Independent Bank Co. (NASDAQ:IBCP) Short Interest Update

Independent Bank Co. (NASDAQ:IBCP) was the recipient of a large increase in short interest in February. As of February 28th, there was short interest totalling 188,700 shares, an increase of 36.0% from the February 13th total of 138,700 shares. Based on an average trading volume of 111,500 shares, the days-to-cover ratio is currently 1.7 days. Approximately 0.9% of the company’s stock are short sold.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of IBCP. National Bank of Canada FI acquired a new position in Independent Bank during the 3rd quarter valued at approximately $26,000. Aquatic Capital Management LLC purchased a new stake in shares of Independent Bank in the 4th quarter valued at $42,000. Tower Research Capital LLC TRC boosted its holdings in shares of 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 acquiring an additional 1,024 shares during the last quarter. Quantbot Technologies LP purchased a new stake in shares of Independent Bank in the 4th quarter valued at $58,000. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Independent Bank in the 4th quarter valued at $59,000. Institutional investors and hedge funds own 79.43% of the company’s stock.

Independent Bank Stock Performance

Independent Bank stock traded down $0.23 during mid-day trading on Tuesday, reaching $30.77. 8,222 shares of the company traded hands, compared to its average volume of 94,524. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. Independent Bank has a fifty-two week low of $22.53 and a fifty-two week high of $40.32. The company has a market capitalization of $645.36 million, a price-to-earnings ratio of 9.74 and a beta of 1.04. The firm’s fifty day moving average is $34.13 and its two-hundred day moving average is $34.67.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.10. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. On average, equities research analysts expect that Independent Bank will post 3.22 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were paid a dividend of $0.26 per share. This is a positive change from Independent Bank’s previous quarterly dividend of $0.24. The ex-dividend date was Tuesday, February 4th. This represents a $1.04 dividend on an annualized basis and a yield of 3.38%. Independent Bank’s dividend payout ratio is presently 32.91%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on IBCP. DA Davidson boosted their price objective 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. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $41.00 price objective (up previously from $39.00) on shares of Independent Bank in a research note on Friday, January 24th.

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.