Independent Bank Co. (NASDAQ:IBCP) Short Interest Up 36.0% in February

Independent Bank Co. (NASDAQ:IBCP) was the target of a significant increase in short interest during the month of 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. Approximately 0.9% of the company’s shares are short sold. Based on an average trading volume of 111,500 shares, the short-interest ratio is currently 1.7 days.

Wall Street Analysts Forecast Growth

IBCP has been the subject of a number of recent research reports. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $41.00 target price (up from $39.00) on shares of Independent Bank in a report on Friday, January 24th. DA Davidson upped their price objective on shares of Independent Bank from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Tuesday, January 28th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of IBCP. National Bank of Canada FI bought a new stake in Independent Bank during the 3rd quarter valued at $26,000. Aquatic Capital Management LLC bought a new stake in shares of Independent Bank during the fourth quarter valued at about $42,000. Tower Research Capital LLC TRC lifted its holdings in Independent Bank by 246.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,439 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 1,024 shares during the period. Quantbot Technologies LP bought a new position in Independent Bank in the 4th quarter valued at about $58,000. Finally, Point72 Asset Management L.P. acquired a new position in Independent Bank during the 4th quarter valued at about $59,000. Institutional investors own 79.43% of the company’s stock.

Independent Bank Price Performance

NASDAQ IBCP traded up $0.09 during trading hours on Monday, reaching $31.00. The company’s stock had a trading volume of 102,556 shares, compared to its average volume of 94,884. Independent Bank has a fifty-two week low of $22.53 and a fifty-two week high of $40.32. 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 company’s 50-day moving average is $34.13 and its two-hundred day moving average is $34.67. The stock has a market cap of $650.16 million, a PE ratio of 9.81 and a beta of 1.04.

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

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were issued a $0.26 dividend. 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. This represents a $1.04 annualized dividend and a dividend yield of 3.35%. Independent Bank’s payout ratio is 32.91%.

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.