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

Independent Bank Co. (NASDAQ:IBCP - Get Free Report) was the target of a large growth in short interest during the month of February. As of February 15th, there was short interest totalling 138,700 shares, a growth of 42.5% from the January 31st total of 97,300 shares. Currently, 0.7% of the shares of the company are sold short. Based on an average trading volume of 106,500 shares, the short-interest ratio is currently 1.3 days.

Independent Bank Stock Performance

IBCP stock traded down $0.16 during midday trading on Friday, hitting $31.63. 58,640 shares of the stock traded hands, compared to its average volume of 126,008. The firm has a market cap of $660.88 million, a P/E ratio of 10.01 and a beta of 1.03. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. The stock's fifty day simple moving average is $34.68 and its 200-day simple moving average is $34.78. Independent Bank has a 1-year low of $22.53 and a 1-year high of $40.32.

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

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Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were paid a $0.26 dividend. This is an increase from Independent Bank's previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 3.29%. The ex-dividend date was Tuesday, February 4th. Independent Bank's dividend payout ratio (DPR) is currently 32.91%.

Analysts Set New Price Targets

Several analysts have recently commented on IBCP shares. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $41.00 price objective (up from $39.00) on shares of Independent Bank in a report on Friday, January 24th. DA Davidson upped their price objective on shares of Independent Bank from $37.00 to $39.00 and gave the company a "neutral" rating in a report on Tuesday, January 28th.

Hedge Funds Weigh In On Independent Bank

Several hedge funds and other institutional investors have recently modified their holdings of IBCP. Mackenzie Financial Corp purchased a new position in Independent Bank during the fourth quarter worth about $538,000. Public Employees Retirement System of Ohio raised its stake in Independent Bank by 42.6% during the fourth quarter. Public Employees Retirement System of Ohio now owns 13,168 shares of the financial services provider's stock worth $459,000 after purchasing an additional 3,931 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Independent Bank by 2.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 57,189 shares of the financial services provider's stock worth $1,992,000 after purchasing an additional 1,515 shares during the period. Point72 Asset Management L.P. purchased a new position in Independent Bank during the fourth quarter worth about $59,000. Finally, Millennium Management LLC raised its stake in Independent Bank by 174.4% during the fourth quarter. Millennium Management LLC now owns 22,981 shares of the financial services provider's stock worth $800,000 after purchasing an additional 14,606 shares during the period. 79.43% of the stock is owned by hedge funds and other 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.