AQR Capital Management LLC Raises Holdings in Independent Bank Co. (NASDAQ:IBCP)

AQR Capital Management LLC increased its position in Independent Bank Co. (NASDAQ:IBCP) by 75.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 174,011 shares of the financial services provider’s stock after buying an additional 75,022 shares during the period. AQR Capital Management LLC owned 0.83% of Independent Bank worth $4,698,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in IBCP. CWM LLC raised its holdings in shares of Independent Bank by 1,729.2% during the 2nd quarter. CWM LLC now owns 4,262 shares of the financial services provider’s stock worth $115,000 after acquiring an additional 4,029 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Independent Bank by 36.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider’s stock worth $125,000 after purchasing an additional 1,225 shares during the last quarter. Comerica Bank purchased a new stake in Independent Bank during the first quarter valued at $173,000. Denali Advisors LLC raised its stake in Independent Bank by 64.2% during the first quarter. Denali Advisors LLC now owns 8,700 shares of the financial services provider’s stock valued at $221,000 after purchasing an additional 3,400 shares in the last quarter. Finally, Capital Asset Advisory Services LLC purchased a new position in shares of Independent Bank in the 1st quarter worth $248,000. 79.43% of the stock is owned by institutional investors.

Independent Bank Stock Up 3.2 %

NASDAQ IBCP opened at $32.36 on Friday. Independent Bank Co. has a 52 week low of $16.90 and a 52 week high of $35.97. The firm has a market capitalization of $676.39 million, a price-to-earnings ratio of 11.01 and a beta of 0.99. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.30. The company has a fifty day moving average of $32.97 and a two-hundred day moving average of $28.25.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.88 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 the consensus estimate of $53.50 million. Independent Bank had a net margin of 21.11% and a return on equity of 16.90%. During the same period in the prior year, the firm posted $0.70 EPS. On average, analysts predict that Independent Bank Co. will post 3.13 earnings per share for the current year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were issued a $0.24 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $0.96 annualized dividend and a dividend yield of 2.97%. Independent Bank’s payout ratio is 32.65%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on IBCP. Keefe, Bruyette & Woods restated a “market perform” rating and set a $31.00 target price (up from $26.00) on shares of Independent Bank in a research report on Monday, July 29th. Piper Sandler boosted their price objective on Independent Bank from $27.00 to $37.50 and gave the stock a “neutral” rating in a research note on Monday, July 29th.

Insider Buying and Selling

In other Independent Bank news, Director Christina Keller sold 1,400 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $32.85, for a total value of $45,990.00. Following the transaction, the director now owns 4,163 shares of the company’s stock, valued at $136,754.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 5.45% of the stock is owned by corporate insiders.

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.