Wells Fargo & Company MN raised its holdings in Independent Bank Co.(MI) (NASDAQ:IBCP) by 8.3% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 128,563 shares of the financial services provider’s stock after buying an additional 9,801 shares during the period. Wells Fargo & Company MN’s holdings in Independent Bank Co.(MI) were worth $2,912,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. boosted its position in Independent Bank Co.(MI) by 7.2% in the 2nd quarter. Vanguard Group Inc. now owns 894,958 shares of the financial services provider’s stock valued at $19,465,000 after buying an additional 59,814 shares during the period. FMR LLC boosted its position in Independent Bank Co.(MI) by 2.9% in the 2nd quarter. FMR LLC now owns 678,610 shares of the financial services provider’s stock valued at $14,760,000 after buying an additional 19,426 shares during the period. The Manufacturers Life Insurance Company boosted its position in Independent Bank Co.(MI) by 1.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 562,914 shares of the financial services provider’s stock valued at $12,243,000 after buying an additional 10,392 shares during the period. State Street Corp boosted its position in Independent Bank Co.(MI) by 37.1% in the 2nd quarter. State Street Corp now owns 557,412 shares of the financial services provider’s stock valued at $12,125,000 after buying an additional 150,958 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in Independent Bank Co.(MI) by 31.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 450,993 shares of the financial services provider’s stock valued at $10,214,000 after buying an additional 107,012 shares during the period. 81.66% of the stock is owned by institutional investors.

IBCP has been the subject of several recent research reports. Zacks Investment Research raised shares of Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a research report on Wednesday, January 3rd. Boenning Scattergood reissued a “hold” rating on shares of Independent Bank Co.(MI) in a research report on Thursday, December 28th. Compass Point raised shares of Independent Bank Co.(MI) from a “neutral” rating to a “buy” rating in a research report on Monday, December 18th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $24.00 price objective on shares of Independent Bank Co.(MI) in a research report on Friday, December 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $24.00.

Shares of Independent Bank Co (NASDAQ IBCP) opened at $24.05 on Friday. The stock has a market cap of $504.50, a price-to-earnings ratio of 21.10, a PEG ratio of 1.82 and a beta of 0.69. Independent Bank Co has a 1 year low of $18.50 and a 1 year high of $24.20. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.84 and a current ratio of 0.86.

Independent Bank Co.(MI) (NASDAQ:IBCP) last released its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.33 by ($0.01). The firm had revenue of $33.22 million for the quarter, compared to analysts’ expectations of $33.36 million. Independent Bank Co.(MI) had a return on equity of 9.52% and a net margin of 17.75%. research analysts anticipate that Independent Bank Co will post 1.18 earnings per share for the current year.

ILLEGAL ACTIVITY WARNING: “Wells Fargo & Company MN Acquires 9,801 Shares of Independent Bank Co.(MI) (IBCP)” was originally posted by Watch List News and is owned by of Watch List News. If you are viewing this story on another site, it was copied illegally and republished in violation of U.S. and international trademark & copyright legislation. The correct version of this story can be read at https://www.watchlistnews.com/wells-fargo-company-mn-acquires-9801-shares-of-independent-bank-co-mi-ibcp/1804124.html.

Independent Bank Co.(MI) Company Profile

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 Co.(MI) (NASDAQ:IBCP).

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

Receive News & Ratings for Independent Bank Co.(MI) Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank Co.(MI) and related companies with MarketBeat.com's FREE daily email newsletter.