GSA Capital Partners LLP Sells 3,232 Shares of Independent Bank Co.(MI) (IBCP)

GSA Capital Partners LLP decreased its holdings in shares of Independent Bank Co.(MI) (NASDAQ:IBCP) by 7.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,816 shares of the financial services provider’s stock after selling 3,232 shares during the quarter. GSA Capital Partners LLP owned approximately 0.20% of Independent Bank Co.(MI) worth $970,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Ameriprise Financial Inc. boosted its holdings in Independent Bank Co.(MI) by 5.1% during the second quarter. Ameriprise Financial Inc. now owns 24,063 shares of the financial services provider’s stock worth $523,000 after purchasing an additional 1,163 shares during the last quarter. Voya Investment Management LLC boosted its holdings in Independent Bank Co.(MI) by 7.7% during the second quarter. Voya Investment Management LLC now owns 17,313 shares of the financial services provider’s stock worth $377,000 after purchasing an additional 1,243 shares during the last quarter. Catalyst Capital Advisors LLC boosted its holdings in Independent Bank Co.(MI) by 10.4% during the third quarter. Catalyst Capital Advisors LLC now owns 26,500 shares of the financial services provider’s stock worth $600,000 after purchasing an additional 2,500 shares during the last quarter. California Public Employees Retirement System boosted its holdings in Independent Bank Co.(MI) by 3.3% during the third quarter. California Public Employees Retirement System now owns 88,532 shares of the financial services provider’s stock worth $2,005,000 after purchasing an additional 2,787 shares during the last quarter. Finally, Prudential Financial Inc. boosted its holdings in Independent Bank Co.(MI) by 8.3% during the second quarter. Prudential Financial Inc. now owns 38,420 shares of the financial services provider’s stock worth $836,000 after purchasing an additional 2,950 shares during the last quarter. Institutional investors and hedge funds own 81.66% of the company’s stock.

A number of brokerages have commented on IBCP. Compass Point upgraded shares of Independent Bank Co.(MI) from a “neutral” rating to a “buy” rating in a research note on Monday, December 18th. 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. Boenning Scattergood reiterated a “hold” rating on shares of Independent Bank Co.(MI) in a research note on Tuesday, December 5th. Finally, Zacks Investment Research upgraded shares of Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a research note on Wednesday, September 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $23.33.

Shares of Independent Bank Co (NASDAQ IBCP) opened at $22.95 on Tuesday. The company has a market cap of $483.25, a price-to-earnings ratio of 20.13, a price-to-earnings-growth ratio of 2.46 and a beta of 0.70. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.86 and a quick ratio of 0.84. Independent Bank Co has a 12 month low of $18.50 and a 12 month high of $23.65.

Independent Bank Co.(MI) (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.01). The firm had revenue of $33.22 million during the quarter, compared to analyst estimates of $33.36 million. Independent Bank Co.(MI) had a net margin of 20.65% and a return on equity of 10.38%. equities research analysts expect that Independent Bank Co will post 1.18 EPS for the current year.

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Independent Bank Co.(MI) 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.

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

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