Independent Bank Corporation (IBCP) Position Lifted by Vanguard Group Inc.

Vanguard Group Inc. boosted its holdings in shares of Independent Bank Corporation (NASDAQ:IBCP) by 7.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 894,958 shares of the financial services provider’s stock after buying an additional 59,814 shares during the period. Vanguard Group Inc. owned approximately 4.19% of Independent Bank Corporation worth $19,465,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. Northern Trust Corp increased its position in Independent Bank Corporation by 3.9% during the 2nd quarter. Northern Trust Corp now owns 236,773 shares of the financial services provider’s stock valued at $5,150,000 after buying an additional 8,782 shares in the last quarter. Thrivent Financial For Lutherans increased its position in Independent Bank Corporation by 84.0% during the 2nd quarter. Thrivent Financial For Lutherans now owns 107,650 shares of the financial services provider’s stock valued at $2,341,000 after buying an additional 49,160 shares in the last quarter. Nationwide Fund Advisors increased its position in Independent Bank Corporation by 14.5% during the 2nd quarter. Nationwide Fund Advisors now owns 60,607 shares of the financial services provider’s stock valued at $1,318,000 after buying an additional 7,693 shares in the last quarter. Ameriprise Financial Inc. increased its position in Independent Bank Corporation by 5.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 24,063 shares of the financial services provider’s stock valued at $523,000 after buying an additional 1,163 shares in the last quarter. Finally, AJO LP increased its position in Independent Bank Corporation by 3.8% during the 2nd quarter. AJO LP now owns 300,991 shares of the financial services provider’s stock valued at $6,547,000 after buying an additional 10,998 shares in the last quarter. 81.95% of the stock is currently owned by institutional investors.

Shares of Independent Bank Corporation (NASDAQ:IBCP) opened at $21.90 on Thursday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.84 and a current ratio of 0.86. The firm has a market capitalization of $468.24, a PE ratio of 19.25, a price-to-earnings-growth ratio of 2.28 and a beta of 0.71. Independent Bank Corporation has a one year low of $18.10 and a one year high of $23.65.

Independent Bank Corporation (NASDAQ:IBCP) last posted its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.32 earnings per share for the quarter, missing the Thomson Reuters’ 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 Corporation had a net margin of 17.75% and a return on equity of 9.52%. equities research analysts forecast that Independent Bank Corporation will post 1.2 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Monday, November 6th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend was Friday, November 3rd. This is an increase from Independent Bank Corporation’s previous quarterly dividend of $0.10. Independent Bank Corporation’s payout ratio is presently 42.11%.

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IBCP has been the topic of several recent analyst reports. Boenning Scattergood reaffirmed a “hold” rating on shares of Independent Bank Corporation in a research report on Friday, October 27th. Zacks Investment Research raised 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 Wednesday, September 27th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $22.00 target price on shares of Independent Bank Corporation in a research report on Wednesday, October 4th. Finally, BidaskClub lowered Independent Bank Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. Independent Bank Corporation has a consensus rating of “Hold” and an average price target of $22.67.

About Independent Bank Corporation

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 Corporation (NASDAQ:IBCP)

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