PL Capital Advisors LLC maintained its position in shares of Independent Bank Corporation (NASDAQ:IBCP) during the second quarter, Holdings Channel reports. The firm owned 1,050,985 shares of the financial services provider’s stock at the end of the second quarter. Independent Bank Corporation comprises approximately 6.0% of PL Capital Advisors LLC’s holdings, making the stock its 6th largest position. PL Capital Advisors LLC’s holdings in Independent Bank Corporation were worth $22,859,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. State Street Corp boosted its position in shares of Independent Bank Corporation by 4.2% in the fourth quarter. State Street Corp now owns 407,458 shares of the financial services provider’s stock worth $8,842,000 after buying an additional 16,297 shares during the last quarter. KBC Group NV boosted its position in shares of Independent Bank Corporation by 19.0% in the first quarter. KBC Group NV now owns 15,434 shares of the financial services provider’s stock worth $319,000 after buying an additional 2,467 shares during the last quarter. Bank of Montreal Can boosted its position in shares of Independent Bank Corporation by 830.5% in the first quarter. Bank of Montreal Can now owns 37,668 shares of the financial services provider’s stock worth $780,000 after buying an additional 33,620 shares during the last quarter. Norges Bank acquired a new position in shares of Independent Bank Corporation during the fourth quarter worth approximately $824,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Independent Bank Corporation by 3.0% in the first quarter. Bank of New York Mellon Corp now owns 138,059 shares of the financial services provider’s stock worth $2,858,000 after buying an additional 4,037 shares during the last quarter. Institutional investors and hedge funds own 81.73% of the company’s stock.

Shares of Independent Bank Corporation (NASDAQ:IBCP) opened at 20.75 on Thursday. The stock’s 50 day moving average price is $21.15 and its 200-day moving average price is $21.14. The stock has a market cap of $442.68 million, a price-to-earnings ratio of 18.51 and a beta of 0.48. Independent Bank Corporation has a 1-year low of $15.80 and a 1-year high of $23.65.

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

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

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IBCP has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of Independent Bank Corporation from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a research report on Friday, June 23rd. Boenning Scattergood reiterated a “hold” rating on shares of Independent Bank Corporation in a research report on Thursday, July 27th. BidaskClub cut shares of Independent Bank Corporation from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. ValuEngine upgraded shares of Independent Bank Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, DA Davidson started coverage on Independent Bank Corporation in a research note on Wednesday, July 5th. They set a “neutral” rating and a $23.00 price objective for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. Independent Bank Corporation presently has an average rating of “Hold” and an average 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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