Trexquant Investment LP Decreases Stock Holdings in Independent Bank Corporation $IBCP

Key Points

• Trexquant Investment LP has reduced its stake in Independent Bank Corporation by 31.3%, selling 16,162 shares and now owning 35,457 shares worth approximately $1.09 million.
• An executive vice president, Gavin A. Mohr, purchased 2,000 shares of the company, increasing his stake by 9.16%, while another EVP, Stefanie M. Kimball, sold 1,400 shares, decreasing her ownership by 2.19%.
• DA Davidson has raised the price target for Independent Bank from $35.00 to $37.00, maintaining a "neutral" rating, indicating a cautious outlook among analysts.

Trexquant Investment LP cut its stake in shares of Independent Bank Corporation (NASDAQ:IBCP - Free Report) by 31.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 35,457 shares of the financial services provider's stock after selling 16,162 shares during the quarter. Trexquant Investment LP owned 0.17% of Independent Bank worth $1,092,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of IBCP. Raymond James Financial Inc. bought a new stake in Independent Bank during the fourth quarter valued at approximately $410,000. Tower Research Capital LLC TRC lifted its position in Independent Bank by 246.7% during 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 purchasing an additional 1,024 shares during the last quarter. Hsbc Holdings PLC bought a new stake in Independent Bank during the fourth quarter valued at approximately $259,000. Bank of America Corp DE lifted its position in Independent Bank by 17.5% during 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, Cubist Systematic Strategies LLC bought a new stake in Independent Bank during the fourth quarter valued at approximately $186,000. 79.43% of the stock is currently owned by institutional investors.

Independent Bank Price Performance

Shares of IBCP stock traded down $0.43 during trading hours on Friday, hitting $31.74. 93,778 shares of the company's stock were exchanged, compared to its average volume of 89,280. The company has a market capitalization of $657.34 million, a PE ratio of 10.34 and a beta of 0.87. Independent Bank Corporation has a 12-month low of $26.75 and a 12-month high of $40.32. The business's 50 day simple moving average is $32.43 and its 200-day simple moving average 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 (NASDAQ:IBCP - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. The firm had revenue of $55.94 million for the quarter, compared to the consensus estimate of $47.72 million. Independent Bank had a net margin of 20.31% and a return on equity of 14.05%. On average, equities research analysts anticipate that Independent Bank Corporation will post 3.22 earnings per share for the current year.

Independent Bank Announces Dividend

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

Insider Buying and Selling at Independent Bank

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

Analyst Upgrades and Downgrades

Separately, DA Davidson lifted their price target on shares of Independent Bank from $35.00 to $37.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Independent Bank presently has a consensus rating of "Hold" and a consensus price target of $36.00.

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.