Quantbot Technologies LP Decreases Position in Independent Bank Corporation $IBCP

Quantbot Technologies LP decreased its holdings in shares of Independent Bank Corporation (NASDAQ:IBCP) by 22.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,294 shares of the financial services provider’s stock after selling 366 shares during the quarter. Quantbot Technologies LP’s holdings in Independent Bank were worth $40,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in IBCP. Vanguard Group Inc. increased its position in Independent Bank by 9.5% during the first quarter. Vanguard Group Inc. now owns 1,335,049 shares of the financial services provider’s stock worth $41,106,000 after buying an additional 116,339 shares during the period. American Century Companies Inc. increased its position in Independent Bank by 8.4% during the first quarter. American Century Companies Inc. now owns 567,685 shares of the financial services provider’s stock worth $17,479,000 after buying an additional 44,071 shares during the period. LSV Asset Management increased its position in Independent Bank by 9.7% during the first quarter. LSV Asset Management now owns 460,026 shares of the financial services provider’s stock worth $14,164,000 after buying an additional 40,856 shares during the period. Nuveen LLC acquired a new position in Independent Bank during the first quarter worth approximately $13,123,000. Finally, Bank of America Corp DE increased its position in Independent Bank by 17.5% during the fourth quarter. Bank of America Corp DE now owns 124,784 shares of the financial services provider’s stock worth $4,346,000 after buying an additional 18,602 shares during the period. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Independent Bank Trading Down 0.2%

NASDAQ:IBCP opened at $32.89 on Friday. The firm has a market cap of $681.15 million, a P/E ratio of 10.71 and a beta of 0.87. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.39. The stock’s 50 day simple moving average is $32.48 and its 200-day simple moving average is $31.76. Independent Bank Corporation has a 12-month low of $26.75 and a 12-month high of $40.32.

Independent Bank (NASDAQ:IBCP) last released its earnings results on Thursday, July 24th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $55.94 million for the quarter, compared to analyst estimates of $47.72 million. Independent Bank had a return on equity of 14.05% and a net margin of 20.31%. Equities analysts anticipate that Independent Bank Corporation will post 3.22 EPS for the current year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th were issued a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, August 5th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.2%. Independent Bank’s payout ratio is presently 33.88%.

Insider Buying and Selling

In related news, EVP Gavin A. Mohr bought 2,000 shares of the company’s stock in a transaction dated Tuesday, August 5th. The shares were acquired at an average price of $29.64 per share, with a total value of $59,280.00. Following the completion of the acquisition, the executive vice president owned 23,826 shares in the company, valued at approximately $706,202.64. This trade represents a 9.16% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Terance L. Beia bought 1,821 shares of the company’s stock in a transaction dated Friday, June 13th. The stock was bought at an average cost of $30.65 per share, for a total transaction of $55,813.65. Following the acquisition, the director owned 40,001 shares of the company’s stock, valued at approximately $1,226,030.65. This trade represents a 4.77% increase in their position. The disclosure for this purchase can be found here. Insiders own 5.68% of the company’s stock.

Wall Street Analyst Weigh In

Separately, DA Davidson lifted their price target on Independent Bank from $35.00 to $37.00 and gave the stock a “neutral” rating in a research report on Friday, July 25th. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat, Independent Bank has an average rating of “Hold” and a consensus price target of $36.00.

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.