Geode Capital Management LLC Increases Position in Independent Bank Co.(MI) (IBCP)

Geode Capital Management LLC boosted its position in shares of Independent Bank Co.(MI) (NASDAQ:IBCP) by 18.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 271,815 shares of the financial services provider’s stock after buying an additional 42,410 shares during the quarter. Geode Capital Management LLC owned 1.13% of Independent Bank Co.(MI) worth $5,713,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in IBCP. PL Capital Advisors LLC lifted its holdings in shares of Independent Bank Co.(MI) by 40.5% during the fourth 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. BlackRock Inc. lifted its holdings in shares of Independent Bank Co.(MI) by 18.1% during the fourth quarter. BlackRock Inc. now owns 2,517,721 shares of the financial services provider’s stock valued at $52,921,000 after purchasing an additional 385,851 shares during the last quarter. Ackerman Capital Advisors LLC lifted its holdings in shares of Independent Bank Co.(MI) by 1,826.8% during the fourth quarter. Ackerman Capital Advisors LLC now owns 231,220 shares of the financial services provider’s stock valued at $11,000,000 after purchasing an additional 219,220 shares during the last quarter. Morgan Stanley lifted its holdings in shares of Independent Bank Co.(MI) by 108.1% during the third quarter. Morgan Stanley now owns 338,164 shares of the financial services provider’s stock valued at $7,997,000 after purchasing an additional 175,671 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in shares of Independent Bank Co.(MI) by 39.8% during the fourth quarter. Acadian Asset Management LLC now owns 89,324 shares of the financial services provider’s stock valued at $1,878,000 after purchasing an additional 25,441 shares during the last quarter. 79.06% of the stock is owned by institutional investors and hedge funds.

IBCP has been the subject of several analyst reports. ValuEngine raised Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a report on Wednesday, January 2nd. Zacks Investment Research downgraded Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a report on Tuesday, January 15th. Boenning Scattergood reaffirmed a “hold” rating on shares of Independent Bank Co.(MI) in a report on Thursday, January 31st. Finally, BidaskClub downgraded Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a report on Thursday, January 31st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $26.00.

Shares of NASDAQ IBCP opened at $21.99 on Friday. The firm has a market cap of $533.80 million, a PE ratio of 13.09, a P/E/G ratio of 1.42 and a beta of 0.43. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.93 and a quick ratio of 0.90. Independent Bank Co has a 12 month low of $20.18 and a 12 month high of $27.10.

Independent Bank Co.(MI) (NASDAQ:IBCP) last announced its quarterly earnings data on Tuesday, January 29th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.07). The business had revenue of $39.62 million during the quarter, compared to analysts’ expectations of $41.37 million. Independent Bank Co.(MI) had a return on equity of 12.72% and a net margin of 22.71%. On average, research analysts anticipate that Independent Bank Co will post 1.95 earnings per share for the current fiscal year.

In related news, insider Robert N. Shuster sold 5,255 shares of the stock in a transaction dated Monday, February 25th. The stock was sold at an average price of $23.25, for a total value of $122,178.75. Following the completion of the sale, the insider now directly owns 58,188 shares of the company’s stock, valued at approximately $1,352,871. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.22% of the stock is currently owned by corporate insiders.

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Independent Bank Co.(MI) Profile

Independent Bank Corporation operates as the 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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