Clover Partners LP Trimmed Its Independent Bank Mich (IBCP) Holding by $7.33 Million; Stock Price Declined; As Primerica (PRI) Market Valuation Declined, Shareholder Federated Investors Trimmed Stake

April 11, 2018 - By Richard Conner

Independent Bank Corporation (NASDAQ:IBCP) Logo

Clover Partners Lp decreased its stake in Independent Bank Corp Mich (IBCP) by 62.82% based on its latest 2017Q4 regulatory filing with the SEC. Clover Partners Lp sold 333,380 shares as the company’s stock declined 0.22% with the market. The hedge fund held 197,307 shares of the major banks company at the end of 2017Q4, valued at $4.41 million, down from 530,687 at the end of the previous reported quarter. Clover Partners Lp who had been investing in Independent Bank Corp Mich for a number of months, seems to be less bullish one the $505.48 million market cap company. The stock increased 1.28% or $0.3 during the last trading session, reaching $23.65. About 42,509 shares traded. Independent Bank Corporation (NASDAQ:IBCP) has risen 15.08% since April 11, 2017 and is uptrending. It has outperformed by 3.53% the S&P500.

Federated Investors Inc decreased its stake in Primerica Inc (PRI) by 24.76% based on its latest 2017Q4 regulatory filing with the SEC. Federated Investors Inc sold 18,759 shares as the company’s stock declined 5.08% with the market. The institutional investor held 57,005 shares of the finance company at the end of 2017Q4, valued at $5.79 million, down from 75,764 at the end of the previous reported quarter. Federated Investors Inc who had been investing in Primerica Inc for a number of months, seems to be less bullish one the $4.30B market cap company. The stock increased 0.99% or $0.95 during the last trading session, reaching $97. About 175,165 shares traded. Primerica, Inc. (NYSE:PRI) has risen 22.61% since April 11, 2017 and is uptrending. It has outperformed by 11.06% the S&P500.

Investors sentiment increased to 1.42 in 2017 Q4. Its up 0.05, from 1.37 in 2017Q3. It is positive, as 9 investors sold IBCP shares while 36 reduced holdings. 21 funds opened positions while 43 raised stakes. 16.84 million shares or 0.76% less from 16.96 million shares in 2017Q3 were reported. Trexquant Invest L P, Connecticut-based fund reported 11,818 shares. State Common Retirement Fund accumulated 21,000 shares. Sterling Capital Management Ltd Co accumulated 38,947 shares or 0.01% of the stock. Thomson Horstmann & Bryant has 346,138 shares. Chicago Equity Ptnrs Ltd holds 79,255 shares or 0.05% of its portfolio. D E Shaw holds 0% in Independent Bank Corporation (NASDAQ:IBCP) or 58,790 shares. Thompson Siegel And Walmsley Limited Co, a Virginia-based fund reported 1,800 shares. Citigroup Incorporated has 0% invested in Independent Bank Corporation (NASDAQ:IBCP). California Public Employees Retirement System holds 0% or 66,545 shares. Geode Limited Liability Company invested 0% in Independent Bank Corporation (NASDAQ:IBCP). 32,033 were accumulated by California State Teachers Retirement. Bailard holds 0.04% of its portfolio in Independent Bank Corporation (NASDAQ:IBCP) for 30,500 shares. Martingale Asset Mngmt Ltd Partnership reported 74,533 shares stake. Schwab Charles Investment Inc owns 40,935 shares. Great West Life Assurance Can holds 0% of its portfolio in Independent Bank Corporation (NASDAQ:IBCP) for 2,300 shares.

