Renaissance Technologies LLC Sells 70,500 Shares of Independent Bank Co. (NASDAQ:IBCP)

Posted by Defense World Staff on Mar 6th, 2023

Renaissance Technologies LLC reduced its holdings in shares of Independent Bank Co. (NASDAQ:IBCP – Get Rating) by 10.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 615,100 shares of the financial services provider’s stock after selling 70,500 shares during the quarter. Renaissance Technologies LLC owned 2.92% of Independent Bank worth $11,748,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Legal & General Group Plc lifted its holdings in shares of Independent Bank by 6.0% during the second quarter. Legal & General Group Plc now owns 9,274 shares of the financial services provider’s stock valued at $179,000 after purchasing an additional 527 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in Independent Bank by 19.2% in the third quarter. Nisa Investment Advisors LLC now owns 5,270 shares of the financial services provider’s stock valued at $122,000 after acquiring an additional 850 shares during the period. UBS Group AG lifted its holdings in Independent Bank by 21.1% in the third quarter. UBS Group AG now owns 8,252 shares of the financial services provider’s stock valued at $158,000 after acquiring an additional 1,436 shares during the period. Lazard Asset Management LLC lifted its holdings in Independent Bank by 71.3% in the third quarter. Lazard Asset Management LLC now owns 3,479 shares of the financial services provider’s stock valued at $66,000 after acquiring an additional 1,448 shares during the period. Finally, Grantham Mayo Van Otterloo & Co. LLC lifted its holdings in Independent Bank by 4.0% in the second quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 44,655 shares of the financial services provider’s stock valued at $861,000 after acquiring an additional 1,700 shares during the period. 78.73% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. StockNews.com downgraded Independent Bank from a “buy” rating to a “hold” rating in a report on Monday, December 26th. Keefe, Bruyette & Woods cut Independent Bank from an “outperform” rating to a “market perform” rating and set a $26.00 price target for the company. in a research report on Monday, December 12th. Finally, DA Davidson upped their price target on Independent Bank to $24.00 in a research report on Wednesday, November 16th.

Insider Buying and Selling

In other Independent Bank news, SVP James J. Twarozynski sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 28th. The stock was sold at an average price of $22.31, for a total transaction of $44,620.00. Following the completion of the transaction, the senior vice president now owns 9,109 shares in the company, valued at approximately $203,221.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Gavin A. Mohr acquired 1,600 shares of the stock in a transaction dated Monday, January 30th. The stock was acquired at an average cost of $21.68 per share, with a total value of $34,688.00. Following the purchase, the executive vice president now directly owns 11,655 shares of the company’s stock, valued at $252,680.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP James J. Twarozynski sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 28th. The shares were sold at an average price of $22.31, for a total value of $44,620.00. Following the completion of the sale, the senior vice president now directly owns 9,109 shares of the company’s stock, valued at $203,221.79. The disclosure for this sale can be found here. 5.20% of the stock is currently owned by company insiders.

Independent Bank Stock Performance

NASDAQ:IBCP opened at $22.13 on Monday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.50. Independent Bank Co. has a 12-month low of $17.87 and a 12-month high of $24.97. The stock has a 50-day moving average price of $23.12 and a 200 day moving average price of $22.33. The stock has a market capitalization of $466.28 million, a P/E ratio of 7.45 and a beta of 0.96.

Independent Bank (NASDAQ:IBCP – Get Rating) last released its earnings results on Thursday, January 26th. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.72 by ($0.01). Independent Bank had a return on equity of 18.65% and a net margin of 27.43%. The business had revenue of $52.07 million for the quarter, compared to analysts’ expectations of $53.40 million. Equities research analysts forecast that Independent Bank Co. will post 2.51 EPS for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 24th. Investors of record on Thursday, February 16th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Wednesday, February 15th. This represents a $0.92 annualized dividend and a dividend yield of 4.16%. This is a boost from Independent Bank’s previous quarterly dividend of $0.22. Independent Bank’s dividend payout ratio (DPR) is currently 30.98%.

Independent Bank Profile

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Independent Bank Corp. operates as a bank holding company, which engages in the provision of financial services. It offers commercial banking, mortgage lending, investments, and title services. The company was founded in 1864 and is headquartered in Grand Rapids, MI.