Russell Investments Group Ltd. Purchases 125,967 Shares of Independent Bank Co.(MI) (NASDAQ:IBCP)

Russell Investments Group Ltd. lifted its position in shares of Independent Bank Co.(MI) (NASDAQ:IBCP) by 16.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 887,672 shares of the financial services provider’s stock after purchasing an additional 125,967 shares during the period. Russell Investments Group Ltd. owned 3.78% of Independent Bank Co.(MI) worth $18,921,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in IBCP. Jacobs Asset Management LLC bought a new position in shares of Independent Bank Co.(MI) during the second quarter worth approximately $7,157,000. Nuveen Asset Management LLC bought a new position in Independent Bank Co.(MI) during the 2nd quarter worth $6,719,000. Wells Fargo & Company MN increased its stake in Independent Bank Co.(MI) by 68.0% during the 2nd quarter. Wells Fargo & Company MN now owns 437,488 shares of the financial services provider’s stock worth $9,532,000 after acquiring an additional 177,031 shares during the period. Acadian Asset Management LLC increased its stake in Independent Bank Co.(MI) by 62.3% during the 2nd quarter. Acadian Asset Management LLC now owns 251,509 shares of the financial services provider’s stock worth $5,482,000 after acquiring an additional 96,529 shares during the period. Finally, Foundry Partners LLC increased its stake in Independent Bank Co.(MI) by 24.3% during the 3rd quarter. Foundry Partners LLC now owns 247,570 shares of the financial services provider’s stock worth $5,277,000 after acquiring an additional 48,425 shares during the period. Institutional investors own 76.48% of the company’s stock.

Independent Bank Co.(MI) stock traded down $0.06 during mid-day trading on Friday, reaching $22.62. 37,900 shares of the company were exchanged, compared to its average volume of 103,852. The company has a fifty day simple moving average of $21.68 and a 200-day simple moving average of $21.26. Independent Bank Co has a 12 month low of $18.94 and a 12 month high of $23.93. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.95 and a quick ratio of 0.92. The firm has a market cap of $517.97 million, a PE ratio of 13.46 and a beta of 0.51.

Independent Bank Co.(MI) (NASDAQ:IBCP) last posted its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.55 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.04. Independent Bank Co.(MI) had a return on equity of 12.55% and a net margin of 22.42%. The firm had revenue of $43.15 million during the quarter, compared to analyst estimates of $42.73 million. Sell-side analysts anticipate that Independent Bank Co will post 1.95 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Wednesday, November 6th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 3.18%. The ex-dividend date is Tuesday, November 5th. Independent Bank Co.(MI)’s dividend payout ratio (DPR) is presently 42.86%.

IBCP has been the topic of a number of recent research reports. Zacks Investment Research lowered Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research note on Thursday, October 10th. BidaskClub lowered Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, ValuEngine upgraded Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd.

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)

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