Independent Bank Co.(MI) (IBCP) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. decreased its position in shares of Independent Bank Co.(MI) (NASDAQ:IBCP) by 4.1% during the third quarter, HoldingsChannel.com reports. The fund owned 74,660 shares of the financial services provider’s stock after selling 3,200 shares during the period. Victory Capital Management Inc.’s holdings in Independent Bank Co.(MI) were worth $1,766,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of IBCP. Millennium Management LLC grew its holdings in shares of Independent Bank Co.(MI) by 51.7% during the 2nd quarter. Millennium Management LLC now owns 520,993 shares of the financial services provider’s stock worth $13,285,000 after acquiring an additional 177,570 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Independent Bank Co.(MI) by 18.7% during the 2nd quarter. Renaissance Technologies LLC now owns 1,106,600 shares of the financial services provider’s stock worth $28,218,000 after acquiring an additional 174,700 shares during the period. BlackRock Inc. grew its holdings in shares of Independent Bank Co.(MI) by 7.0% during the 2nd quarter. BlackRock Inc. now owns 2,084,772 shares of the financial services provider’s stock worth $53,161,000 after acquiring an additional 135,945 shares during the period. Wells Fargo & Company MN grew its stake in shares of Independent Bank Co.(MI) by 74.1% in the 2nd quarter. Wells Fargo & Company MN now owns 312,373 shares of the financial services provider’s stock worth $7,965,000 after buying an additional 132,939 shares during the last quarter. Finally, PL Capital Advisors LLC grew its stake in shares of Independent Bank Co.(MI) by 10.2% in the 3rd quarter. PL Capital Advisors LLC now owns 1,158,285 shares of the financial services provider’s stock worth $27,393,000 after buying an additional 107,300 shares during the last quarter. Hedge funds and other institutional investors own 77.59% of the company’s stock.

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

IBCP stock opened at $22.69 on Monday. The company has a market capitalization of $546.96 million, a P/E ratio of 18.60, a price-to-earnings-growth ratio of 1.61 and a beta of 0.21. Independent Bank Co has a 12-month low of $21.11 and a 12-month high of $27.10. The company has a current ratio of 0.95, a quick ratio of 0.93 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 (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.04. The business had revenue of $41.53 million for the quarter, compared to analysts’ expectations of $40.69 million. Independent Bank Co.(MI) had a return on equity of 12.75% and a net margin of 18.87%. As a group, analysts forecast that Independent Bank Co will post 1.76 EPS for the current year.

The firm also recently disclosed 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 of this dividend was Friday, November 2nd. This represents a $0.60 annualized dividend and a yield of 2.64%. Independent Bank Co.(MI)’s dividend payout ratio (DPR) is presently 49.18%.

In other news, Director Michael M. Magee, Jr. sold 15,000 shares of the stock in a transaction on Thursday, September 6th. The stock was sold at an average price of $24.80, for a total transaction of $372,000.00. Following the transaction, the director now directly owns 34,814 shares of the company’s stock, valued at approximately $863,387.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Larry R. Daniel, Jr. sold 1,573 shares of the stock in a transaction on Monday, November 5th. The shares were sold at an average price of $22.00, for a total value of $34,606.00. The disclosure for this sale can be found here. 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.

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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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