Systematic Financial Management LP Sells 11,290 Shares of Independent Bank Co.(MI) (NASDAQ:IBCP) – Sundance Herald

Systematic Financial Management LP lowered its position in shares of Independent Bank Co.(MI) (NASDAQ:IBCP) by 20.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 43,735 shares of the financial services provider’s stock after selling 11,290 shares during the quarter. Systematic Financial Management LP owned about 0.18% of Independent Bank Co.(MI) worth $940,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of IBCP. Regal Investment Advisors LLC purchased a new stake in Independent Bank Co.(MI) in the 4th quarter valued at about $301,000. PL Capital Advisors LLC increased its stake in Independent Bank Co.(MI) by 40.5% in the 4th quarter. PL Capital Advisors LLC now owns 1,627,285 shares of the financial services provider’s stock valued at $34,206,000 after buying an additional 469,000 shares during the last quarter. MetLife Investment Advisors LLC grew its position in shares of Independent Bank Co.(MI) by 47.5% during the 3rd quarter. MetLife Investment Advisors LLC now owns 17,495 shares of the financial services provider’s stock valued at $414,000 after acquiring an additional 5,632 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of 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 valued at $40,000 after acquiring an additional 897 shares during the period. Finally, Martingale Asset Management L P grew its position in shares of Independent Bank Co.(MI) by 4.4% during the 4th quarter. Martingale Asset Management L P now owns 152,144 shares of the financial services provider’s stock valued at $3,199,000 after acquiring an additional 6,375 shares during the period. 80.25% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ:IBCP traded down $0.01 during trading hours on Wednesday, hitting $21.76. The stock had a trading volume of 78,200 shares, compared to its average volume of 110,792. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.93 and a quick ratio of 0.91. Independent Bank Co has a one year low of $20.18 and a one year high of $26.65. The company has a market cap of $503.96 million, a price-to-earnings ratio of 12.95, a PEG ratio of 1.43 and a beta of 0.41.

Independent Bank Co.(MI) (NASDAQ:IBCP) last announced its quarterly earnings results on Monday, April 22nd. The financial services provider reported $0.39 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.46 by ($0.07). The firm had revenue of $40.20 million during the quarter, compared to the consensus estimate of $41.70 million. Independent Bank Co.(MI) had a net margin of 21.81% and a return on equity of 12.33%. Equities research analysts expect that Independent Bank Co will post 1.87 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Monday, May 6th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.31%. The ex-dividend date was Friday, May 3rd. Independent Bank Co.(MI)’s dividend payout ratio (DPR) is currently 42.86%.

A number of research firms have recently weighed in on IBCP. BidaskClub raised shares of Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a research report on Saturday, February 23rd. ValuEngine downgraded shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research report on Wednesday, March 20th. Boenning Scattergood reissued a “hold” rating on shares of Independent Bank Co.(MI) in a research report on Thursday, May 2nd. Finally, Zacks Investment Research downgraded 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 issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $26.00.

Independent Bank Co.(MI) Company 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.

Featured Story: Exchange-Traded Funds (ETFs)

Institutional Ownership by Quarter for Independent Bank Co.(MI) (NASDAQ:IBCP)

Source: Systematic Financial Management LP Sells 11,290 Shares of Independent Bank Co.(MI) (NASDAQ:IBCP) – Sundance Herald