Independent Bank Corporation (IBCP) Shares Bought by TIAA CREF Investment Management LLC

TIAA CREF Investment Management LLC boosted its stake in Independent Bank Corporation (NASDAQ:IBCP) by 1.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 93,122 shares of the financial services provider’s stock after buying an additional 1,641 shares during the period. TIAA CREF Investment Management LLC owned approximately 0.44% of Independent Bank Corporation worth $1,928,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. 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 in the last quarter. JPMorgan Chase & Co. boosted its stake in Independent Bank Corporation by 8.7% in the first quarter. JPMorgan Chase & Co. now owns 343,044 shares of the financial services provider’s stock valued at $7,101,000 after buying an additional 27,414 shares in the last quarter. LSV Asset Management boosted its stake in Independent Bank Corporation by 47.7% in the first quarter. LSV Asset Management now owns 339,600 shares of the financial services provider’s stock valued at $7,029,000 after buying an additional 109,700 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Independent Bank Corporation by 3.0% in the first quarter. Bank of New York Mellon Corp now owns 138,059 shares of the financial services provider’s stock valued at $2,858,000 after buying an additional 4,037 shares in the last quarter. Finally, Martingale Asset Management L P boosted its stake in Independent Bank Corporation by 0.5% in the first quarter. Martingale Asset Management L P now owns 99,933 shares of the financial services provider’s stock valued at $2,069,000 after buying an additional 500 shares in the last quarter. 81.98% of the stock is owned by institutional investors and hedge funds.

Independent Bank Corporation (NASDAQ IBCP) opened at 20.50 on Friday. The company has a market capitalization of $437.39 million, a PE ratio of 18.29 and a beta of 0.48. The firm’s 50 day moving average price is $21.16 and its 200-day moving average price is $21.13. Independent Bank Corporation has a 12-month low of $15.80 and a 12-month high of $23.65.

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

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Monday, August 7th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, August 3rd. This represents a $0.40 annualized dividend and a dividend yield of 1.95%. Independent Bank Corporation’s dividend payout ratio (DPR) is presently 35.71%.

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Several equities research analysts recently weighed in on IBCP shares. Zacks Investment Research cut shares of Independent Bank Corporation from a “buy” rating to a “hold” rating and set a $24.00 price objective for the company. in a research report on Tuesday, May 16th. Boenning Scattergood reaffirmed a “hold” rating on shares of Independent Bank Corporation in a research report on Thursday, July 27th. DA Davidson started coverage on shares of Independent Bank Corporation in a research report on Wednesday, July 5th. They set a “neutral” rating and a $23.00 price objective for the company. BidaskClub cut shares of Independent Bank Corporation from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Finally, ValuEngine raised Independent Bank Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. Independent Bank Corporation currently has a consensus rating of “Hold” and a consensus price target of $21.17.

Independent Bank Corporation Company 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 Corporation (NASDAQ:IBCP)

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