Independent Bank Co. (NASDAQ:IBCP) Shares Sold by LSV Asset Management

LSV Asset Management decreased its holdings in shares of Independent Bank Co. (NASDAQ:IBCP) by 10.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 419,170 shares of the financial services provider’s stock after selling 48,100 shares during the period. LSV Asset Management’s holdings in Independent Bank were worth $14,600,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. PL Capital Advisors LLC lifted its holdings in Independent Bank by 3,383.0% during the fourth quarter. PL Capital Advisors LLC now owns 11,110,248 shares of the financial services provider’s stock valued at $386,970,000 after purchasing an additional 10,791,263 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Independent Bank by 28.7% during the third 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 in the last quarter. Boston Partners raised its position in shares of Independent Bank by 22.5% during the 4th 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 last quarter. JPMorgan Chase & Co. lifted its stake in Independent Bank by 15.3% in the 4th quarter. JPMorgan Chase & Co. now owns 447,690 shares of the financial services provider’s stock valued at $15,593,000 after buying an additional 59,339 shares in the last quarter. Finally, American Century Companies Inc. boosted its holdings in Independent Bank by 11.5% in the 4th quarter. American Century Companies Inc. now owns 523,614 shares of the financial services provider’s stock worth $18,237,000 after buying an additional 53,938 shares during the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Independent Bank Stock Down 1.0 %

IBCP stock opened at $28.52 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. The firm has a 50-day moving average of $32.14 and a two-hundred day moving average of $34.16. Independent Bank Co. has a 12 month low of $22.53 and a 12 month high of $40.32. The company has a market cap of $598.15 million, a price-to-earnings ratio of 9.03 and a beta of 0.85.

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

Analyst Upgrades and Downgrades

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

Independent Bank Company Profile

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.