Independent Bank Co. (NASDAQ:IBCP - Get Free Report) saw a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 232,400 shares, an increase of 23.2% from the February 28th total of 188,700 shares. Currently, 1.2% of the shares of the company are sold short. Based on an average daily trading volume, of 119,900 shares, the days-to-cover ratio is currently 1.9 days.
Wall Street Analyst Weigh In
IBCP has been the topic of several research reports. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $41.00 price objective (up previously from $39.00) on shares of Independent Bank in a research note on Friday, January 24th. DA Davidson increased their price target on Independent Bank from $37.00 to $39.00 and gave the stock a "neutral" rating in a research report on Tuesday, January 28th.
Check Out Our Latest Stock Report on IBCP
Independent Bank Stock Performance
Shares of Independent Bank stock traded down $0.53 during trading on Friday, hitting $28.08. 150,656 shares of the stock were exchanged, compared to its average volume of 103,658. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88. Independent Bank has a 12 month low of $22.53 and a 12 month high of $40.32. The stock's fifty day moving average is $33.30 and its 200 day moving average is $34.44. The stock has a market cap of $588.92 million, a PE ratio of 8.89 and a beta of 0.85.
Independent Bank (NASDAQ:IBCP - Get Free Report) last posted its earnings results on Thursday, January 23rd. The financial services provider reported $0.87 EPS 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%. As a group, sell-side analysts anticipate that Independent Bank will post 3.22 EPS for the current year.
Independent Bank Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were paid a dividend of $0.26 per share. This is a boost from Independent Bank's previous quarterly dividend of $0.24. The ex-dividend date was Tuesday, February 4th. This represents a $1.04 annualized dividend and a yield of 3.70%. Independent Bank's dividend payout ratio (DPR) is presently 32.91%.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the stock. Quadrant Capital Group LLC boosted its stake in Independent Bank by 10.9% during the 4th quarter. Quadrant Capital Group LLC now owns 2,890 shares of the financial services provider's stock valued at $101,000 after purchasing an additional 283 shares in the last quarter. Rhumbline Advisers lifted its stake in 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 buying an additional 374 shares in the last quarter. HighTower Advisors LLC boosted its holdings in shares of Independent Bank by 1.5% in the third 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Independent Bank by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,352 shares of the financial services provider's stock valued at $395,000 after acquiring an additional 399 shares during the period. Finally, Sterling Capital Management LLC lifted its position in shares of Independent Bank by 4.0% in the 4th quarter. Sterling Capital Management LLC now owns 14,721 shares of the financial services provider's stock valued at $513,000 after acquiring an additional 569 shares in the last quarter. 79.43% of the stock is currently owned by institutional investors.
About Independent Bank
(
Get Free Report)
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.
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