ExodusPoint Capital Management LP Buys Shares of 9,130 Independent Bank Co. (NASDAQ:IBCP)

ExodusPoint Capital Management LP purchased a new position in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 9,130 shares of the financial services provider's stock, valued at approximately $318,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. PL Capital Advisors LLC lifted its position in shares of Independent Bank by 3,383.0% during the 4th 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 last quarter. Vanguard Group Inc. boosted its position in shares of 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 acquiring an additional 25,756 shares in the last quarter. State Street Corp increased its holdings in shares of Independent Bank by 4.8% in the 3rd quarter. State Street Corp now owns 647,579 shares of the financial services provider's stock valued at $21,597,000 after acquiring an additional 29,475 shares during the last quarter. American Century Companies Inc. raised its position in shares of Independent Bank by 11.5% during the 4th quarter. American Century Companies Inc. now owns 523,614 shares of the financial services provider's stock worth $18,237,000 after acquiring an additional 53,938 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Independent Bank by 0.4% during the third quarter. Geode Capital Management LLC now owns 499,546 shares of the financial services provider's stock worth $16,663,000 after purchasing an additional 1,831 shares during the last quarter. Institutional investors and hedge funds own 79.43% of the company's stock.

Independent Bank Stock Performance

NASDAQ:IBCP traded up $0.24 during mid-day trading on Friday, reaching $30.12. 129,197 shares of the stock were exchanged, compared to its average volume of 107,405. The stock has a market capitalization of $631.71 million, a P/E ratio of 9.53 and a beta of 0.85. Independent Bank Co. has a 1 year low of $22.53 and a 1 year high of $40.32. The company has a 50 day simple moving average of $31.47 and a 200-day simple moving average of $34.05. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18.

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Keefe, Bruyette & Woods reissued 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 increased their target price on shares of Independent Bank from $37.00 to $39.00 and gave the company a "neutral" rating in a research report on Tuesday, January 28th.

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.