Adams Diversified Equity Fund Inc. Sells 2,300 Shares of Independent Bank Co.(MI) (IBCP)

Adams Diversified Equity Fund Inc. reduced its holdings in Independent Bank Co.(MI) (NASDAQ:IBCP) by 6.8% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 31,400 shares of the financial services provider’s stock after selling 2,300 shares during the quarter. Adams Diversified Equity Fund Inc.’s holdings in Independent Bank Co.(MI) were worth $743,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. BlackRock Inc. increased its stake in Independent Bank Co.(MI) by 7.0% in the 2nd quarter. BlackRock Inc. now owns 2,084,772 shares of the financial services provider’s stock valued at $53,161,000 after buying an additional 135,945 shares during the last quarter. PL Capital Advisors LLC increased its stake in Independent Bank Co.(MI) by 10.2% in the 3rd quarter. PL Capital Advisors LLC now owns 1,158,285 shares of the financial services provider’s stock valued at $27,393,000 after buying an additional 107,300 shares during the last quarter. Renaissance Technologies LLC increased its stake in Independent Bank Co.(MI) by 18.7% in the 2nd quarter. Renaissance Technologies LLC now owns 1,106,600 shares of the financial services provider’s stock valued at $28,218,000 after buying an additional 174,700 shares during the last quarter. Millennium Management LLC increased its stake in Independent Bank Co.(MI) by 51.7% in the 2nd quarter. Millennium Management LLC now owns 520,993 shares of the financial services provider’s stock valued at $13,285,000 after buying an additional 177,570 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Independent Bank Co.(MI) by 6.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 444,101 shares of the financial services provider’s stock valued at $11,325,000 after buying an additional 26,609 shares during the last quarter. Hedge funds and other institutional investors own 77.74% of the company’s stock.

In other news, Director Michael M. Magee, Jr. sold 15,000 shares of the business’s stock in a transaction dated Thursday, September 6th. The shares were sold at an average price of $24.80, for a total transaction of $372,000.00. Following the transaction, the director now directly owns 34,814 shares in the company, valued at approximately $863,387.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.22% of the stock is owned by insiders.

Several equities research analysts have issued reports on the stock. Zacks Investment Research upgraded shares of Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research note on Tuesday. Boenning Scattergood reiterated a “hold” rating on shares of Independent Bank Co.(MI) in a research note on Friday. BidaskClub lowered shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research note on Tuesday, October 23rd. DA Davidson upgraded shares of Independent Bank Co.(MI) from a “neutral” rating to a “buy” rating and set a $27.00 price target on the stock in a research note on Monday, October 1st. Finally, Hovde Group set a $27.00 price objective on shares of Independent Bank Co.(MI) and gave the stock a “hold” rating in a research note on Friday, July 27th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. Independent Bank Co.(MI) currently has a consensus rating of “Hold” and a consensus target price of $25.50.

Independent Bank Co.(MI) stock opened at $22.00 on Tuesday. The stock has a market cap of $518.76 million, a PE ratio of 18.03, a PEG ratio of 1.48 and a beta of 0.06. Independent Bank Co has a fifty-two week low of $21.11 and a fifty-two week high of $27.10. 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 released its quarterly earnings data on Thursday, October 25th. The financial services provider reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.04. The company had revenue of $41.53 million for the quarter, compared to analyst estimates of $40.69 million. Independent Bank Co.(MI) had a net margin of 18.87% and a return on equity of 13.36%. Research analysts expect that Independent Bank Co will post 1.81 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Monday, November 5th will be paid a dividend of $0.15 per share. The ex-dividend date is Friday, November 2nd. This represents a $0.60 annualized dividend and a dividend yield of 2.73%. Independent Bank Co.(MI)’s dividend payout ratio is presently 49.18%.

Independent Bank Co.(MI) Company Profile

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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