Cubist Systematic Strategies LLC Has $324,000 Stock Position in Independent Bank Co. (NASDAQ:IBCP)

Cubist Systematic Strategies LLC reduced its position in shares of Independent Bank Co. (NASDAQ:IBCP) by 51.8% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 11,988 shares of the financial services provider’s stock after selling 12,900 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Independent Bank were worth $324,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Principal Financial Group Inc. grew its position in shares of Independent Bank by 12.5% in the first quarter. Principal Financial Group Inc. now owns 270,146 shares of the financial services provider’s stock valued at $6,848,000 after purchasing an additional 29,977 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in Independent Bank by 86.6% in the 1st quarter. Russell Investments Group Ltd. now owns 109,203 shares of the financial services provider’s stock valued at $2,768,000 after buying an additional 50,681 shares during the last quarter. Boston Partners bought a new position in Independent Bank in the 1st quarter worth approximately $1,168,000. Acadian Asset Management LLC lifted its holdings in shares of Independent Bank by 27.8% during the second quarter. Acadian Asset Management LLC now owns 423,631 shares of the financial services provider’s stock worth $11,432,000 after buying an additional 92,148 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Independent Bank by 14.8% in the second quarter. Bank of New York Mellon Corp now owns 206,619 shares of the financial services provider’s stock valued at $5,579,000 after acquiring an additional 26,674 shares during the period. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Independent Bank news, Director Christina Keller sold 1,400 shares of the 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 transaction, the director now directly owns 4,163 shares in the company, valued at $136,754.55. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.45% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

IBCP has been the subject of several research analyst reports. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $31.00 target price (up from $26.00) on shares of Independent Bank in a research note on Monday, July 29th. Piper Sandler upped their price objective on shares of Independent Bank from $27.00 to $37.50 and gave the company a “neutral” rating in a research report on Monday, July 29th.

Independent Bank Stock Up 3.8 %

Shares of IBCP stock opened at $33.27 on Monday. The stock has a market cap of $695.41 million, a P/E ratio of 11.32 and a beta of 0.99. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a fifty day moving average price of $32.80 and a 200 day moving average price of $28.59. Independent Bank Co. has a one year low of $16.90 and a one year high of $35.97.

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

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $0.96 annualized dividend and a dividend yield of 2.89%. Independent Bank’s dividend payout ratio (DPR) is presently 32.65%.

About Independent Bank

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.