Co.(MI) by 6.4% during 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 acquiring an additional 26,609 shares in the last quarter. Finally, Wells Fargo & Company MN raised its position in Independent Bank Co.(MI) by 74.1% during 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 acquiring an additional 132,939 shares in the last quarter. 77.24% of the stock is owned by hedge funds and other institutional investors.

Several brokerages recently weighed in on IBCP. ValuEngine cut Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a research report on Monday, July 2nd. Zacks Investment Research cut Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a research report on Wednesday, July 18th. Hovde Group set a $27.00 price target on Independent Bank Co.(MI) and gave the company a “hold” rating in a research report on Friday, July 27th. Boenning Scattergood reiterated a “hold” rating on shares of Independent Bank Co.(MI) in a research report on Monday, July 30th. Finally, BidaskClub cut Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research report on Saturday, September 15th. Six 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) currently has a consensus rating of “Hold” and a consensus price target of $26.50.

In other news, Director Michael M. Magee, Jr. sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, September 6th. The stock was sold at an average price of $24.80, for a total value of $372,000.00. Following the completion of 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 Securities & Exchange Commission, which can be accessed through this link. 2.22% of the stock is owned by insiders.

Shares of IBCP stock opened at $23.47 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.92 and a quick ratio of 0.90. The company has a market cap of $581.79 million, a P/E ratio of 19.24, a P/E/G ratio of 1.71 and a beta of 0.06. Independent Bank Co has a twelve month low of $21.25 and a twelve month high of $27.10.

Independent Bank Co.(MI) (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, July 26th. The financial services provider reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.05. The company had revenue of $41.30 million during the quarter, compared to analysts’ expectations of $38.70 million. Independent Bank Co.(MI) had a return on equity of 11.84% and a net margin of 16.92%. As a group, equities analysts predict that Independent Bank Co will post 1.76 earnings per share for the current year.

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.

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

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