Short Interest in Independent Bank Co. (NASDAQ:IBCP) Rises By 42.5%

Independent Bank Co. (NASDAQ:IBCP) was the recipient of a large growth in short interest in 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. Approximately 0.7% of the shares of the company are short sold. Based on an average daily trading volume, of 106,500 shares, the days-to-cover ratio is currently 1.3 days.

Analysts Set New Price Targets

A number of equities analysts have issued reports on IBCP shares. DA Davidson raised their target price on Independent Bank from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Tuesday, January 28th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $41.00 target price (up previously from $39.00) on shares of Independent Bank in a research note on Friday, January 24th.

Independent Bank Stock Down 0.6 %

Independent Bank stock traded down $0.19 on Wednesday, hitting $32.35. 31,409 shares of the stock traded hands, compared to its average volume of 126,850. 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 business’s fifty day simple moving average is $34.81 and its 200 day simple moving average is $34.82. Independent Bank has a 1 year low of $22.53 and a 1 year high of $40.32. The firm has a market cap of $675.82 million, a P/E ratio of 10.20 and a beta of 1.03.

Independent Bank (NASDAQ:IBCP) last announced its earnings results 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%. As a group, sell-side analysts forecast that Independent Bank will post 3.22 earnings per share for the current 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 $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 3.22%. The ex-dividend date of this dividend was Tuesday, February 4th. This is a positive change from Independent Bank’s previous quarterly dividend of $0.24. Independent Bank’s dividend payout ratio is currently 32.91%.

Hedge Funds Weigh In On Independent Bank

Several large investors have recently modified their holdings of IBCP. National Bank of Canada FI purchased a new position in shares of Independent Bank during the 3rd quarter worth approximately $26,000. Aquatic Capital Management LLC acquired a new position in shares of Independent Bank during the fourth quarter valued at $42,000. Tower Research Capital LLC TRC boosted its stake in shares of Independent Bank by 246.7% during the 4th 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 in the last quarter. Quantbot Technologies LP purchased a new stake in Independent Bank in the 4th quarter worth approximately $58,000. Finally, Point72 Asset Management L.P. bought a new stake in Independent Bank during the 4th quarter valued at approximately $59,000. Institutional investors and hedge funds own 79.43% of the company’s stock.

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.