Renaissance Technologies LLC Cuts Stake in Independent Bank Co. (NASDAQ:IBCP)

Renaissance Technologies LLC lessened its holdings in shares of Independent Bank Co. (NASDAQ:IBCP - Free Report) by 5.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 565,700 shares of the financial services provider's stock after selling 35,200 shares during the quarter. Renaissance Technologies LLC owned 2.71% of Independent Bank worth $19,703,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. HighTower Advisors LLC increased its position in shares of Independent Bank by 1.5% during the 3rd quarter. HighTower Advisors LLC now owns 26,672 shares of the financial services provider's stock worth $889,000 after purchasing an additional 384 shares during the last quarter. State Street Corp increased its position in Independent Bank by 4.8% during the 3rd quarter. State Street Corp now owns 647,579 shares of the financial services provider's stock worth $21,597,000 after buying an additional 29,475 shares during the period. Jane Street Group LLC boosted its position in shares of Independent Bank by 11.6% in the third quarter. Jane Street Group LLC now owns 21,360 shares of the financial services provider's stock valued at $712,000 after acquiring an additional 2,213 shares during the period. National Bank of Canada FI bought a new position in shares of Independent Bank in the 3rd quarter valued at $26,000. Finally, Barclays PLC increased its holdings in shares of Independent Bank by 38.1% during the third quarter. Barclays PLC now owns 82,357 shares of the financial services provider's stock worth $2,748,000 after buying an additional 22,728 shares in the last quarter. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Stock Up 0.8 %

Shares of Independent Bank stock traded up $0.24 during trading hours on Friday, reaching $30.12. The company's stock had a trading volume of 129,197 shares, compared to its average volume of 107,214. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88. The stock's fifty day simple moving average is $31.60 and its two-hundred day simple moving average is $34.07. The company has a market capitalization of $631.71 million, a P/E ratio of 9.53 and a beta of 0.85. Independent Bank Co. has a one year low of $22.53 and a one year high of $40.32.

Independent Bank (NASDAQ:IBCP - Get Free Report) last issued its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.87 EPS for the quarter, topping analysts' consensus estimates of $0.77 by $0.10. Independent Bank had a return on equity of 15.43% and a net margin of 20.67%. On average, research analysts forecast that Independent Bank Co. will post 3.22 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $41.00 price objective (up from $39.00) on shares of Independent Bank in a research note on Friday, January 24th. DA Davidson boosted their target price on shares of Independent Bank from $37.00 to $39.00 and gave the company a "neutral" rating in a research report on Tuesday, January 28th.

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.