Russell Investments Group Ltd. Lowers Holdings in Independent Bank Co. (NASDAQ:IBCP)

Russell Investments Group Ltd. trimmed its holdings in Independent Bank Co. (NASDAQ:IBCP) by 0.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 226,660 shares of the financial services provider’s stock after selling 399 shares during the quarter. Russell Investments Group Ltd. owned approximately 1.09% of Independent Bank worth $7,895,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Envestnet Asset Management Inc. grew its stake in Independent Bank by 37.7% during the fourth quarter. Envestnet Asset Management Inc. now owns 11,017 shares of the financial services provider’s stock valued at $384,000 after acquiring an additional 3,018 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC boosted its holdings in shares of Independent Bank by 21.0% during the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 11,583 shares of the financial services provider’s stock valued at $403,000 after purchasing an additional 2,009 shares during the last quarter. Wells Fargo & Company MN grew its position in shares of Independent Bank by 20.8% during the fourth quarter. Wells Fargo & Company MN now owns 23,162 shares of the financial services provider’s stock valued at $807,000 after purchasing an additional 3,993 shares in the last quarter. Foundry Partners LLC increased its holdings in shares of Independent Bank by 1.1% in the fourth quarter. Foundry Partners LLC now owns 213,225 shares of the financial services provider’s stock worth $7,427,000 after purchasing an additional 2,355 shares during the last quarter. Finally, ExodusPoint Capital Management LP purchased a new stake in shares of Independent Bank in the fourth quarter worth about $318,000. 79.43% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Trading Down 1.0 %

Shares of NASDAQ IBCP opened at $28.52 on Friday. The stock has a market capitalization of $598.15 million, a P/E ratio of 9.03 and a beta of 0.85. Independent Bank Co. has a 1-year low of $22.53 and a 1-year high of $40.32. The business’s 50 day moving average is $32.14 and its two-hundred day moving average is $34.16. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.10. Independent Bank had a return on equity of 15.43% and a net margin of 20.67%. As a group, research analysts expect that Independent Bank Co. will post 3.22 EPS for the current year.

Analyst Ratings Changes

A number of research firms have issued reports on IBCP. DA Davidson lifted their price objective on Independent Bank from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 28th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $41.00 price target (up previously from $39.00) on shares of Independent Bank in a research note on Friday, January 24th.

Independent Bank Company Profile

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides commercial banking services to individuals and businesses in rural and suburban communities in Michigan. It offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services.