Nationwide Fund Advisors Raises Position in Independent Bank Co.(MI) (NASDAQ:IBCP)

Nationwide Fund Advisors lifted its holdings in Independent Bank Co.(MI) (NASDAQ:IBCP) by 63.1% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 98,860 shares of the financial services provider’s stock after purchasing an additional 38,253 shares during the period. Nationwide Fund Advisors owned approximately 0.46% of Independent Bank Co.(MI) worth $2,239,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Teachers Advisors LLC grew its holdings in Independent Bank Co.(MI) by 32.3% during the 1st quarter. Teachers Advisors LLC now owns 44,368 shares of the financial services provider’s stock worth $918,000 after acquiring an additional 10,825 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Independent Bank Co.(MI) by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 835,144 shares of the financial services provider’s stock valued at $17,287,000 after buying an additional 36,961 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Independent Bank Co.(MI) by 1.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 259,784 shares of the financial services provider’s stock valued at $5,378,000 after buying an additional 2,690 shares in the last quarter. Sei Investments Co. acquired a new position in shares of Independent Bank Co.(MI) in the 2nd quarter valued at $268,000. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Independent Bank Co.(MI) by 9.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 151,372 shares of the financial services provider’s stock valued at $3,292,000 after buying an additional 13,313 shares in the last quarter. Hedge funds and other institutional investors own 81.66% of the company’s stock.

Shares of Independent Bank Co (IBCP) traded down $0.15 during trading on Friday, reaching $23.90. 49,425 shares of the company’s stock were exchanged, compared to its average volume of 144,100. The stock has a market cap of $509.83, a P/E ratio of 20.96, a P/E/G ratio of 1.94 and a beta of 0.69. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.84 and a current ratio of 0.86. Independent Bank Co has a 52 week low of $18.50 and a 52 week high of $24.20.

Independent Bank Co.(MI) (NASDAQ:IBCP) last announced its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.32 EPS for the quarter, missing the Zacks’ consensus estimate of $0.33 by ($0.01). The firm had revenue of $33.22 million for the quarter, compared to analysts’ expectations of $33.36 million. Independent Bank Co.(MI) had a return on equity of 9.52% and a net margin of 17.75%. equities analysts anticipate that Independent Bank Co will post 1.18 EPS for the current year.

Several brokerages have recently issued reports on IBCP. Keefe, Bruyette & Woods restated a “hold” rating and issued a $22.00 target price on shares of Independent Bank Co.(MI) in a report on Wednesday, October 4th. Boenning Scattergood restated a “hold” rating on shares of Independent Bank Co.(MI) in a report on Friday, October 27th. Compass Point upgraded shares of Independent Bank Co.(MI) from a “neutral” rating to a “buy” rating in a research report on Monday, December 18th. Finally, Zacks Investment Research upgraded shares of Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a research report on Wednesday, September 27th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $24.00.

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Independent Bank Co.(MI) Company Profile

Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank focuses on commercial banking industry. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services.

Institutional Ownership by Quarter for Independent Bank Co.(MI) (NASDAQ:IBCP)

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