Independent Bank Co. (NASDAQ:IBCP) Shares Acquired by Renaissance Technologies LLC

Renaissance Technologies LLC lifted its stake in shares of Independent Bank Co. (NASDAQ:IBCP) by 3.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 594,800 shares of the financial services provider’s stock after purchasing an additional 18,000 shares during the quarter. Renaissance Technologies LLC owned about 2.85% of Independent Bank worth $16,060,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Dimensional Fund Advisors LP increased its position in Independent Bank by 1.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 977,832 shares of the financial services provider’s stock valued at $25,444,000 after acquiring an additional 13,962 shares during the period. Quadrant Capital Group LLC increased its position in Independent Bank by 46.4% in the 4th quarter. Quadrant Capital Group LLC now owns 2,045 shares of the financial services provider’s stock valued at $53,000 after acquiring an additional 648 shares during the period. Trexquant Investment LP increased its position in Independent Bank by 9.6% in the 4th quarter. Trexquant Investment LP now owns 30,959 shares of the financial services provider’s stock valued at $806,000 after acquiring an additional 2,717 shares during the period. Quest Partners LLC acquired a new stake in Independent Bank in the 4th quarter valued at approximately $79,000. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in Independent Bank in the 4th quarter valued at approximately $634,000. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on IBCP shares. Piper Sandler raised their target price on Independent Bank from $27.00 to $37.50 and gave the company a “neutral” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $31.00 price target (up from $26.00) on shares of Independent Bank in a research report on Monday, July 29th. Five investment analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Independent Bank currently has an average rating of “Hold” and an average target price of $32.17.

Independent Bank Stock Down 3.9 %

Shares of IBCP stock opened at $33.91 on Friday. Independent Bank Co. has a 1 year low of $16.90 and a 1 year high of $35.97. The stock has a market cap of $708.79 million, a PE ratio of 11.53 and a beta of 0.99. The business’s fifty day moving average is $32.95 and its 200-day moving average is $27.71. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.88 and a current ratio of 0.88.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.17. The company had revenue of $81.51 million for the quarter, compared to analysts’ expectations of $53.50 million. Independent Bank had a return on equity of 16.90% and a net margin of 21.11%. During the same period last year, the firm earned $0.70 EPS. Equities analysts expect that Independent Bank Co. will post 3.13 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.83%. The ex-dividend date was Monday, August 5th. Independent Bank’s dividend payout ratio is presently 32.65%.

Insider Transactions at Independent Bank

In other news, Director Christina Keller sold 1,400 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $32.85, for a total transaction of $45,990.00. Following the completion of the sale, the director now directly owns 4,163 shares of the company’s stock, valued at approximately $136,754.55. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 5.45% of the company’s stock.

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.