Maltese Capital Management buys $14,992,250 stake in Independent Bank Corporation(MI) (IBCP)

Independent Bank Corporation(MI) (IBCP) : Maltese Capital Management scooped up 162,600 additional shares in Independent Bank Corporation(MI) during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 11, 2016. The investment management firm now holds a total of 922,600 shares of Independent Bank Corporation(MI) which is valued at $14,992,250.Independent Bank Corporation(MI) makes up approximately 1.78% of Maltese Capital Management’s portfolio.

Other Hedge Funds, Including , Teachers Advisors Inc reduced its stake in IBCP by selling 160 shares or 0.49% in the most recent quarter. The Hedge Fund company now holds 32,213 shares of IBCP which is valued at $523,461.Blackrock Fund Advisors reduced its stake in IBCP by selling 19,220 shares or 3.48% in the most recent quarter. The Hedge Fund company now holds 532,664 shares of IBCP which is valued at $8,655,790. Nine Chapters Capital Management sold out all of its stake in IBCP during the most recent quarter. The investment firm sold 32,600 shares of IBCP which is valued $518,340.First Trust Advisors Lp reduced its stake in IBCP by selling 1,569 shares or 4.68% in the most recent quarter. The Hedge Fund company now holds 31,972 shares of IBCP which is valued at $505,797.

Independent Bank Corporation(MI) opened for trading at $15.96 and hit $16.17 on the upside on Tuesday, eventually ending the session at $16.13, with a gain of 0.88% or 0.14 points. The heightened volatility saw the trading volume jump to 47,015 shares. Company has a market cap of $342 M.

Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank is engaged in commercial banking. The Bank offers a range of banking services to individuals and businesses including checking and savings accounts commercial lending direct and indirect consumer financing mortgage lending and safe deposit box services. The Bank does not offer trust services. The Company’s principal markets are the rural and suburban communities across Lower Michigan. In addition to general banking services its Bank also offers title insurance services through a separate subsidiary and investment and insurance services through a third party agreement with Cetera Investment Services LLC.

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