Acadian Asset Management LLC lowered its position in Independent Bank Corporation (NASDAQ:IBCP) by 9.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 48,814 shares of the financial services provider’s stock after selling 5,092 shares during the period. Acadian Asset Management LLC’s holdings in Independent Bank Corporation were worth $1,062,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Russell Investments Group Ltd. raised its position in shares of Independent Bank Corporation by 27.9% in the second quarter. Russell Investments Group Ltd. now owns 343,981 shares of the financial services provider’s stock worth $7,481,000 after buying an additional 74,994 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Independent Bank Corporation by 6.8% in the first quarter. Goldman Sachs Group Inc. now owns 44,785 shares of the financial services provider’s stock worth $927,000 after buying an additional 2,857 shares during the last quarter. Bank of America Corp DE raised its position in shares of Independent Bank Corporation by 49.6% in the first quarter. Bank of America Corp DE now owns 56,601 shares of the financial services provider’s stock worth $1,172,000 after buying an additional 18,777 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Independent Bank Corporation by 3.2% in the first quarter. Renaissance Technologies LLC now owns 767,300 shares of the financial services provider’s stock worth $15,883,000 after buying an additional 23,700 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Independent Bank Corporation by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 259,784 shares of the financial services provider’s stock worth $5,378,000 after buying an additional 2,690 shares during the last quarter. Hedge funds and other institutional investors own 81.73% of the company’s stock.

Shares of Independent Bank Corporation (NASDAQ IBCP) traded up 0.24% on Thursday, hitting $20.80. 31,548 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $21.15 and its 200 day moving average is $21.14. The firm has a market cap of $443.79 million, a P/E ratio of 18.55 and a beta of 0.48. Independent Bank Corporation has a 12 month low of $15.80 and a 12 month high of $23.65.

Independent Bank Corporation (NASDAQ:IBCP) last posted its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by $0.02. Independent Bank Corporation had a net margin of 17.68% and a return on equity of 9.48%. The business had revenue of $31.94 million during the quarter, compared to the consensus estimate of $32.55 million. On average, equities analysts predict that Independent Bank Corporation will post $1.22 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Monday, August 7th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend is Thursday, August 3rd. Independent Bank Corporation’s dividend payout ratio (DPR) is currently 35.71%.

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A number of brokerages have issued reports on IBCP. BidaskClub lowered shares of Independent Bank Corporation from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Boenning Scattergood restated a “hold” rating on shares of Independent Bank Corporation in a research report on Thursday, July 27th. DA Davidson began coverage on shares of Independent Bank Corporation in a research report on Wednesday, July 5th. They set a “neutral” rating and a $23.00 target price on the stock. Zacks Investment Research upgraded shares of Independent Bank Corporation from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a research report on Friday, June 23rd. Finally, ValuEngine upgraded shares of Independent Bank Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $21.17.

Independent Bank Corporation 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.

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Institutional Ownership by Quarter for Independent Bank Corporation (NASDAQ:IBCP)

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