Trexquant Investment LP Has $1.80 Million Stock Holdings in Independent Bank Co. (NASDAQ:IBCP)

Trexquant Investment LP decreased its position in shares of Independent Bank Co. (NASDAQ:IBCP) by 6.9% during the 4th quarter, Holdings Channel reports. The fund owned 51,619 shares of the financial services provider’s stock after selling 3,839 shares during the quarter. Trexquant Investment LP’s holdings in Independent Bank were worth $1,798,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of IBCP. PL Capital Advisors LLC raised its holdings in Independent Bank by 3,383.0% in the fourth quarter. PL Capital Advisors LLC now owns 11,110,248 shares of the financial services provider’s stock worth $386,970,000 after purchasing an additional 10,791,263 shares during the period. Vanguard Group Inc. raised its stake in Independent Bank by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 1,218,710 shares of the financial services provider’s stock worth $42,448,000 after buying an additional 25,756 shares during the period. State Street Corp lifted its holdings in Independent Bank by 4.8% during the third quarter. State Street Corp now owns 647,579 shares of the financial services provider’s stock worth $21,597,000 after acquiring an additional 29,475 shares in the last quarter. American Century Companies Inc. grew its stake in Independent Bank by 11.5% in the fourth quarter. American Century Companies Inc. now owns 523,614 shares of the financial services provider’s stock valued at $18,237,000 after acquiring an additional 53,938 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Independent Bank by 0.4% in the third quarter. Geode Capital Management LLC now owns 499,546 shares of the financial services provider’s stock worth $16,663,000 after acquiring an additional 1,831 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $41.00 price objective (up previously from $39.00) on shares of Independent Bank in a report on Friday, January 24th. DA Davidson upped their price target on shares of Independent Bank from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Tuesday, January 28th.

Independent Bank Stock Up 1.2 %

IBCP stock opened at $28.56 on Wednesday. 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 stock has a market capitalization of $598.99 million, a P/E ratio of 9.04 and a beta of 0.85. Independent Bank Co. has a fifty-two week low of $22.53 and a fifty-two week high of $40.32. The business has a 50-day moving average of $32.70 and a 200-day moving average of $34.28.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.10. Independent Bank had a return on equity of 15.43% and a net margin of 20.67%. On average, sell-side analysts anticipate that Independent Bank Co. will post 3.22 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were paid a $0.26 dividend. This is a positive change from Independent Bank’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 3.64%. The ex-dividend date was Tuesday, February 4th. Independent Bank’s payout ratio is presently 32.91%.

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.