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

Independent Bank Co. (NASDAQ:IBCP - Get Free Report) was the recipient of a large increase in short interest during the month of January. As of January 15th, there was short interest totalling 186,600 shares, an increase of 111.1% from the December 31st total of 88,400 shares. Currently, 0.9% of the shares of the company are short sold. Based on an average daily volume of 106,400 shares, the days-to-cover ratio is presently 1.8 days.

Analyst Upgrades and Downgrades

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

Independent Bank Price Performance

IBCP stock traded up $0.02 during trading hours on Friday, hitting $36.40. 133,142 shares of the stock traded hands, compared to its average volume of 134,605. The stock has a 50-day simple moving average of $35.89 and a 200 day simple moving average of $34.47. The company has a market cap of $760.54 million, a P/E ratio of 11.52 and a beta of 1.03. Independent Bank has a one year low of $22.53 and a one year high of $40.32. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18.

Independent Bank (NASDAQ:IBCP - Get Free Report) last posted its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share 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%. Equities analysts forecast that Independent Bank will post 3.22 earnings per share for the current year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th will be issued a $0.26 dividend. The ex-dividend date is Tuesday, February 4th. This represents a $1.04 annualized dividend and a dividend yield of 2.86%. This is a boost from Independent Bank's previous quarterly dividend of $0.24. Independent Bank's dividend payout ratio is currently 32.91%.

Insider Activity at Independent Bank

In other Independent Bank news, EVP Gavin A. Mohr bought 800 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were purchased at an average cost of $36.71 per share, for a total transaction of $29,368.00. Following the transaction, the executive vice president now directly owns 18,662 shares in the company, valued at $685,082.02. The trade was a 4.48 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.45% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Independent Bank

Large investors have recently modified their holdings of the stock. Rhumbline Advisers lifted its holdings in shares of Independent Bank by 0.9% during the fourth quarter. Rhumbline Advisers now owns 41,649 shares of the financial services provider's stock valued at $1,451,000 after purchasing an additional 374 shares during the last quarter. HighTower Advisors LLC raised its holdings in Independent Bank by 1.5% during the 3rd quarter. HighTower Advisors LLC now owns 26,672 shares of the financial services provider's stock worth $889,000 after buying an additional 384 shares during the period. National Bank of Canada FI purchased a new stake in Independent Bank during the third quarter valued at about $26,000. nVerses Capital LLC acquired a new position in shares of Independent Bank in the third quarter worth about $27,000. Finally, Truist Financial Corp increased its position in shares of Independent Bank by 8.4% in the second quarter. Truist Financial Corp now owns 14,181 shares of the financial services provider's stock worth $383,000 after acquiring an additional 1,100 shares in 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.