Wedge Capital Management L L P NC Sells 43,681 Shares of Independent Bank Co.(MI) (NASDAQ:IBCP)

Wedge Capital Management L L P NC trimmed its position in Independent Bank Co.(MI) (NASDAQ:IBCP) by 44.0% in the second quarter, according to its most recent filing with the SEC. The fund owned 55,604 shares of the financial services provider’s stock after selling 43,681 shares during the period. Wedge Capital Management L L P NC’s holdings in Independent Bank Co.(MI) were worth $1,212,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently made changes to their positions in IBCP. PL Capital Advisors LLC raised its position in Independent Bank Co.(MI) by 12.3% during the 1st quarter. PL Capital Advisors LLC now owns 1,827,285 shares of the financial services provider’s stock worth $39,287,000 after purchasing an additional 200,000 shares during the last quarter. LSV Asset Management raised its position in Independent Bank Co.(MI) by 33.2% during the 1st 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 last quarter. Dimensional Fund Advisors LP raised its position in Independent Bank Co.(MI) by 4.5% during the 4th 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 last quarter. JPMorgan Chase & Co. raised its position in Independent Bank Co.(MI) by 1.3% during the 1st quarter. JPMorgan Chase & Co. now owns 325,152 shares of the financial services provider’s stock worth $6,991,000 after purchasing an additional 4,251 shares during the last quarter. Finally, Northern Trust Corp raised its position in Independent Bank Co.(MI) by 2.8% during the 4th quarter. Northern Trust Corp now owns 281,892 shares of the financial services provider’s stock worth $5,925,000 after purchasing an additional 7,617 shares during the last quarter. Institutional investors own 76.61% of the company’s stock.

Shares of NASDAQ:IBCP opened at $20.01 on Friday. The firm has a market cap of $457.49 million, a P/E ratio of 11.91, a P/E/G ratio of 1.32 and a beta of 0.42. The company has a quick ratio of 0.92, a current ratio of 0.94 and a debt-to-equity ratio of 0.24. Independent Bank Co has a 12-month low of $19.35 and a 12-month high of $25.65. The business has a fifty day simple moving average of $21.23 and a 200 day simple moving average of $21.82.

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

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Tuesday, August 6th were issued a dividend of $0.18 per share. The ex-dividend date was Monday, August 5th. This represents a $0.72 dividend on an annualized basis and a yield of 3.60%. Independent Bank Co.(MI)’s payout ratio is currently 42.86%.

Several research analysts recently issued reports on IBCP shares. Zacks Investment Research lowered Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research report on Tuesday. BidaskClub lowered Independent Bank Co.(MI) from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 18th. Finally, Boenning Scattergood reaffirmed a “hold” rating on shares of Independent Bank Co.(MI) in a research report on Thursday, May 2nd. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and one has assigned a buy rating to the company. Independent Bank Co.(MI) presently has an average rating of “Hold” and a consensus price target 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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