Independent Bank Co. (NASDAQ:IBCP) Shares Purchased by Tudor Investment Corp ET AL

Tudor Investment Corp ET AL grew its holdings in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) by 125.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 57,938 shares of the financial services provider's stock after purchasing an additional 32,291 shares during the quarter. Tudor Investment Corp ET AL owned approximately 0.28% of Independent Bank worth $2,018,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Aquatic Capital Management LLC acquired a new position in Independent Bank during the fourth quarter worth about $42,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Independent Bank in the fourth quarter valued at approximately $204,000. Hsbc Holdings PLC purchased a new position in Independent Bank during the fourth quarter worth approximately $259,000. Tower Research Capital LLC TRC grew its holdings in Independent Bank by 246.7% in the 4th 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. Finally, MetLife Investment Management LLC increased its stake in shares of Independent Bank by 9.3% in the 4th quarter. MetLife Investment Management LLC now owns 11,954 shares of the financial services provider's stock worth $416,000 after acquiring an additional 1,020 shares during the last quarter. Hedge funds and other institutional investors own 79.43% of the company's stock.

Independent Bank Trading Up 0.0 %

Shares of Independent Bank stock traded up $0.01 on Wednesday, reaching $31.11. The company had a trading volume of 87,337 shares, compared to its average volume of 108,515. The firm's 50 day moving average price is $30.58 and its two-hundred day moving average price is $33.88. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88. Independent Bank Co. has a 52-week low of $22.53 and a 52-week high of $40.32. The firm has a market cap of $652.47 million, a PE ratio of 9.84 and a beta of 0.83.

Independent Bank (NASDAQ:IBCP - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.74 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.04. Independent Bank had a return on equity of 15.43% and a net margin of 20.67%. The company had revenue of $54.11 million for the quarter, compared to analysts' expectations of $46.25 million. Sell-side analysts predict that Independent Bank Co. will post 3.22 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Monday, May 5th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 3.34%. The ex-dividend date is Monday, May 5th. Independent Bank's dividend payout ratio (DPR) is presently 33.12%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on IBCP shares. Piper Sandler cut their price objective on shares of Independent Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a research report on Monday, April 28th. Keefe, Bruyette & Woods reduced their price target on shares of Independent Bank from $37.00 to $35.00 and set a "market perform" rating on the stock in a research report on Friday, April 25th. Finally, DA Davidson lifted their target price on Independent Bank from $37.00 to $39.00 and gave the company a "neutral" rating in a research report on Tuesday, January 28th.

Insider Transactions at Independent Bank

In other news, Director Michael M. Magee, Jr. sold 6,404 shares of the business's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $31.00, for a total transaction of $198,524.00. Following the transaction, the director now directly owns 8,381 shares in the company, valued at $259,811. The trade was a 43.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 5.68% of the company's stock.

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.