Institutional Investors Are Selling Independent Bank Corp (NASDAQ:IBCP)

September 8, 2018 - By Matthew Richard

Independent Bank Corporation (NASDAQ:IBCP) Logo

Sentiment for Independent Bank Corp (NASDAQ:IBCP)

Independent Bank Corp (NASDAQ:IBCP) institutional sentiment decreased to 1.3 in 2018 Q1. Its down -0.12, from 1.42 in 2017Q4. The ratio has worsened, as 60 funds opened new or increased holdings, while 46 cut down and sold positions in Independent Bank Corp. The funds in our partner’s database now possess: 16.05 million shares, down from 16.84 million shares in 2017Q4. Also, the number of funds holding Independent Bank Corp in their top 10 holdings decreased from 2 to 1 for a decrease of 1. Sold All: 7 Reduced: 39 Increased: 46 New Position: 14.

Independent Bank Corporation operates as the bank holding firm for Independent Bank that provides various banking services to individuals and businesses in Michigan. The company has market cap of $598.94 million. The firm also offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machines, and Internet and mobile banking services. It has a 20.81 P/E ratio. It also provides title insurance, and investment and insurance services; and acquires and services payment plans used by clients to purchase vehicle service contracts provided and administered by third parties.

The stock increased 0.20% or $0.05 during the last trading session, reaching $24.8. About 58,412 shares traded. Independent Bank Corporation (NASDAQ:IBCP) has risen 22.89% since September 8, 2017 and is uptrending. It has outperformed by 10.32% the S&P500.

Analysts await Independent Bank Corporation (NASDAQ:IBCP) to report earnings on October, 25. They expect $0.45 EPS, up 40.63 % or $0.13 from last year’s $0.32 per share. IBCP’s profit will be $10.87M for 13.78 P/E if the $0.45 EPS becomes a reality. After $0.44 actual EPS reported by Independent Bank Corporation for the previous quarter, Wall Street now forecasts 2.27 % EPS growth.

Pl Capital Advisors Llc holds 6.74% of its portfolio in Independent Bank Corporation for 1.05 million shares. Clover Partners L.P. owns 157,307 shares or 4.02% of their US portfolio. Moreover, Maltese Capital Management Llc has 1.48% invested in the company for 950,000 shares. The Virginia-based Fj Capital Management Llc has invested 1.15% in the stock. Thomson Horstmann & Bryant Inc, a Connecticut-based fund reported 305,004 shares.

Since January 1, 0001, it had 0 insider buys, and 7 sales for $317,069 activity.

Independent Bank Corporation (NASDAQ:IBCP) Ratings Coverage

Ratings analysis reveals 0 of Independent Bank Corporation’s analysts are positive. Out of 2 Wall Street analysts rating Independent Bank Corporation, 0 give it “Buy”, 0 “Sell” rating, while 2 recommend “Hold”. The lowest target is $2600 while the high is $2600. The stock’s average target of $26 is 4.84% above today’s ($24.8) share price. IBCP was included in 2 notes of analysts from April 23, 2018. The rating was maintained by Keefe Bruyette & Woods with “Hold” on Monday, April 23. The stock has “Hold” rating by Hovde Group on Tuesday, April 24.

Independent Bank Corporation (NASDAQ:IBCP) Institutional Positions Chart

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