Ajo LP Trims Position in Independent Bank Co.(MI) (NASDAQ:IBCP) – Rockland Register

Ajo LP Trims Position in Independent

Ajo LP lowered its holdings in Independent Bank Co.(MI) (NASDAQ:IBCP) by 55.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 70,573 shares of the financial services provider’s stock after selling 89,175 shares during the quarter. Ajo LP owned about 0.30% of Independent Bank Co.(MI) worth $1,517,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. PNC Financial Services Group Inc. boosted its holdings in Independent Bank Co.(MI) by 1,738.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,636 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,547 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new position in Independent Bank Co.(MI) during the 4th quarter worth $37,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Independent Bank Co.(MI) by 89.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,898 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 897 shares during the last quarter. Quantamental Technologies LLC purchased a new position in Independent Bank Co.(MI) during the 4th quarter worth $41,000. Finally, Advisor Group Inc. purchased a new position in Independent Bank Co.(MI) during the 4th quarter worth $51,000. 80.25% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ:IBCP opened at $21.79 on Tuesday. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $503.96 million, a P/E ratio of 12.97, a P/E/G ratio of 1.43 and a beta of 0.41. Independent Bank Co has a fifty-two week low of $20.18 and a fifty-two week high of $26.75.

Independent Bank Co.(MI) (NASDAQ:IBCP) last issued its quarterly earnings results on Monday, April 22nd. The financial services provider reported $0.39 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.46 by ($0.07). The company had revenue of $40.20 million during the quarter, compared to analysts’ expectations of $41.70 million. Independent Bank Co.(MI) had a return on equity of 12.33% and a net margin of 21.81%. On average, analysts expect that Independent Bank Co will post 1.87 EPS for the current year.The business also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Monday, May 6th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date of this dividend was Friday, May 3rd. Independent Bank Co.(MI)’s dividend payout ratio (DPR) is currently 42.86%.

A number of research firms have issued reports on IBCP. BidaskClub raised shares of Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a report on Saturday, February 23rd. ValuEngine downgraded shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a report on Wednesday, March 20th. Boenning Scattergood reaffirmed a “hold” rating on shares of Independent Bank Co.(MI) in a report on Thursday, May 2nd. Finally, Zacks Investment Researchdowngraded shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a report on Thursday, April 25th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $26.00.

Independent Bank Co.(MI) Profile

Independent Bank Corporation operates as the 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)

Source: Ajo LP Trims Position in Independent Bank Co.(MI) (NASDAQ:IBCP) – Rockland Register