Short Interest in Independent Bank Co. (NASDAQ:IBCP) Drops By 5.3%

Independent Bank Co. (NASDAQ:IBCP - Get Free Report) was the recipient of a significant drop in short interest in November. As of November 30th, there was short interest totalling 197,800 shares, a drop of 5.3% from the November 15th total of 208,900 shares. Based on an average daily volume of 97,100 shares, the days-to-cover ratio is currently 2.0 days. Approximately 1.0% of the company's shares are sold short.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods raised their target price on Independent Bank from $33.00 to $39.00 and gave the stock a "market perform" rating in a research report on Wednesday, December 4th.

Independent Bank Trading Down 2.0 %

NASDAQ:IBCP traded down $0.78 on Tuesday, reaching $37.31. 127,046 shares of the stock traded hands, compared to its average volume of 93,875. 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 has a 1-year low of $22.53 and a 1-year high of $40.32. The company's 50 day moving average is $36.03 and its 200-day moving average is $32.34. The firm has a market capitalization of $779.56 million, a price-to-earnings ratio of 12.69 and a beta of 1.02.

Independent Bank (NASDAQ:IBCP - Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.11). The firm had revenue of $77.84 million for the quarter, compared to analyst estimates of $55.05 million. Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. During the same quarter last year, the company earned $0.83 earnings per share. Equities research analysts anticipate that Independent Bank will post 3.02 EPS for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.57%. The ex-dividend date of this dividend was Tuesday, November 5th. Independent Bank's dividend payout ratio (DPR) is presently 32.65%.

Insider Activity

In other Independent Bank news, EVP Gavin A. Mohr purchased 800 shares of the company's stock in a transaction dated Wednesday, November 20th. The stock was purchased at an average price of $36.71 per share, with a total value of $29,368.00. Following the completion of the purchase, the executive vice president now owns 18,662 shares of the company's stock, valued at approximately $685,082.02. The trade was a 4.48 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 5.45% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. acquired a new position in Independent Bank in the second quarter valued at approximately $3,147,000. Charles Schwab Investment Management Inc. increased its stake in shares of Independent Bank by 202.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 171,090 shares of the financial services provider's stock valued at $5,706,000 after acquiring an additional 114,487 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of Independent Bank by 27.8% during the 2nd quarter. Acadian Asset Management LLC now owns 423,631 shares of the financial services provider's stock valued at $11,432,000 after acquiring an additional 92,148 shares during the period. Principal Financial Group Inc. boosted its stake in Independent Bank by 28.7% during the third quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider's stock worth $11,660,000 after acquiring an additional 77,874 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in Independent Bank by 75.8% in the second quarter. AQR Capital Management LLC now owns 174,011 shares of the financial services provider's stock worth $4,698,000 after purchasing an additional 75,022 shares during the period. 79.43% of the stock is owned by institutional investors and hedge funds.

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.