Jane Street Group LLC Has $712,000 Holdings in Independent Bank Co. (NASDAQ:IBCP)

Jane Street Group LLC lifted its stake in shares of Independent Bank Co. (NASDAQ:IBCP) by 11.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 21,360 shares of the financial services provider’s stock after buying an additional 2,213 shares during the quarter. Jane Street Group LLC owned about 0.10% of Independent Bank worth $712,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of IBCP. nVerses Capital LLC acquired a new position in Independent Bank during the 3rd quarter worth approximately $27,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Independent Bank by 36.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider’s stock valued at $125,000 after acquiring an additional 1,225 shares in the last quarter. CWM LLC raised its position in shares of Independent Bank by 47.5% during the third quarter. CWM LLC now owns 6,287 shares of the financial services provider’s stock worth $210,000 after purchasing an additional 2,025 shares during the period. Centiva Capital LP bought a new position in shares of Independent Bank in the 3rd quarter worth $279,000. Finally, Quest Partners LLC grew its position in Independent Bank by 80.7% in the 2nd quarter. Quest Partners LLC now owns 11,354 shares of the financial services provider’s stock valued at $307,000 after purchasing an additional 5,072 shares during the period. Institutional investors own 79.43% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods upped their price target on Independent Bank from $33.00 to $39.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th.

Insider Transactions at Independent Bank

In other Independent Bank news, EVP Gavin A. Mohr purchased 800 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were acquired at an average cost of $36.71 per share, for a total transaction of $29,368.00. Following the completion of the transaction, the executive vice president now owns 18,662 shares of the company’s stock, valued at approximately $685,082.02. The trade was a 4.48 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 5.48% of the company’s stock.

Independent Bank Price Performance

NASDAQ:IBCP opened at $34.51 on Friday. The firm has a market capitalization of $721.05 million, a price-to-earnings ratio of 11.74 and a beta of 1.02. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a fifty day moving average of $36.44 and a 200 day moving average of $33.20. Independent Bank Co. has a 52-week low of $22.53 and a 52-week high of $40.32.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11). Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. The business had revenue of $77.84 million during the quarter, compared to the consensus estimate of $55.05 million. During the same quarter in the previous year, the firm posted $0.83 earnings per share. On average, research analysts expect that Independent Bank Co. will post 3.02 EPS for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date was Tuesday, November 5th. Independent Bank’s payout ratio is 32.65%.

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.