Fifth Third Bancorp lessened its stake in shares of Independent Bank Co.(MI) (NASDAQ:IBCP) by 63.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,000 shares of the financial services provider’s stock after selling 5,100 shares during the quarter. Fifth Third Bancorp’s holdings in Independent Bank Co.(MI) were worth $39,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Bank of New York Mellon Corp boosted its position in shares of Independent Bank Co.(MI) by 33.6% during the 4th quarter. Bank of New York Mellon Corp now owns 187,573 shares of the financial services provider’s stock valued at $4,248,000 after acquiring an additional 47,155 shares during the last quarter. California Public Employees Retirement System boosted its position in shares of Independent Bank Co.(MI) by 37.6% during the 4th quarter. California Public Employees Retirement System now owns 107,271 shares of the financial services provider’s stock valued at $2,430,000 after acquiring an additional 29,318 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Independent Bank Co.(MI) by 80.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 213,887 shares of the financial services provider’s stock valued at $4,844,000 after acquiring an additional 95,504 shares during the last quarter. State Street Corp boosted its position in shares of Independent Bank Co.(MI) by 1.9% during the 4th quarter. State Street Corp now owns 674,980 shares of the financial services provider’s stock valued at $15,288,000 after acquiring an additional 12,569 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Independent Bank Co.(MI) by 5.5% during the 4th quarter. Geode Capital Management LLC now owns 359,204 shares of the financial services provider’s stock valued at $8,135,000 after acquiring an additional 18,816 shares during the last quarter. Hedge funds and other institutional investors own 82.74% of the company’s stock.

Shares of Independent Bank Co.(MI) stock opened at $13.30 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.91 and a quick ratio of 0.89. The business’s 50 day simple moving average is $13.32 and its two-hundred day simple moving average is $18.87. The stock has a market capitalization of $291.17 million, a P/E ratio of 7.27 and a beta of 0.97. Independent Bank Co has a one year low of $9.19 and a one year high of $23.93.

Independent Bank Co.(MI) (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, April 30th. The financial services provider reported $0.21 EPS for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.16). The company had revenue of $41.20 million during the quarter, compared to analysts’ expectations of $43.01 million. Independent Bank Co.(MI) had a return on equity of 12.34% and a net margin of 21.29%. Sell-side analysts expect that Independent Bank Co will post 1.33 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, May 4th. This represents a $0.80 dividend on an annualized basis and a yield of 6.02%. Independent Bank Co.(MI)’s dividend payout ratio (DPR) is currently 40.00%.

In related news, Director Matthew J. Missad purchased 3,000 shares of the firm’s stock in a transaction on Wednesday, March 11th. The shares were acquired at an average cost of $16.24 per share, with a total value of $48,720.00. Following the purchase, the director now directly owns 7,326 shares of the company’s stock, valued at $118,974.24. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Patrick J. Ervin bought 1,500 shares of Independent Bank Co.(MI) stock in a transaction dated Tuesday, March 10th. The shares were acquired at an average cost of $16.87 per share, for a total transaction of $25,305.00. Insiders acquired a total of 5,967 shares of company stock worth $94,928 over the last ninety days. Insiders own 4.44% of the company’s stock.

A number of brokerages have recently issued reports on IBCP. Stephens upgraded Independent Bank Co.(MI) to a “buy” rating in a research report on Wednesday, January 29th. Zacks Investment Research downgraded Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research report on Wednesday, April 22nd. Keefe, Bruyette & Woods upgraded Independent Bank Co.(MI) from a “market perform” rating to an “outperform” rating in a research report on Wednesday, April 1st. ValuEngine downgraded Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research report on Thursday, April 2nd. Finally, TheStreet downgraded Independent Bank Co.(MI) from a “b-” rating to a “c+” rating in a research report on Friday, March 13th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $24.00.

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.

Further Reading: Inflation

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

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