Independent Bank Co. (NASDAQ:IBCP) Sees Large Growth in Short Interest

Independent Bank Co. (NASDAQ:IBCP - Get Free Report) was the target of a significant growth in short interest in May. As of May 31st, there was short interest totalling 199,400 shares, a growth of 20.1% from the May 15th total of 166,000 shares. Approximately 1.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 70,700 shares, the days-to-cover ratio is presently 2.8 days.

Independent Bank Stock Up 2.1 %

Independent Bank stock traded up $0.49 during midday trading on Monday, hitting $24.11. 58,330 shares of the stock were exchanged, compared to its average volume of 77,321. Independent Bank has a 52-week low of $16.45 and a 52-week high of $27.39. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.31. The business's 50-day moving average price is $24.82 and its 200-day moving average price is $24.79. The stock has a market capitalization of $503.90 million, a price-to-earnings ratio of 8.01 and a beta of 0.99.

Independent Bank (NASDAQ:IBCP - Get Free Report) last announced its earnings results on Thursday, April 25th. The financial services provider reported $0.76 earnings per share for the quarter, topping analysts' consensus estimates of $0.65 by $0.11. The firm had revenue of $52.76 million for the quarter, compared to the consensus estimate of $51.50 million. Independent Bank had a return on equity of 16.55% and a net margin of 20.45%. On average, research analysts expect that Independent Bank will post 2.96 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, May 13th. Stockholders of record on Friday, May 3rd were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.98%. The ex-dividend date was Thursday, May 2nd. Independent Bank's payout ratio is 32.65%.

Wall Street Analyst Weigh In

Several analysts recently commented on IBCP shares. Hovde Group assumed coverage on Independent Bank in a report on Monday, March 4th. They issued a "market perform" rating on the stock. DA Davidson reaffirmed a "neutral" rating and issued a $28.00 target price on shares of Independent Bank in a research report on Tuesday, April 30th. Finally, Piper Sandler upgraded shares of Independent Bank to a "hold" rating in a report on Tuesday, June 11th.

Insider Activity at Independent Bank

In other news, Director Christina Keller sold 2,400 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $23.62, for a total value of $56,688.00. Following the completion of the transaction, the director now owns 6,563 shares of the company's stock, valued at $155,018.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Independent Bank news, Director Christina Keller sold 2,400 shares of the company's stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $23.62, for a total value of $56,688.00. Following the completion of the transaction, the director now owns 6,563 shares of the company's stock, valued at approximately $155,018.06. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Stefanie M. Kimball sold 1,700 shares of the company's stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $24.49, for a total value of $41,633.00. Following the completion of the transaction, the executive vice president now directly owns 61,784 shares of the company's stock, valued at approximately $1,513,090.16. The disclosure for this sale can be found here. Insiders have sold 5,600 shares of company stock valued at $135,821 over the last ninety days. 5.48% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Independent Bank

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quadrant Capital Group LLC raised its position in Independent Bank by 46.4% in the fourth quarter. Quadrant Capital Group LLC now owns 2,045 shares of the financial services provider's stock worth $53,000 after acquiring an additional 648 shares during the period. Raymond James Financial Services Advisors Inc. increased its position in Independent Bank by 4.8% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 14,747 shares of the financial services provider's stock worth $384,000 after buying an additional 677 shares during the last quarter. Swiss National Bank raised its stake in shares of Independent Bank by 2.2% in the third quarter. Swiss National Bank now owns 46,500 shares of the financial services provider's stock valued at $853,000 after buying an additional 1,000 shares during the period. Wedge Capital Management L L P NC lifted its position in shares of Independent Bank by 6.8% during the 4th quarter. Wedge Capital Management L L P NC now owns 21,139 shares of the financial services provider's stock valued at $550,000 after buying an additional 1,345 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Independent Bank by 2.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 53,664 shares of the financial services provider's stock valued at $1,362,000 after purchasing an additional 1,438 shares during the last quarter. 79.43% of the stock is owned by hedge funds and other institutional investors.

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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