Independent Bank Co. (NASDAQ:IBCP) Shares Sold by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership lessened its position in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) by 52.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 105,787 shares of the financial services provider's stock after selling 115,706 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.51% of Independent Bank worth $3,685,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. PL Capital Advisors LLC boosted its position in Independent Bank by 3,383.0% in the 4th quarter. PL Capital Advisors LLC now owns 11,110,248 shares of the financial services provider's stock worth $386,970,000 after purchasing an additional 10,791,263 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Independent Bank by 202.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 171,090 shares of the financial services provider's stock valued at $5,706,000 after acquiring an additional 114,487 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Independent Bank by 28.7% in the 3rd quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider's stock valued at $11,660,000 after purchasing an additional 77,874 shares in the last quarter. Boston Partners lifted its stake in shares of Independent Bank by 22.5% in the fourth quarter. Boston Partners now owns 347,986 shares of the financial services provider's stock worth $12,120,000 after buying an additional 64,006 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Independent Bank by 15.3% during the 4th quarter. JPMorgan Chase & Co. now owns 447,690 shares of the financial services provider's stock worth $15,593,000 after purchasing an additional 59,339 shares during the last quarter. Institutional investors and hedge funds own 79.43% of the company's stock.

Wall Street Analysts Forecast Growth

IBCP has been the topic of a number of analyst reports. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $41.00 target price (up from $39.00) on shares of Independent Bank in a research note on Friday, January 24th. DA Davidson upped their target price on shares of Independent Bank from $37.00 to $39.00 and gave the stock a "neutral" rating in a research note on Tuesday, January 28th.

Independent Bank Stock Up 0.7 %

Independent Bank stock traded up $0.21 during mid-day trading on Monday, hitting $28.73. The company had a trading volume of 13,386 shares, compared to its average volume of 120,831. The business has a fifty day moving average of $32.14 and a 200 day moving average of $34.17. Independent Bank Co. has a 1 year low of $22.53 and a 1 year high of $40.32. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. The stock has a market cap of $602.45 million, a price-to-earnings ratio of 9.09 and a beta of 0.85.

Independent Bank (NASDAQ:IBCP - Get Free Report) last issued its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share for the quarter, beating analysts' consensus estimates of $0.77 by $0.10. Independent Bank had a return on equity of 15.43% and a net margin of 20.67%. On average, sell-side analysts expect that Independent Bank Co. will post 3.22 earnings per share for the current fiscal year.

Independent Bank Profile

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides commercial banking services to individuals and businesses in rural and suburban communities in Michigan. It offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services.