EAM Investors LLC Reduces Position in Independent Bank Co. (NASDAQ:IBCP)

EAM Investors LLC trimmed its holdings in Independent Bank Co. (NASDAQ:IBCP) by 16.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,506 shares of the financial services provider’s stock after selling 4,358 shares during the quarter. EAM Investors LLC owned about 0.11% of Independent Bank worth $784,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. National Bank of Canada FI purchased a new position in Independent Bank during the third quarter worth approximately $26,000. Quantbot Technologies LP acquired a new stake in shares of Independent Bank in the 4th quarter worth $58,000. Quadrant Capital Group LLC raised its holdings in shares of 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 period. Aster Capital Management DIFC Ltd acquired a new position in shares of Independent Bank during the 4th quarter valued at about $127,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Independent Bank in the fourth quarter valued at about $160,000. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on IBCP shares. DA Davidson lifted their target price on shares of 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 report on Friday, January 24th.

Independent Bank Trading Up 1.6 %

NASDAQ IBCP opened at $29.88 on Thursday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market capitalization of $626.67 million, a P/E ratio of 9.46 and a beta of 0.85. The firm’s 50-day moving average is $31.72 and its two-hundred day moving average is $34.09. Independent Bank Co. has a 12 month low of $22.53 and a 12 month high of $40.32.

Independent Bank (NASDAQ:IBCP) last issued 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%. On average, sell-side analysts anticipate 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.