Trexquant Investment LP Sells 3,839 Shares of Independent Bank Co. (NASDAQ:IBCP)

Trexquant Investment LP decreased its holdings in shares of Independent Bank Co. (NASDAQ:IBCP) by 6.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 51,619 shares of the financial services provider’s stock after selling 3,839 shares during the period. Trexquant Investment LP owned about 0.25% of Independent Bank worth $1,798,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. National Bank of Canada FI bought a new position in shares of Independent Bank during the 3rd quarter worth approximately $26,000. Quantbot Technologies LP bought a new position in shares of Independent Bank during the fourth quarter valued at $58,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Independent Bank in the 4th quarter valued at $160,000. Dakota Wealth Management bought a new stake in shares of Independent Bank in the 4th quarter worth about $203,000. Finally, Zacks Investment Management acquired a new stake in shares of Independent Bank during the 3rd quarter worth about $221,000. 79.43% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Independent Bank Stock Up 1.2 %

Shares of NASDAQ:IBCP opened at $28.56 on Wednesday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. The firm has a market cap of $598.99 million, a P/E ratio of 9.04 and a beta of 0.85. Independent Bank Co. has a 12 month low of $22.53 and a 12 month high of $40.32. The company’s 50-day moving average price is $32.70 and its two-hundred day moving average price is $34.28.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.77 by $0.10. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. As a group, research analysts forecast that Independent Bank Co. will post 3.22 EPS for the current fiscal year.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Tuesday, February 4th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.64%. This is an increase from Independent Bank’s previous quarterly dividend of $0.24. 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.