Cubist Systematic Strategies LLC Makes New 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 fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 5,351 shares of the financial services provider’s stock, valued at approximately $186,000.

A number of other hedge funds have also recently added to or reduced their stakes in IBCP. Aquatic Capital Management LLC bought a new stake in shares of Independent Bank in the 4th quarter valued at approximately $42,000. Tower Research Capital LLC TRC boosted its position in shares of Independent Bank by 246.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,439 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 1,024 shares during the period. Quantbot Technologies LP purchased a new stake in Independent Bank in the 4th quarter worth about $58,000. Quadrant Capital Group LLC increased its holdings in Independent Bank by 10.9% in the fourth quarter. Quadrant Capital Group LLC now owns 2,890 shares of the financial services provider’s stock worth $101,000 after buying an additional 283 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new position in Independent Bank during the fourth quarter valued at approximately $127,000. 79.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on IBCP shares. DA Davidson lifted their price target on shares of Independent Bank from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 28th. Keefe, Bruyette & Woods decreased their target price on Independent Bank from $37.00 to $35.00 and set a “market perform” rating for the company in a research report on Friday, April 25th. Finally, Piper Sandler decreased their price objective on Independent Bank from $38.00 to $36.00 and set a “neutral” rating for the company in a research report on Monday, April 28th.

Independent Bank Stock Down 1.0%

IBCP stock opened at $32.44 on Monday. The stock has a market capitalization of $672.19 million, a price-to-earnings ratio of 10.27 and a beta of 0.83. Independent Bank Co. has a fifty-two week low of $22.53 and a fifty-two week high of $40.32. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. The business’s fifty day moving average price is $30.65 and its two-hundred day moving average price is $33.85.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.04. The firm had revenue of $54.11 million for the quarter, compared to analyst estimates of $46.25 million. Independent Bank had a return on equity of 15.43% and a net margin of 20.67%. On average, equities analysts anticipate that Independent Bank Co. will post 3.22 earnings per share for the current year.

Independent Bank Dividend Announcement

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

Insider Activity

In related news, Director Michael M. Magee, Jr. sold 6,404 shares of Independent Bank stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $31.00, for a total transaction of $198,524.00. Following the transaction, the director now owns 8,381 shares of the company’s stock, valued at $259,811. The trade was a 43.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 5.68% of the company’s stock.

Independent Bank 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.