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

Independent Bank Co. (NASDAQ:IBCP) was the target of a large growth in short interest in March. As of March 15th, there was short interest totalling 232,400 shares, a growth of 23.2% from the February 28th total of 188,700 shares. Based on an average trading volume of 119,900 shares, the days-to-cover ratio is currently 1.9 days. Approximately 1.2% of the company’s stock are short sold.

Independent Bank Stock Down 0.2 %

Independent Bank stock traded down $0.05 during midday trading on Wednesday, reaching $30.80. The company’s stock had a trading volume of 86,193 shares, compared to its average volume of 103,110. Independent Bank has a 52-week low of $22.53 and a 52-week high of $40.32. The stock has a market capitalization of $645.97 million, a P/E ratio of 9.75 and a beta of 0.85. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. The stock’s 50-day simple moving average is $33.43 and its 200-day simple moving average is $34.49.

Independent Bank (NASDAQ:IBCP) last released its earnings results 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%. On average, sell-side analysts expect that Independent Bank will post 3.22 EPS for the current year.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were issued a dividend of $0.26 per share. This is an increase 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 dividend yield of 3.38%. Independent Bank’s payout ratio is 32.91%.

Hedge Funds Weigh In On Independent Bank

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Mackenzie Financial Corp acquired a new stake in shares of Independent Bank in the fourth quarter worth $538,000. Public Employees Retirement System of Ohio raised its position in Independent Bank by 42.6% during the fourth quarter. Public Employees Retirement System of Ohio now owns 13,168 shares of the financial services provider’s stock valued at $459,000 after acquiring an additional 3,931 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Independent Bank by 2.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 57,189 shares of the financial services provider’s stock valued at $1,992,000 after buying an additional 1,515 shares during the period. Point72 Asset Management L.P. purchased a new position in shares of Independent Bank in the 4th quarter valued at about $59,000. Finally, Millennium Management LLC increased its position in shares of Independent Bank by 174.4% in the fourth quarter. Millennium Management LLC now owns 22,981 shares of the financial services provider’s stock valued at $800,000 after buying an additional 14,606 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on IBCP shares. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $41.00 target price (up previously from $39.00) on shares of Independent Bank in a research note on Friday, January 24th. 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.

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.