Independent Bank Co. (NASDAQ:IBCP) Short Interest Up 42.5% in February

Independent Bank Co. (NASDAQ:IBCP) was the target of a significant growth in short interest during the month of February. As of February 15th, there was short interest totalling 138,700 shares, a growth of 42.5% from the January 31st total of 97,300 shares. Based on an average daily trading volume, of 106,500 shares, the days-to-cover ratio is presently 1.3 days. Currently, 0.7% of the company’s stock are short sold.

Independent Bank Stock Down 3.6 %

Shares of IBCP stock traded down $1.20 during mid-day trading on Tuesday, hitting $32.53. The company’s stock had a trading volume of 89,994 shares, compared to its average volume of 129,190. 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 has a 52-week low of $22.53 and a 52-week high of $40.32. The stock has a market cap of $679.68 million, a price-to-earnings ratio of 10.29 and a beta of 1.03. The business has a 50-day moving average price of $34.81 and a 200 day moving average price of $34.82.

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

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were given a dividend of $0.26 per share. The ex-dividend date was Tuesday, February 4th. This is an increase from Independent Bank’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 3.20%. Independent Bank’s dividend payout ratio is 32.91%.

Institutional Investors Weigh In On Independent Bank

Hedge funds and other institutional investors have recently modified their holdings of the business. PL Capital Advisors LLC grew its stake in Independent Bank by 3,383.0% in the fourth quarter. PL Capital Advisors LLC now owns 11,110,248 shares of the financial services provider’s stock worth $386,970,000 after purchasing an additional 10,791,263 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Independent Bank by 202.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 171,090 shares of the financial services provider’s stock worth $5,706,000 after purchasing an additional 114,487 shares in the last quarter. Principal Financial Group Inc. grew its stake in Independent Bank by 28.7% in the third quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock worth $11,660,000 after purchasing an additional 77,874 shares in the last quarter. FMR LLC grew its stake in Independent Bank by 7.2% in the third quarter. FMR LLC now owns 1,034,775 shares of the financial services provider’s stock worth $34,510,000 after purchasing an additional 69,504 shares in the last quarter. Finally, Boston Partners grew its stake in Independent Bank by 22.5% in the fourth quarter. Boston Partners now owns 347,986 shares of the financial services provider’s stock worth $12,120,000 after purchasing an additional 64,006 shares in the last quarter. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. DA Davidson lifted their price objective on Independent Bank from $37.00 to $39.00 and gave the company 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.