Cubist Systematic Strategies LLC Increases Stock Holdings in Independent Bank Corporation $IBCP

Key Points

• Cubist Systematic Strategies LLC increased its stake in Independent Bank Corporation (IBCP) by 1,039.8% in the first quarter, now holding approximately $1.88 million worth of shares.
• Independent Bank's stock price target was raised from $35.00 to $37.00 by DA Davidson, maintaining a "neutral" rating, with a current consensus rating of "Hold."
• The company recently announced a quarterly dividend of $0.26 per share, translating to an annualized dividend yield of 3.2%.

Cubist Systematic Strategies LLC raised its position in Independent Bank Corporation (NASDAQ:IBCP - Free Report) by 1,039.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,989 shares of the financial services provider's stock after buying an additional 55,638 shares during the quarter. Cubist Systematic Strategies LLC owned 0.29% of Independent Bank worth $1,878,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of IBCP. Raymond James Financial Inc. acquired a new stake in shares of Independent Bank during the 4th quarter worth $410,000. Tower Research Capital LLC TRC boosted its stake in Independent Bank by 246.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,439 shares of the financial services provider's stock valued at $50,000 after buying an additional 1,024 shares in the last quarter. Hsbc Holdings PLC bought a new position in Independent Bank in the fourth quarter valued at about $259,000. Bank of America Corp DE raised its position in Independent Bank by 17.5% in the fourth quarter. Bank of America Corp DE now owns 124,784 shares of the financial services provider's stock valued at $4,346,000 after purchasing an additional 18,602 shares during the last quarter. Finally, Deutsche Bank AG raised its position in Independent Bank by 81.3% in the fourth quarter. Deutsche Bank AG now owns 15,746 shares of the financial services provider's stock valued at $548,000 after purchasing an additional 7,059 shares during the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, DA Davidson raised their price objective on Independent Bank from $35.00 to $37.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Three research analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $36.00.

Independent Bank Trading Down 1.3%

IBCP stock traded down $0.43 during mid-day trading on Friday, reaching $31.74. The company's stock had a trading volume of 93,778 shares, compared to its average volume of 89,280. The company has a market cap of $657.34 million, a price-to-earnings ratio of 10.34 and a beta of 0.87. The business's 50 day moving average price is $32.43 and its 200 day moving average price is $31.64. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.39. Independent Bank Corporation has a 12 month low of $26.75 and a 12 month high of $40.32.

Independent Bank (NASDAQ:IBCP - Get Free Report) last issued its earnings results on Thursday, July 24th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts' consensus estimates of $0.78 by $0.03. The business had revenue of $55.94 million during the quarter, compared to the consensus estimate of $47.72 million. Independent Bank had a return on equity of 14.05% and a net margin of 20.31%. On average, equities research analysts predict that Independent Bank Corporation will post 3.22 EPS for the current year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Tuesday, August 5th. Independent Bank's dividend payout ratio (DPR) is 33.88%.

Insider Buying and Selling

In other news, EVP Gavin A. Mohr acquired 2,000 shares of Independent Bank stock in a transaction on Tuesday, August 5th. The stock was purchased at an average price of $29.64 per share, with a total value of $59,280.00. Following the completion of the purchase, the executive vice president owned 23,826 shares of the company's stock, valued at approximately $706,202.64. The trade was a 9.16% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Stefanie M. Kimball sold 1,400 shares of the firm's stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $32.64, for a total value of $45,696.00. Following the completion of the sale, the executive vice president directly owned 62,389 shares of the company's stock, valued at $2,036,376.96. This trade represents a 2.19% decrease in their position. The disclosure for this sale can be found here. Company insiders own 5.68% of the company's stock.

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.