Independent Bank Co. (NASDAQ:IBCP) Shares Sold by LSV Asset Management

LSV Asset Management lessened its holdings in Independent Bank Co. (NASDAQ:IBCP - Free Report) by 10.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 419,170 shares of the financial services provider's stock after selling 48,100 shares during the period. LSV Asset Management owned 2.01% of Independent Bank worth $14,600,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Quadrant Capital Group LLC lifted its holdings in Independent Bank by 10.9% in the 4th quarter. Quadrant Capital Group LLC now owns 2,890 shares of the financial services provider's stock valued at $101,000 after purchasing an additional 283 shares in the last quarter. Rhumbline Advisers increased its stake in Independent Bank by 0.9% in the fourth quarter. Rhumbline Advisers now owns 41,649 shares of the financial services provider's stock valued at $1,451,000 after purchasing an additional 374 shares during the last quarter. HighTower Advisors LLC grew its holdings in Independent Bank by 1.5% in the 3rd quarter. HighTower Advisors LLC now owns 26,672 shares of the financial services provider's stock valued at $889,000 after buying an additional 384 shares during the period. National Bank of Canada FI acquired a new position in shares of Independent Bank during the 3rd quarter valued at about $26,000. Finally, Franklin Resources Inc. lifted its holdings in shares of Independent Bank by 3.9% during the 3rd quarter. Franklin Resources Inc. now owns 32,756 shares of the financial services provider's stock worth $1,095,000 after acquiring an additional 1,217 shares during the period. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Trading Up 0.8 %

Shares of IBCP stock traded up $0.24 during mid-day trading on Friday, reaching $30.12. The company's stock had a trading volume of 129,197 shares, compared to its average volume of 107,214. The company's 50 day simple moving average is $31.60 and its 200-day simple moving average is $34.07. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. Independent Bank Co. has a 12-month low of $22.53 and a 12-month high of $40.32. The firm has a market capitalization of $631.71 million, a PE ratio of 9.53 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 EPS for the quarter, topping 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, research analysts predict that Independent Bank Co. will post 3.22 EPS for the current fiscal year.

Analysts Set New Price Targets

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

About Independent Bank

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.