Thomson Horstmann & Bryant Inc. Has $8.35 Million Position in Independent Bank Corporation (NASDAQ:IBCP)

Thomson Horstmann & Bryant Inc. reduced its position in shares of Independent Bank Corporation (NASDAQ:IBCP) by 5.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 384,073 shares of the financial services provider’s stock after selling 23,620 shares during the period. Thomson Horstmann & Bryant Inc. owned about 1.80% of Independent Bank Corporation worth $8,353,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. State Street Corp raised its stake in shares of Independent Bank Corporation by 4.2% in the fourth quarter. State Street Corp now owns 407,458 shares of the financial services provider’s stock worth $8,842,000 after buying an additional 16,297 shares during the last quarter. Norges Bank purchased a new stake in shares of Independent Bank Corporation during the fourth quarter worth approximately $824,000. Teachers Advisors LLC raised its stake in shares of Independent Bank Corporation by 4.1% in the fourth quarter. Teachers Advisors LLC now owns 33,543 shares of the financial services provider’s stock worth $728,000 after buying an additional 1,330 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Independent Bank Corporation by 830.5% in the first quarter. Bank of Montreal Can now owns 37,668 shares of the financial services provider’s stock worth $780,000 after buying an additional 33,620 shares during the last quarter. Finally, Nationwide Fund Advisors raised its stake in shares of Independent Bank Corporation by 33.9% in the first quarter. Nationwide Fund Advisors now owns 52,914 shares of the financial services provider’s stock worth $1,095,000 after buying an additional 13,410 shares during the last quarter. 81.98% of the stock is owned by institutional investors and hedge funds.

Shares of Independent Bank Corporation (NASDAQ:IBCP) traded up 0.24% during mid-day trading on Friday, reaching $20.50. The company’s stock had a trading volume of 95,724 shares. Independent Bank Corporation has a 12 month low of $15.80 and a 12 month high of $23.65. The company has a 50-day moving average of $21.16 and a 200-day moving average of $21.13. The company has a market cap of $437.39 million, a P/E ratio of 18.29 and a beta of 0.48.

Independent Bank Corporation (NASDAQ:IBCP) last issued its quarterly earnings data on Thursday, July 27th. The financial services provider reported $0.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by $0.02. Independent Bank Corporation had a return on equity of 9.48% and a net margin of 17.68%. The company had revenue of $31.94 million during the quarter, compared to analysts’ expectations of $32.55 million. Equities research analysts forecast that Independent Bank Corporation will post $1.22 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Monday, August 7th were issued a $0.10 dividend. The ex-dividend date was Thursday, August 3rd. This represents a $0.40 annualized dividend and a yield of 1.95%. Independent Bank Corporation’s dividend payout ratio (DPR) is presently 35.71%.

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IBCP has been the subject of a number of research analyst reports. Zacks Investment Research raised Independent Bank Corporation from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a research report on Tuesday, April 25th. ValuEngine raised Independent Bank Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. DA Davidson initiated coverage on Independent Bank Corporation in a research report on Wednesday, July 5th. They issued a “neutral” rating and a $23.00 target price for the company. BidaskClub lowered Independent Bank Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Finally, Boenning Scattergood reaffirmed a “hold” rating on shares of Independent Bank Corporation in a research report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $21.17.

About Independent Bank Corporation

Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank focuses on commercial banking industry. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services.

Institutional Ownership by Quarter for Independent Bank Corporation (NASDAQ:IBCP)

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