Bowling Portfolio Management LLC trimmed its position in shares of Independent Bank Co.(MI) (NASDAQ:IBCP) by 5.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 70,179 shares of the financial services provider’s stock after selling 4,270 shares during the quarter. Bowling Portfolio Management LLC’s holdings in Independent Bank Co.(MI) were worth $1,660,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Millennium Management LLC boosted its stake in Independent Bank Co.(MI) by 51.7% during the second quarter. Millennium Management LLC now owns 520,993 shares of the financial services provider’s stock worth $13,285,000 after buying an additional 177,570 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Independent Bank Co.(MI) by 18.7% during the second quarter. Renaissance Technologies LLC now owns 1,106,600 shares of the financial services provider’s stock worth $28,218,000 after buying an additional 174,700 shares during the last quarter. BlackRock Inc. boosted its stake in Independent Bank Co.(MI) by 7.0% during the second quarter. BlackRock Inc. now owns 2,084,772 shares of the financial services provider’s stock worth $53,161,000 after buying an additional 135,945 shares during the last quarter. Wells Fargo & Company MN boosted its stake in Independent Bank Co.(MI) by 74.1% during the second quarter. Wells Fargo & Company MN now owns 312,373 shares of the financial services provider’s stock worth $7,965,000 after buying an additional 132,939 shares during the last quarter. Finally, Martingale Asset Management L P boosted its stake in Independent Bank Co.(MI) by 153.2% during the second quarter. Martingale Asset Management L P now owns 134,465 shares of the financial services provider’s stock worth $3,429,000 after buying an additional 81,356 shares during the last quarter. Hedge funds and other institutional investors own 77.24% of the company’s stock.

In other news, Director Michael M. Magee, Jr. sold 15,000 shares of the company’s stock in a transaction on Thursday, September 6th. The stock was sold at an average price of $24.80, for a total value of $372,000.00. Following the transaction, the director now owns 34,814 shares of the company’s stock, valued at approximately $863,387.20. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.22% of the company’s stock.

IBCP has been the topic of a number of recent research reports. ValuEngine raised Independent Bank Co.(MI) from a “hold” rating to a “buy” rating in a research note on Tuesday, June 26th. Zacks Investment Research lowered Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a research note on Wednesday, June 27th. Hovde Group set a $27.00 price objective on Independent Bank Co.(MI) and gave the stock a “hold” rating in a research note on Friday, July 27th. Boenning Scattergood reissued a “hold” rating on shares of Independent Bank Co.(MI) in a research note on Monday, July 30th. Finally, BidaskClub lowered Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a research note on Tuesday, August 7th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Independent Bank Co.(MI) currently has a consensus rating of “Hold” and an average price target of $26.50.

Shares of Independent Bank Co.(MI) stock opened at $23.47 on Friday. Independent Bank Co has a 52 week low of $21.25 and a 52 week high of $27.10. The firm has a market capitalization of $581.79 million, a PE ratio of 19.24, a price-to-earnings-growth ratio of 1.71 and a beta of 0.06. The company has a current ratio of 0.92, a quick ratio of 0.90 and a debt-to-equity ratio of 0.24.

Independent Bank Co.(MI) (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, July 26th. The financial services provider reported $0.44 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.05. Independent Bank Co.(MI) had a return on equity of 11.84% and a net margin of 16.92%. The business had revenue of $41.30 million for the quarter, compared to analyst estimates of $38.70 million. Equities analysts forecast that Independent Bank Co will post 1.76 earnings per share for the current fiscal year.

About Independent Bank Co.(MI)

Independent Bank Corporation operates as the bank 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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