Advisory Services Network LLC Sells 19,931 Shares of Independent Bank Co. (NASDAQ:IBCP)

Advisory Services Network LLC decreased its position in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) by 28.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,126 shares of the financial services provider's stock after selling 19,931 shares during the quarter. Advisory Services Network LLC owned approximately 0.24% of Independent Bank worth $1,781,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of IBCP. Invesco Ltd. boosted its stake in shares of Independent Bank by 5.4% during the fourth quarter. Invesco Ltd. now owns 51,814 shares of the financial services provider's stock valued at $1,805,000 after purchasing an additional 2,674 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in Independent Bank during the 4th quarter worth approximately $127,000. Quadrant Capital Group LLC grew its holdings in Independent Bank by 10.9% during the 4th quarter. Quadrant Capital Group LLC now owns 2,890 shares of the financial services provider's stock worth $101,000 after acquiring an additional 283 shares during the last quarter. Envestnet Asset Management Inc. increased its position in Independent Bank by 37.7% in the 4th 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 during the period. Finally, Grantham Mayo Van Otterloo & Co. LLC raised its stake in shares of Independent Bank by 21.0% during the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 11,583 shares of the financial services provider's stock valued at $403,000 after acquiring an additional 2,009 shares during the last quarter. Institutional investors own 79.43% of the company's stock.

Analyst Ratings Changes

IBCP has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $41.00 price objective (up from $39.00) on shares of Independent Bank in a research note on Friday, January 24th. DA Davidson boosted their price target on shares of Independent Bank from $37.00 to $39.00 and gave the stock a "neutral" rating in a research report on Tuesday, January 28th.

Independent Bank Trading Up 0.6 %

Shares of NASDAQ:IBCP traded up $0.18 during midday trading on Thursday, reaching $30.06. The company's stock had a trading volume of 41,518 shares, compared to its average volume of 106,639. Independent Bank Co. has a fifty-two week low of $22.53 and a fifty-two week high of $40.32. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a 50 day moving average price of $31.72 and a two-hundred day moving average price of $34.09. The firm has a market capitalization of $630.43 million, a price-to-earnings ratio of 9.51 and a beta of 0.85.

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

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.