Independent Bank Co.(MI) (IBCP) Holdings Lowered by Bailard Inc.

Bailard Inc. cut its position in Independent Bank Co.(MI) (NASDAQ:IBCP) by 36.4% during the fourth quarter, Holdings Channel reports. The firm owned 19,400 shares of the financial services provider’s stock after selling 11,100 shares during the quarter. Bailard Inc.’s holdings in Independent Bank Co.(MI) were worth $408,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in IBCP. PL Capital Advisors LLC increased its position in shares of Independent Bank Co.(MI) by 40.5% in the 4th quarter. PL Capital Advisors LLC now owns 1,627,285 shares of the financial services provider’s stock valued at $34,206,000 after purchasing an additional 469,000 shares during the last quarter. Ackerman Capital Advisors LLC grew its position in shares of Independent Bank Co.(MI) by 1,826.8% in the 4th quarter. Ackerman Capital Advisors LLC now owns 231,220 shares of the financial services provider’s stock valued at $11,000,000 after buying an additional 219,220 shares during the last quarter. Morgan Stanley grew its position in shares of Independent Bank Co.(MI) by 108.1% in the 3rd quarter. Morgan Stanley now owns 338,164 shares of the financial services provider’s stock valued at $7,997,000 after buying an additional 175,671 shares during the last quarter. Maltese Capital Management LLC grew its position in shares of Independent Bank Co.(MI) by 19.2% in the 3rd quarter. Maltese Capital Management LLC now owns 999,704 shares of the financial services provider’s stock valued at $23,643,000 after buying an additional 160,804 shares during the last quarter. Finally, American Century Companies Inc. grew its position in shares of Independent Bank Co.(MI) by 71.6% in the 3rd quarter. American Century Companies Inc. now owns 231,690 shares of the financial services provider’s stock valued at $5,479,000 after buying an additional 96,680 shares during the last quarter. 79.94% of the stock is currently owned by institutional investors.

A number of research analysts recently commented on IBCP shares. ValuEngine downgraded shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research report on Thursday, November 1st. Zacks Investment Research cut shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research note on Tuesday, January 15th. BidaskClub cut shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research note on Thursday, January 31st. Finally, Boenning Scattergood reiterated a “hold” rating on shares of Independent Bank Co.(MI) in a research note on Thursday, January 31st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $26.00.

Shares of NASDAQ:IBCP opened at $22.40 on Thursday. The firm has a market cap of $536.84 million, a P/E ratio of 13.33, a price-to-earnings-growth ratio of 1.42 and a beta of 0.37. The company has a quick ratio of 0.93, a current ratio of 0.95 and a debt-to-equity ratio of 0.34. Independent Bank Co has a 1-year low of $20.18 and a 1-year high of $27.10.

Independent Bank Co.(MI) (NASDAQ:IBCP) last issued its quarterly earnings results on Tuesday, January 29th. The financial services provider reported $0.41 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.48 by ($0.07). The business had revenue of $39.62 million for the quarter, compared to analyst estimates of $41.37 million. Independent Bank Co.(MI) had a return on equity of 12.94% and a net margin of 22.71%. As a group, research analysts expect that Independent Bank Co will post 1.95 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 15th. Investors of record on Tuesday, February 5th will be paid a dividend of $0.18 per share. The ex-dividend date is Monday, February 4th. This represents a $0.72 dividend on an annualized basis and a yield of 3.21%. This is a boost from Independent Bank Co.(MI)’s previous quarterly dividend of $0.15. Independent Bank Co.(MI)’s dividend payout ratio is currently 42.86%.

In other Independent Bank Co.(MI) news, Director Michael M. Magee, Jr. purchased 3,892 shares of the firm’s stock in a transaction that occurred on Friday, November 30th. The stock was purchased at an average price of $22.98 per share, for a total transaction of $89,438.16. Following the purchase, the director now directly owns 23,885 shares in the company, valued at $548,877.30. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.22% of the stock is owned by corporate insiders.

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Independent Bank Co.(MI) Profile

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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Want to see what other hedge funds are holding IBCP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independent Bank Co.(MI) (NASDAQ:IBCP).

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

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