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

Independent Bank Co. (NASDAQ:IBCP - Get Free Report) was the recipient of a significant increase in short interest in 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. Approximately 1.2% of the company's shares are short sold. Based on an average daily trading volume, of 119,900 shares, the days-to-cover ratio is presently 1.9 days.

Independent Bank Trading Down 1.9 %

Independent Bank stock traded down $0.53 during mid-day trading on Friday, hitting $28.08. The company's stock had a trading volume of 150,656 shares, compared to its average volume of 103,952. Independent Bank has a 1 year low of $22.53 and a 1 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. The firm has a market capitalization of $588.92 million, a PE ratio of 8.89 and a beta of 0.85. The stock's fifty day moving average is $33.15 and its two-hundred day moving average is $34.41.

Independent Bank (NASDAQ:IBCP - Get Free Report) last released its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share for the quarter, topping 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%. On average, analysts anticipate that Independent Bank will post 3.22 EPS for the current year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Tuesday, February 4th. This is a boost from Independent Bank's previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.70%. Independent Bank's dividend payout ratio (DPR) is currently 32.91%.

Institutional Investors Weigh In On Independent Bank

Institutional investors and hedge funds have recently made changes to their positions in the stock. National Bank of Canada FI purchased a new stake in Independent Bank in the third quarter valued at approximately $26,000. Versant Capital Management Inc raised its holdings in shares of Independent Bank by 408.6% in the 1st quarter. Versant Capital Management Inc now owns 890 shares of the financial services provider's stock valued at $27,000 after buying an additional 715 shares during the period. Aquatic Capital Management LLC acquired a new position in Independent Bank during the 4th quarter worth about $42,000. Tower Research Capital LLC TRC boosted its holdings in Independent Bank by 246.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,439 shares of the financial services provider's stock valued at $50,000 after acquiring an additional 1,024 shares during the period. Finally, Quantbot Technologies LP acquired a new position in Independent Bank in the 4th quarter valued at about $58,000. 79.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

IBCP has been the subject of several analyst reports. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $41.00 target price (up from $39.00) on shares of Independent Bank in a report on Friday, January 24th. DA Davidson lifted their target price 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 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.