Independent Bank Co.(MI) (IBCP) Stake Raised by Bank of Montreal Can

Bank of Montreal Can boosted its stake in Independent Bank Co.(MI) (NASDAQ:IBCP) by 30.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 87,873 shares of the financial services provider’s stock after acquiring an additional 20,277 shares during the period. Bank of Montreal Can owned about 0.36% of Independent Bank Co.(MI) worth $2,078,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Huntington National Bank purchased a new stake in Independent Bank Co.(MI) in the second quarter valued at $137,000. Mackay Shields LLC purchased a new stake in Independent Bank Co.(MI) in the second quarter valued at $242,000. Baird Financial Group Inc. purchased a new stake in Independent Bank Co.(MI) in the second quarter valued at $243,000. Unison Advisors LLC purchased a new stake in Independent Bank Co.(MI) in the second quarter valued at $285,000. Finally, Engineers Gate Manager LP purchased a new stake in Independent Bank Co.(MI) in the second quarter valued at $343,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

NASDAQ IBCP opened at $23.16 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.90 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $550.33 million, a price-to-earnings ratio of 18.98, a price-to-earnings-growth ratio of 1.62 and a beta of 0.21. Independent Bank Co has a one year low of $21.11 and a one year high of $27.10.

Independent Bank Co.(MI) (NASDAQ:IBCP) last posted its quarterly earnings data on Thursday, October 25th. The financial services provider reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.04. The company had revenue of $41.53 million for the quarter, compared to analyst estimates of $40.69 million. Independent Bank Co.(MI) had a net margin of 18.87% and a return on equity of 12.75%. Equities analysts anticipate that Independent Bank Co will post 1.76 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, November 5th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, November 2nd. This represents a $0.60 dividend on an annualized basis and a yield of 2.59%. Independent Bank Co.(MI)’s dividend payout ratio is presently 49.18%.

A number of equities research analysts recently weighed in on IBCP shares. DA Davidson raised shares of Independent Bank Co.(MI) from a “neutral” rating to a “buy” rating and set a $27.00 price target for the company in a research report on Monday, October 1st. ValuEngine cut shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research report on Thursday, November 1st. BidaskClub cut shares of Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a research report on Tuesday, August 7th. Zacks Investment Research raised shares of Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research report on Tuesday, October 30th. Finally, Boenning Scattergood reissued a “hold” rating on shares of Independent Bank Co.(MI) in a research report on Friday, October 26th. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. Independent Bank Co.(MI) presently has a consensus rating of “Hold” and an average price target of $25.50.

In other Independent Bank Co.(MI) news, Director Michael M. Magee, Jr. sold 15,000 shares of Independent Bank Co.(MI) stock in a transaction on Thursday, September 6th. The shares were sold at an average price of $24.80, for a total value of $372,000.00. Following the transaction, the director now directly owns 34,814 shares in the company, valued at $863,387.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Larry R. Daniel, Jr. sold 1,573 shares of Independent Bank Co.(MI) stock in a transaction on Monday, November 5th. The shares were sold at an average price of $22.00, for a total transaction of $34,606.00. The disclosure for this sale can be found here. Insiders own 2.22% of the company’s stock.

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About Independent Bank Co.(MI)

Independent Bank Corporation operates as the bank 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.

See Also: Cash Flow

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

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