Foundry Partners LLC Has $6.71 Million Stake in Independent Bank Co.(MI) (IBCP)

Foundry Partners LLC lessened its holdings in shares of Independent Bank Co.(MI) (NASDAQ:IBCP) by 3.2% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 283,670 shares of the financial services provider’s stock after selling 9,475 shares during the period. Foundry Partners LLC owned approximately 1.17% of Independent Bank Co.(MI) worth $6,709,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of IBCP. Huntington National Bank acquired a new position in shares of Independent Bank Co.(MI) during the 2nd quarter worth about $137,000. Mackay Shields LLC acquired a new position in shares of Independent Bank Co.(MI) during the 2nd quarter worth about $242,000. Baird Financial Group Inc. acquired a new position in shares of Independent Bank Co.(MI) during the 2nd quarter worth about $243,000. A.R.T. Advisors LLC acquired a new position in shares of Independent Bank Co.(MI) during the 1st quarter worth about $246,000. Finally, Unison Advisors LLC acquired a new position in shares of Independent Bank Co.(MI) during the 2nd quarter worth about $285,000. 77.82% of the stock is owned by institutional investors and hedge funds.

Several equities analysts recently weighed in on IBCP shares. Zacks Investment Research raised Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research report on Tuesday, October 30th. DA Davidson upgraded Independent Bank Co.(MI) from a “neutral” rating to a “buy” rating and set a $27.00 price target on the stock in a research note on Monday, October 1st. Boenning Scattergood restated a “hold” rating on shares of Independent Bank Co.(MI) in a research note on Monday, July 30th. Hovde Group set a $27.00 price target on Independent Bank Co.(MI) and gave the company a “hold” rating in a research note on Friday, July 27th. Finally, BidaskClub lowered Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a research note on Tuesday, August 7th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $25.50.

Shares of IBCP stock traded down $0.24 during trading hours on Friday, hitting $23.16. The company had a trading volume of 55,999 shares, compared to its average volume of 144,240. Independent Bank Co has a 12 month low of $21.11 and a 12 month high of $27.10. The firm has a market cap of $560.94 million, a P/E ratio of 18.98, a P/E/G ratio of 1.65 and a beta of 0.21. The company has a current ratio of 0.95, a quick ratio of 0.90 and a debt-to-equity ratio of 0.34.

Independent Bank Co.(MI) (NASDAQ:IBCP) last released its quarterly earnings data on Thursday, October 25th. The financial services provider reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.04. Independent Bank Co.(MI) had a return on equity of 12.75% and a net margin of 18.87%. The company had revenue of $41.53 million for the quarter, compared to analyst estimates of $40.69 million. Sell-side analysts forecast that Independent Bank Co will post 1.76 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Monday, November 5th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, November 2nd. This represents a $0.60 annualized dividend and a dividend yield of 2.59%. Independent Bank Co.(MI)’s dividend payout ratio is currently 49.18%.

In other news, EVP Larry R. Daniel, Jr. sold 1,573 shares of the business’s stock in a transaction that occurred on Monday, November 5th. The stock was sold at an average price of $22.00, for a total value of $34,606.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, 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 transaction, the director now directly owns 34,814 shares in the company, valued at $863,387.20. The disclosure for this sale can be found here. Corporate insiders own 2.22% of the company’s stock.

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

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