Advisory Services Network LLC Sells 19,931 Shares of Independent Bank Co. (NASDAQ:IBCP)

Advisory Services Network LLC cut its holdings in Independent Bank Co. (NASDAQ:IBCP) by 28.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,126 shares of the financial services provider’s stock after selling 19,931 shares during the period. Advisory Services Network LLC’s holdings in Independent Bank were worth $1,781,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. PL Capital Advisors LLC lifted its position in shares of Independent Bank by 3,383.0% in the fourth quarter. PL Capital Advisors LLC now owns 11,110,248 shares of the financial services provider’s stock worth $386,970,000 after buying an additional 10,791,263 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Independent Bank by 202.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 171,090 shares of the financial services provider’s stock valued at $5,706,000 after acquiring an additional 114,487 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Independent Bank by 28.7% in the 3rd quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock worth $11,660,000 after purchasing an additional 77,874 shares during the last quarter. Boston Partners boosted its position in Independent Bank by 22.5% during the fourth quarter. Boston Partners now owns 347,986 shares of the financial services provider’s stock worth $12,120,000 after purchasing an additional 64,006 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in Independent Bank by 15.3% during the fourth quarter. JPMorgan Chase & Co. now owns 447,690 shares of the financial services provider’s stock valued at $15,593,000 after purchasing an additional 59,339 shares during the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

Independent Bank Stock Performance

Shares of NASDAQ IBCP opened at $28.52 on Friday. Independent Bank Co. has a 12 month low of $22.53 and a 12 month high of $40.32. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. The company has a market cap of $598.15 million, a P/E ratio of 9.03 and a beta of 0.85. The business’s 50 day moving average is $32.14 and its two-hundred day moving average is $34.16.

Independent Bank (NASDAQ:IBCP) last announced its earnings results on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.10. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. On average, equities analysts expect that Independent Bank Co. will post 3.22 EPS for the current year.

Wall Street Analysts Forecast Growth

IBCP has been the subject of a number of analyst reports. DA Davidson upped their price objective on shares of Independent Bank from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Tuesday, January 28th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $41.00 price target (up from $39.00) on shares of Independent Bank in a report on Friday, January 24th.

About Independent Bank

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides commercial banking services to individuals and businesses in rural and suburban communities in Michigan. It offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services.