Among 8 analysts covering Independent Bank Corporation (NASDAQ:IBCP), 2 have Buy rating, 0 Sell and 6 Hold. Therefore 25% are positive. Independent Bank Corporation had 13 analyst reports since July 29, 2015 according to SRatingsIntel. The rating was downgraded by Fig Partners to “Outperform” on Tuesday, August 11. TheStreet upgraded Independent Bank Corporation (NASDAQ:IBCP) on Thursday, August 20 to “Hold” rating. Compass Point upgraded Independent Bank Corporation (NASDAQ:IBCP) on Monday, December 18 to “Buy” rating. The stock of Independent Bank Corporation (NASDAQ:IBCP) earned “Hold” rating by Keefe Bruyette & Woods on Thursday, December 21. The stock of Independent Bank Corporation (NASDAQ:IBCP) has “Market Perform” rating given on Tuesday, August 11 by FIG Partners. Keefe Bruyette & Woods maintained it with “Hold” rating and $24.0 target in Wednesday, December 6 report. The rating was initiated by Hovde Group on Friday, September 23 with “Market Perform”. The firm earned “Hold” rating on Tuesday, October 3 by Keefe Bruyette & Woods. The stock has “Hold” rating by Hovde Group on Wednesday, January 31. The rating was initiated by Boenning & Scattergood on Wednesday, May 4 with “Neutral”.

Analysts await Independent Bank Corporation (NASDAQ:IBCP) to report earnings on April, 23. They expect $0.36 EPS, up 28.57% or $0.08 from last year’s $0.28 per share. IBCP’s profit will be $7.69M for 16.42 P/E if the $0.36 EPS becomes a reality. After $0.35 actual EPS reported by Independent Bank Corporation for the previous quarter, Wall Street now forecasts 2.86% EPS growth.

Investors sentiment decreased to 0.97 in Q4 2017. Its down 0.04, from 1.01 in 2017Q3. It is negative, as 20 investors sold PRI shares while 92 reduced holdings. 43 funds opened positions while 66 raised stakes. 41.09 million shares or 5.30% less from 43.39 million shares in 2017Q3 were reported. Eulav Asset stated it has 18,200 shares or 0.09% of all its holdings. New York State Common Retirement Fund stated it has 56,816 shares. Envestnet Asset Management Inc reported 32,408 shares. Royal Commercial Bank Of Canada has invested 0% of its portfolio in Primerica, Inc. (NYSE:PRI). Sei stated it has 64,652 shares. Stratos Wealth Prns holds 0% of its portfolio in Primerica, Inc. (NYSE:PRI) for 281 shares. Oregon Employees Retirement Fund holds 0.02% or 16,775 shares in its portfolio. Jane Street Grp Incorporated reported 13,336 shares. Gemmer Asset Mngmt Ltd Liability Co stated it has 59 shares. Moreover, Macquarie Grp has 0.08% invested in Primerica, Inc. (NYSE:PRI) for 462,819 shares. Moreover, First Republic Inc has 0% invested in Primerica, Inc. (NYSE:PRI). Parallax Volatility Advisers Ltd Partnership stated it has 6,720 shares or 0% of all its holdings. Bokf Na holds 0.02% in Primerica, Inc. (NYSE:PRI) or 6,811 shares. Comerica Bank & Trust accumulated 35,616 shares. 12,130 are owned by Brandywine Invest Management Ltd Liability.

Federated Investors Inc, which manages about $35.40 billion US Long portfolio, upped its stake in State Bk Finl Corp (NASDAQ:STBZ) by 26,252 shares to 39,510 shares, valued at $1.18 million in 2017Q4, according to the filing. It also increased its holding in American Eagle Outfitters Ne (NYSE:AEO) by 22,419 shares in the quarter, for a total of 75,725 shares, and has risen its stake in Yelp Inc (NYSE:YELP).

Analysts await Primerica, Inc. (NYSE:PRI) to report earnings on May, 8. They expect $1.49 EPS, up 34.23% or $0.38 from last year’s $1.11 per share. PRI’s profit will be $66.02 million for 16.28 P/E if the $1.49 EPS becomes a reality. After $1.60 actual EPS reported by Primerica, Inc. for the previous quarter, Wall Street now forecasts -6.88% negative EPS growth.

Independent Bank Corporation (NASDAQ:IBCP) Institutional Positions Chart

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