Legal & General Group Plc held its stake in Independent Bank Corporation (NASDAQ:IBCP) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,616 shares of the financial services provider’s stock at the close of the 2nd quarter. Legal & General Group Plc’s holdings in Independent Bank Corporation were worth $122,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in IBCP. Globeflex Capital L P purchased a new stake in Independent Bank Corporation in the first quarter worth about $110,000. American International Group Inc. grew its holdings in Independent Bank Corporation by 7.1% in the first quarter. American International Group Inc. now owns 12,533 shares of the financial services provider’s stock worth $259,000 after purchasing an additional 826 shares during the period. Sei Investments Co. purchased a new stake in Independent Bank Corporation in the second quarter worth about $268,000. KBC Group NV grew its holdings in Independent Bank Corporation by 19.0% in the first quarter. KBC Group NV now owns 15,434 shares of the financial services provider’s stock worth $319,000 after purchasing an additional 2,467 shares during the period. Finally, Menta Capital LLC purchased a new stake in Independent Bank Corporation in the first quarter worth about $469,000. Institutional investors and hedge funds own 80.85% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: “Independent Bank Corporation (IBCP) Holdings Held by Legal & General Group Plc” was published by Watch List News and is the sole property of of Watch List News. If you are viewing this article on another publication, it was illegally copied and reposted in violation of US and international trademark and copyright law. The legal version of this article can be viewed at https://www.watchlistnews.com/independent-bank-corporation-ibcp-holdings-held-by-legal-general-group-plc/1637826.html.

A number of equities research analysts have recently commented on IBCP shares. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $22.00 price target on shares of Independent Bank Corporation in a report on Wednesday, October 4th. Boenning Scattergood reiterated a “hold” rating on shares of Independent Bank Corporation in a report on Thursday, July 27th. Zacks Investment Research upgraded shares of Independent Bank Corporation from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a report on Wednesday, September 27th. BidaskClub cut shares of Independent Bank Corporation from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. Finally, DA Davidson started coverage on shares of Independent Bank Corporation in a report on Wednesday, July 5th. They set a “neutral” rating and a $23.00 price target on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $22.67.

Shares of Independent Bank Corporation (NASDAQ:IBCP) opened at 22.15 on Wednesday. The stock has a market cap of $472.59 million, a PE ratio of 19.76 and a beta of 0.55. Independent Bank Corporation has a 12-month low of $16.45 and a 12-month high of $23.65. The stock’s 50 day moving average is $21.15 and its 200-day moving average is $21.12.

Independent Bank Corporation (NASDAQ:IBCP) last released its earnings results on Thursday, July 27th. The financial services provider reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.02). The company had revenue of $31.94 million for the quarter, compared to analysts’ expectations of $32.55 million. Independent Bank Corporation had a return on equity of 9.48% and a net margin of 17.68%. Equities analysts expect that Independent Bank Corporation will post $1.21 EPS for the current year.

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.

Want to see what other hedge funds are holding IBCP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independent Bank Corporation (NASDAQ:IBCP).

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

Receive News & Ratings for Independent Bank Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.