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

Independent Bank Co. (NASDAQ:IBCP) was the target of a significant 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. Based on an average daily volume of 106,500 shares, the short-interest ratio is currently 1.3 days. Currently, 0.7% of the company’s shares are sold short.

Independent Bank Price Performance

Shares of NASDAQ:IBCP traded down $0.19 during trading hours on Wednesday, hitting $32.35. 31,409 shares of the company’s stock traded hands, compared to its average volume of 126,850. Independent Bank has a 52 week low of $22.53 and a 52 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 has a market cap of $675.82 million, a price-to-earnings ratio of 10.20 and a beta of 1.03. The company’s fifty day simple moving average is $34.81 and its two-hundred day simple moving average is $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 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, equities analysts anticipate that Independent Bank will post 3.22 EPS for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently announced 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 3.22%. Independent Bank’s dividend payout ratio is currently 32.91%.

Wall Street Analysts Forecast Growth

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

Institutional Trading of Independent Bank

Large investors have recently bought and sold shares of the company. National Bank of Canada FI bought a new position in Independent Bank during the third quarter valued at approximately $26,000. Aquatic Capital Management LLC acquired a new position in Independent Bank during the fourth quarter worth $42,000. Tower Research Capital LLC TRC grew its holdings in shares of 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 valued at $50,000 after purchasing an additional 1,024 shares in the last quarter. Quantbot Technologies LP acquired a new stake in Independent Bank during the 4th quarter worth $58,000. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Independent Bank in the 4th quarter worth $59,000. 79.43% of the stock is owned by institutional investors.

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.