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

Independent Bank Co. (NASDAQ:IBCP - Get Free Report) was the recipient of a significant drop in short interest in December. As of December 31st, there was short interest totalling 88,400 shares, a drop of 53.0% from the December 15th total of 188,200 shares. Based on an average daily trading volume, of 86,600 shares, the days-to-cover ratio is presently 1.0 days. Approximately 0.4% of the company's shares are short sold.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods raised their price objective 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 Up 3.3 %

Shares of IBCP traded up $1.10 during midday trading on Tuesday, hitting $33.95. 300,991 shares of the stock were exchanged, compared to its average volume of 141,736. Independent Bank has a 52-week low of $22.53 and a 52-week high of $40.32. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a fifty day simple moving average of $36.49 and a 200 day simple moving average of $33.70. The firm has a market cap of $709.35 million, a P/E ratio of 11.55 and a beta of 1.03.

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

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Tuesday, February 4th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Tuesday, February 4th. This is a positive change from Independent Bank's previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 3.06%. Independent Bank's dividend payout ratio (DPR) is 35.37%.

Insider Buying and Selling

In other news, EVP Gavin A. Mohr acquired 800 shares of the business's stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average cost of $36.71 per share, for a total transaction of $29,368.00. Following the completion of the transaction, the executive vice president now owns 18,662 shares in the company, valued at approximately $685,082.02. This trade represents a 4.48 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 5.45% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. National Bank of Canada FI purchased a new position in shares of Independent Bank in the 3rd quarter valued at about $26,000. nVerses Capital LLC acquired a new stake in Independent Bank in the third quarter valued at approximately $27,000. CWM LLC lifted its stake in Independent Bank by 47.5% in the third quarter. CWM LLC now owns 6,287 shares of the financial services provider's stock worth $210,000 after acquiring an additional 2,025 shares during the last quarter. Zacks Investment Management purchased a new position in Independent Bank in the third quarter worth approximately $221,000. Finally, Centiva Capital LP acquired a new position in Independent Bank during the 3rd quarter worth approximately $279,000. 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.

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