Macquarie Group Ltd. bought a new position in shares of Independent Bank Co.(MI) (NASDAQ:IBCP) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 26,325 shares of the financial services provider’s stock, valued at approximately $596,000. Macquarie Group Ltd. owned 0.12% of Independent Bank Co.(MI) as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in IBCP. Legal & General Group Plc raised its position in Independent Bank Co.(MI) by 0.7% during the first quarter. Legal & General Group Plc now owns 5,616 shares of the financial services provider’s stock valued at $117,000 after buying an additional 41 shares during the period. SG Americas Securities LLC acquired a new position in Independent Bank Co.(MI) during the third quarter valued at $149,000. Sei Investments Co. acquired a new position in Independent Bank Co.(MI) during the second quarter valued at $268,000. Alliancebernstein L.P. acquired a new position in Independent Bank Co.(MI) during the second quarter valued at $298,000. Finally, Voya Investment Management LLC raised its position in Independent Bank Co.(MI) by 7.7% during the second quarter. Voya Investment Management LLC now owns 17,313 shares of the financial services provider’s stock valued at $377,000 after buying an additional 1,243 shares during the period. 81.66% of the stock is currently owned by institutional investors.

Independent Bank Co (NASDAQ IBCP) opened at $22.95 on Thursday. The company has a current ratio of 0.86, a quick ratio of 0.84 and a debt-to-equity ratio of 0.40. Independent Bank Co has a 52-week low of $18.50 and a 52-week high of $23.65. The firm has a market capitalization of $481.08, a price-to-earnings ratio of 19.78, a P/E/G ratio of 2.38 and a beta of 0.70.

Independent Bank Co.(MI) (NASDAQ:IBCP) last issued its earnings results on Thursday, October 26th. The financial services provider reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.01). Independent Bank Co.(MI) had a return on equity of 9.52% and a net margin of 17.75%. The firm had revenue of $33.22 million during the quarter, compared to analyst estimates of $33.36 million. equities analysts predict that Independent Bank Co will post 1.18 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Monday, November 6th were given a $0.12 dividend. This is a positive change from Independent Bank Co.(MI)’s previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a yield of 2.09%. The ex-dividend date was Friday, November 3rd. Independent Bank Co.(MI)’s dividend payout ratio is presently 42.11%.

Several research analysts recently weighed in on the company. Zacks Investment Research raised Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a research report on Wednesday, September 27th. Boenning Scattergood reissued a “hold” rating on shares of Independent Bank Co.(MI) in a research report on Friday, October 27th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $24.00 price target on shares of Independent Bank Co.(MI) in a research report on Friday, December 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $23.33.

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Independent Bank Co.(MI) 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 Co.(MI) (NASDAQ:IBCP)

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