SG Americas Securities LLC Takes Position in Independent Bank Co.(MI) (NASDAQ:IBCP)

SG Americas Securities LLC purchased a new stake in shares of Independent Bank Co.(MI) (NASDAQ:IBCP) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 4,870 shares of the financial services provider’s stock, valued at approximately $105,000.

Several other hedge funds have also recently modified their holdings of IBCP. BlackRock Inc. lifted its stake in Independent Bank Co.(MI) by 18.1% in the 4th quarter. BlackRock Inc. now owns 2,517,721 shares of the financial services provider’s stock worth $52,921,000 after purchasing an additional 385,851 shares in the last quarter. PL Capital Advisors LLC lifted its position in shares of Independent Bank Co.(MI) by 12.3% in the 1st quarter. PL Capital Advisors LLC now owns 1,827,285 shares of the financial services provider’s stock worth $39,287,000 after purchasing an additional 200,000 shares during the period. Vanguard Group Inc. lifted its position in Independent Bank Co.(MI) by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,006,581 shares of the financial services provider’s stock valued at $23,806,000 after acquiring an additional 21,323 shares during the period. Dimensional Fund Advisors LP lifted its position in Independent Bank Co.(MI) by 4.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 482,146 shares of the financial services provider’s stock valued at $10,135,000 after acquiring an additional 20,591 shares during the period. Finally, Morgan Stanley increased its stake in Independent Bank Co.(MI) by 108.1% during the 3rd quarter. Morgan Stanley now owns 338,164 shares of the financial services provider’s stock valued at $7,997,000 after purchasing an additional 175,671 shares in the last quarter. Institutional investors own 80.25% of the company’s stock.

Shares of IBCP stock traded down $0.02 during trading hours on Wednesday, reaching $21.77. The company had a trading volume of 64,800 shares, compared to its average volume of 111,086. Independent Bank Co has a one year low of $20.18 and a one year high of $26.65. The firm has a market capitalization of $503.96 million, a PE ratio of 12.96, a P/E/G ratio of 1.43 and a beta of 0.41. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.19.

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 analysts’ consensus estimates of $0.46 by ($0.07). Independent Bank Co.(MI) had a return on equity of 12.33% and a net margin of 21.81%. The company had revenue of $40.20 million during the quarter, compared to the consensus estimate of $41.70 million. Analysts anticipate that Independent Bank Co will post 1.87 earnings per share for the current year.

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

A number of analysts have recently commented on the stock. BidaskClub upgraded shares of Independent Bank Co.(MI) from a “hold” rating to a “buy” rating in a research note on Thursday, May 30th. Zacks Investment Research lowered shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research note on Thursday, April 25th. ValuEngine lowered shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research note on Wednesday, March 20th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of Independent Bank Co.(MI) in a research note on Thursday, May 2nd. 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 company. The stock has an average rating of “Hold” and an average target price of $26.00.

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About Independent Bank Co.(MI)

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)

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