AQR Capital Management LLC Sells 18,346 Shares of Independent Bank Co. (NASDAQ:IBCP)

AQR Capital Management LLC lowered its holdings in shares of Independent Bank Co. (NASDAQ:IBCP) by 11.4% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 143,063 shares of the financial services provider’s stock after selling 18,346 shares during the quarter. AQR Capital Management LLC’s holdings in Independent Bank were worth $4,983,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in IBCP. Aquatic Capital Management LLC purchased a new position in shares of Independent Bank during the 4th quarter valued at about $42,000. Tower Research Capital LLC TRC boosted its position in shares of 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 worth $50,000 after acquiring an additional 1,024 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of Independent Bank during the fourth quarter valued at about $58,000. Quadrant Capital Group LLC grew its holdings in Independent Bank by 10.9% during the 4th quarter. Quadrant Capital Group LLC now owns 2,890 shares of the financial services provider’s stock valued at $101,000 after buying an additional 283 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd purchased a new stake in Independent Bank during the fourth quarter valued at $127,000. 79.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Keefe, Bruyette & Woods decreased their price objective on 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. DA Davidson raised their price target on shares of Independent Bank from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 28th. Finally, Piper Sandler decreased their target price on Independent Bank from $38.00 to $36.00 and set a “neutral” rating for the company in a research report on Monday, April 28th.

Independent Bank Price Performance

NASDAQ IBCP opened at $31.88 on Friday. Independent Bank Co. has a 12-month low of $22.53 and a 12-month high of $40.32. The firm’s fifty day simple moving average is $30.55 and its two-hundred day simple moving average is $33.87. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $668.62 million, a P/E ratio of 10.09 and a beta of 0.83.

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

Independent Bank Announces Dividend

The firm also recently declared 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. The ex-dividend date is Monday, May 5th. This represents a $1.04 annualized dividend and a yield of 3.26%. Independent Bank’s dividend payout ratio (DPR) is presently 33.12%.

Insider Transactions at Independent Bank

In other Independent Bank news, Director Michael M. Magee, Jr. sold 6,404 shares of the business’s stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $31.00, for a total value of $198,524.00. Following the completion of the transaction, the director now directly owns 8,381 shares of the company’s stock, valued at approximately $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 can be accessed through this link. Company 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.