Independent Bank Corporation (IBCP) Position Reduced by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC cut its stake in shares of Independent Bank Corporation (NASDAQ:IBCP) by 4.6% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 86,050 shares of the financial services provider’s stock after selling 4,110 shares during the period. Wedge Capital Management L L P NC owned about 0.40% of Independent Bank Corporation worth $1,872,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in IBCP. State Street Corp boosted its stake in Independent Bank Corporation by 4.2% in the fourth quarter. State Street Corp now owns 407,458 shares of the financial services provider’s stock valued at $8,842,000 after buying an additional 16,297 shares during the period. Norges Bank bought a new stake in Independent Bank Corporation during the fourth quarter valued at $824,000. Teachers Advisors LLC boosted its stake in Independent Bank Corporation by 4.1% in the fourth quarter. Teachers Advisors LLC now owns 33,543 shares of the financial services provider’s stock valued at $728,000 after buying an additional 1,330 shares during the period. Bank of Montreal Can boosted its stake in Independent Bank Corporation by 830.5% in the first quarter. Bank of Montreal Can now owns 37,668 shares of the financial services provider’s stock valued at $780,000 after buying an additional 33,620 shares during the period. Finally, Nationwide Fund Advisors boosted its stake in Independent Bank Corporation by 33.9% in the first quarter. Nationwide Fund Advisors now owns 52,914 shares of the financial services provider’s stock valued at $1,095,000 after buying an additional 13,410 shares during the period. Institutional investors and hedge funds own 81.98% of the company’s stock.

Shares of Independent Bank Corporation (NASDAQ:IBCP) opened at 20.80 on Wednesday. The company has a market cap of $443.79 million, a PE ratio of 18.55 and a beta of 0.48. Independent Bank Corporation has a one year low of $15.80 and a one year high of $23.65. The stock’s 50 day moving average is $21.21 and its 200-day moving average is $21.14.

Independent Bank Corporation (NASDAQ:IBCP) last posted its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by $0.02. Independent Bank Corporation had a return on equity of 9.48% and a net margin of 17.68%. The firm had revenue of $31.94 million for the quarter, compared to the consensus estimate of $32.55 million. Equities research analysts expect that Independent Bank Corporation will post $1.22 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Monday, August 7th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date was Thursday, August 3rd. Independent Bank Corporation’s payout ratio is 35.71%.

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Several analysts recently weighed in on IBCP shares. Zacks Investment Research upgraded shares of Independent Bank Corporation from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a report on Tuesday, April 25th. ValuEngine upgraded shares of Independent Bank Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. DA Davidson started coverage on shares of Independent Bank Corporation in a report on Wednesday, July 5th. They set a “neutral” rating and a $23.00 target price on the stock. BidaskClub cut shares of Independent Bank Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Finally, Boenning Scattergood restated a “hold” rating on shares of Independent Bank Corporation in a report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $21.17.

About Independent Bank Corporation

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.

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Institutional Ownership by Quarter for Independent Bank Corporation (NASDAQ:IBCP)

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