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

Independent Bank Co. (NASDAQ:IBCP) saw a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 232,400 shares, a growth of 23.2% from the February 28th total of 188,700 shares. Based on an average daily volume of 119,900 shares, the days-to-cover ratio is currently 1.9 days. Currently, 1.2% of the shares of the stock are short sold.

Independent Bank Trading Up 0.2 %

NASDAQ IBCP traded up $0.06 during trading hours on Tuesday, reaching $30.85. The company’s stock had a trading volume of 63,430 shares, compared to its average volume of 102,911. The firm has a fifty day simple moving average of $33.51 and a 200-day simple moving average of $34.51. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. Independent Bank has a 52 week low of $22.53 and a 52 week high of $40.32. The stock has a market cap of $647.02 million, a P/E ratio of 9.76 and a beta of 1.04.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share (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%. Equities analysts forecast that Independent Bank will post 3.22 earnings per share for the current fiscal 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 $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date of this dividend was Tuesday, February 4th. This is a positive change from Independent Bank’s previous quarterly dividend of $0.24. Independent Bank’s payout ratio is 32.91%.

Analysts Set New Price Targets

A number of brokerages have weighed in on IBCP. DA Davidson raised their target price on shares of Independent Bank from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Tuesday, January 28th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $41.00 price objective (up previously from $39.00) on shares of Independent Bank in a report on Friday, January 24th.

Hedge Funds Weigh In On Independent Bank

A number of hedge funds have recently made changes to their positions in IBCP. National Bank of Canada FI acquired a new stake in Independent Bank during the 3rd quarter valued at approximately $26,000. Aquatic Capital Management LLC acquired a new stake in shares of Independent Bank during the fourth quarter worth $42,000. Tower Research Capital LLC TRC raised its stake in Independent Bank by 246.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,439 shares of the financial services provider’s stock worth $50,000 after buying an additional 1,024 shares during the last quarter. Quantbot Technologies LP acquired a new position in Independent Bank in the fourth quarter valued at $58,000. Finally, Point72 Asset Management L.P. bought a new stake in Independent Bank during the fourth quarter valued at $59,000. 79.43% of the stock is currently owned by 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.