Algert Global LLC Sells 14,482 Shares of Independent Bank Co.(MI) (IBCP)

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Algert Global LLC lowered its position in shares of Independent Bank Co.(MI) (NASDAQ:IBCP) by 21.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 52,618 shares of the financial services provider’s stock after selling 14,482 shares during the period. Algert Global LLC owned 0.22% of Independent Bank Co.(MI) worth $1,244,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in the company. Globeflex Capital L P grew its position in shares of Independent Bank Co.(MI) by 14.7% during the second quarter. Globeflex Capital L P now owns 17,200 shares of the financial services provider’s stock worth $439,000 after acquiring an additional 2,200 shares during the last quarter. Bessemer Group Inc. grew its position in shares of Independent Bank Co.(MI) by 9.2% during the third quarter. Bessemer Group Inc. now owns 30,900 shares of the financial services provider’s stock worth $731,000 after acquiring an additional 2,600 shares during the last quarter. Macquarie Group Ltd. grew its position in shares of Independent Bank Co.(MI) by 11.2% during the second quarter. Macquarie Group Ltd. now owns 26,422 shares of the financial services provider’s stock worth $674,000 after acquiring an additional 2,662 shares during the last quarter. Rothschild Asset Management Inc. grew its position in shares of Independent Bank Co.(MI) by 1.1% during the second quarter. Rothschild Asset Management Inc. now owns 236,696 shares of the financial services provider’s stock worth $6,036,000 after acquiring an additional 2,669 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. grew its position in shares of Independent Bank Co.(MI) by 7.8% during the second quarter. Schwab Charles Investment Management Inc. now owns 48,435 shares of the financial services provider’s stock worth $1,236,000 after acquiring an additional 3,500 shares during the last quarter. Institutional investors and hedge funds own 78.76% of the company’s stock.

Several equities analysts have recently commented on IBCP shares. DA Davidson upgraded shares of Independent Bank Co.(MI) from a “neutral” rating to a “buy” rating and set a $27.00 price target for the company in a research report on Monday, October 1st. ValuEngine lowered 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 upgraded shares of Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research report on Tuesday, October 30th. BidaskClub upgraded shares of Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a research report on Thursday, October 11th. Finally, Boenning Scattergood restated a “hold” rating on shares of Independent Bank Co.(MI) in a research report on Friday, October 26th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. Independent Bank Co.(MI) has an average rating of “Hold” and a consensus target price of $25.50.

Independent Bank Co.(MI) stock opened at $21.39 on Friday. The stock has a market cap of $508.39 million, a PE ratio of 17.53, a PEG ratio of 1.50 and a beta of 0.13. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.95 and a quick ratio of 0.93. Independent Bank Co has a one year low of $20.70 and a one year high of $27.10.

Independent Bank Co.(MI) (NASDAQ:IBCP) last announced its earnings results on Thursday, October 25th. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.04. The firm had revenue of $41.53 million during the quarter, compared to analyst estimates of $40.69 million. Independent Bank Co.(MI) had a net margin of 18.87% and a return on equity of 12.75%. Equities research analysts predict that Independent Bank Co will post 1.76 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, November 15th. Investors of record on Monday, November 5th were given a $0.15 dividend. The ex-dividend date was Friday, November 2nd. This represents a $0.60 dividend on an annualized basis and a yield of 2.81%. Independent Bank Co.(MI)’s dividend payout ratio is presently 49.18%.

In related news, EVP Larry R. Daniel, Jr. sold 1,573 shares of the stock in a transaction dated Monday, November 5th. The shares were sold at an average price of $22.00, for a total value of $34,606.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.22% of the company’s stock.

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About Independent Bank Co.(MI)

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.

Read More: Dividend Aristocrat Index

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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