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

Independent Bank Co. (NASDAQ:IBCP - Get Free Report) was the recipient of a significant growth in short interest in February. As of February 28th, there was short interest totalling 188,700 shares, a growth of 36.0% from the February 13th total of 138,700 shares. Based on an average daily trading volume, of 111,500 shares, the short-interest ratio is presently 1.7 days. Approximately 0.9% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on IBCP. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $41.00 price target (up previously from $39.00) on shares of Independent Bank in a research note on Friday, January 24th. DA Davidson lifted their price target 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.

Independent Bank Stock Performance

IBCP traded down $0.11 during trading on Thursday, reaching $31.26. 23,924 shares of the company's stock were exchanged, compared to its average volume of 94,932. Independent Bank has a fifty-two week low of $22.53 and a fifty-two week high of $40.32. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. The business has a 50 day moving average price of $34.03 and a 200 day moving average price of $34.63. The company has a market capitalization of $655.60 million, a P/E ratio of 9.91 and a beta of 1.04.

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Independent Bank (NASDAQ:IBCP - Get Free Report) last issued its earnings results on Thursday, January 23rd. The financial services provider reported $0.87 EPS for the quarter, beating 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%. As a group, analysts predict that Independent Bank will post 3.22 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.33%. This is a boost from Independent Bank's previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, February 4th. Independent Bank's payout ratio is currently 32.91%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Mackenzie Financial Corp bought a new stake in Independent Bank during the 4th quarter worth about $538,000. Public Employees Retirement System of Ohio grew its position in shares of Independent Bank by 42.6% in the 4th quarter. Public Employees Retirement System of Ohio now owns 13,168 shares of the financial services provider's stock valued at $459,000 after purchasing an additional 3,931 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Independent Bank by 2.7% during the 4th 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 worth $1,992,000 after acquiring an additional 1,515 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in Independent Bank during the 4th quarter worth approximately $59,000. Finally, Millennium Management LLC boosted its position in Independent Bank by 174.4% during the 4th quarter. Millennium Management LLC now owns 22,981 shares of the financial services provider's stock worth $800,000 after acquiring an additional 14,606 shares during the last quarter. 79.43% of the stock is owned by institutional investors.

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.