Quantamental Technologies LLC Has $40,000 Stock Position in Independent Bank Co.(MI) (NASDAQ:IBCP)

Quantamental Technologies LLC grew its position in Independent Bank Co.(MI) (NASDAQ:IBCP) by 136.7% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 1,851 shares of the financial services provider’s stock after buying an additional 1,069 shares during the period. Quantamental Technologies LLC’s holdings in Independent Bank Co.(MI) were worth $40,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its stake in shares of Independent Bank Co.(MI) by 4.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 482,146 shares of the financial services provider’s stock worth $10,135,000 after purchasing an additional 20,591 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Independent Bank Co.(MI) during the first quarter worth $105,000. LSV Asset Management grew its stake in shares of Independent Bank Co.(MI) by 33.2% during the first quarter. LSV Asset Management now owns 745,200 shares of the financial services provider’s stock worth $16,021,000 after purchasing an additional 185,679 shares during the period. Meeder Asset Management Inc. grew its stake in shares of Independent Bank Co.(MI) by 55.8% during the second quarter. Meeder Asset Management Inc. now owns 7,099 shares of the financial services provider’s stock worth $155,000 after purchasing an additional 2,542 shares during the period. Finally, Acadian Asset Management LLC grew its stake in shares of Independent Bank Co.(MI) by 62.3% during the second quarter. Acadian Asset Management LLC now owns 251,509 shares of the financial services provider’s stock worth $5,482,000 after purchasing an additional 96,529 shares during the period. 76.39% of the stock is owned by institutional investors.

NASDAQ:IBCP traded up $0.62 on Friday, reaching $21.53. The company’s stock had a trading volume of 128,527 shares, compared to its average volume of 67,591. Independent Bank Co has a 1-year low of $18.94 and a 1-year high of $25.13. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.92 and a current ratio of 0.94. The firm has a market cap of $486.59 million, a PE ratio of 11.85, a PEG ratio of 1.40 and a beta of 0.50. The business’s 50-day moving average price is $20.10 and its two-hundred day moving average price is $21.44.

Independent Bank Co.(MI) (NASDAQ:IBCP) last posted its earnings results on Thursday, July 25th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.02). Independent Bank Co.(MI) had a net margin of 22.60% and a return on equity of 12.35%. The business had revenue of $40.66 million during the quarter, compared to analyst estimates of $42.62 million. As a group, sell-side analysts expect that Independent Bank Co will post 1.85 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Tuesday, August 6th were paid a $0.18 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $0.72 dividend on an annualized basis and a yield of 3.34%. Independent Bank Co.(MI)’s payout ratio is 42.86%.

IBCP has been the subject of a number of analyst reports. BidaskClub raised Independent Bank Co.(MI) from a “strong sell” rating to a “sell” rating in a research note on Thursday. Zacks Investment Research raised Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $25.50.

Independent Bank Co.(MI) Profile

Independent Bank Corporation operates as the 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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Institutional Ownership by Quarter for Independent Bank Co.(MI) (NASDAQ:IBCP)

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