Cubist Systematic Strategies LLC Makes New $186,000 Investment in Independent Bank Co. (NASDAQ:IBCP)

Cubist Systematic Strategies LLC acquired a new position in shares of Independent Bank Co. (NASDAQ:IBCP) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 5,351 shares of the financial services provider’s stock, valued at approximately $186,000.

Several other hedge funds have also recently bought and sold shares of the stock. PL Capital Advisors LLC increased its stake in Independent Bank by 3,383.0% in the fourth quarter. PL Capital Advisors LLC now owns 11,110,248 shares of the financial services provider’s stock valued at $386,970,000 after acquiring an additional 10,791,263 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Independent Bank by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 1,218,710 shares of the financial services provider’s stock worth $42,448,000 after purchasing an additional 25,756 shares during the period. American Century Companies Inc. lifted its holdings in shares of Independent Bank by 11.5% during the fourth quarter. American Century Companies Inc. now owns 523,614 shares of the financial services provider’s stock worth $18,237,000 after purchasing an additional 53,938 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Independent Bank by 15.3% during the fourth quarter. JPMorgan Chase & Co. now owns 447,690 shares of the financial services provider’s stock worth $15,593,000 after purchasing an additional 59,339 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of Independent Bank by 28.7% during the third quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock worth $11,660,000 after purchasing an additional 77,874 shares during the period. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Trading Down 1.0%

Shares of NASDAQ IBCP opened at $32.44 on Monday. Independent Bank Co. has a 1 year low of $22.53 and a 1 year high of $40.32. The stock has a market cap of $672.19 million, a P/E ratio of 10.27 and a beta of 0.83. The firm has a 50-day moving average of $30.65 and a 200 day moving average of $33.85. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.04. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. The firm had revenue of $54.11 million during the quarter, compared to analysts’ expectations of $46.25 million. As a group, sell-side analysts expect that Independent Bank Co. will post 3.22 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date of this dividend was Monday, May 5th. Independent Bank’s dividend payout ratio is currently 33.12%.

Insider Buying and Selling

In other Independent Bank news, Director Michael M. Magee, Jr. sold 6,404 shares of the company’s stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $31.00, for a total value of $198,524.00. Following the transaction, the director now owns 8,381 shares of the company’s stock, valued at $259,811. This represents a 43.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 5.68% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods dropped their target price on shares of Independent Bank from $37.00 to $35.00 and set a “market perform” rating on the stock in a report on Friday, April 25th. DA Davidson upped their price objective 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. Finally, Piper Sandler lowered their target price on shares of Independent Bank from $38.00 to $36.00 and set a “neutral” rating on the stock in a research note on Monday, April 28th.

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.