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

Independent Bank Co. (NASDAQ:IBCP) was the target of a large growth in short interest in the month of January. As of January 15th, there was short interest totalling 186,600 shares, a growth of 111.1% from the December 31st total of 88,400 shares. Based on an average trading volume of 106,400 shares, the short-interest ratio is presently 1.8 days. Approximately 0.9% of the shares of the company are short sold.

Analysts Set New Price Targets

IBCP has been the subject of a number of recent analyst reports. DA Davidson upped their price target on 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 reiterated a “market perform” rating and issued a $41.00 target price (up from $39.00) on shares of Independent Bank in a research note on Friday, January 24th.

Insider Activity at Independent Bank

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

Institutional Investors Weigh In On Independent Bank

Large investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its position in shares of Independent Bank by 28.7% during the 3rd quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock valued at $11,660,000 after purchasing an additional 77,874 shares during the last quarter. Barclays PLC boosted its stake in Independent Bank by 38.1% in the third quarter. Barclays PLC now owns 82,357 shares of the financial services provider’s stock worth $2,748,000 after buying an additional 22,728 shares in the last quarter. State Street Corp grew its position in Independent Bank by 4.8% during the third quarter. State Street Corp now owns 647,579 shares of the financial services provider’s stock valued at $21,597,000 after acquiring an additional 29,475 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Independent Bank by 3.9% during the third quarter. Franklin Resources Inc. now owns 32,756 shares of the financial services provider’s stock worth $1,095,000 after acquiring an additional 1,217 shares in the last quarter. Finally, Jane Street Group LLC lifted its holdings in shares of Independent Bank by 11.6% in the 3rd quarter. Jane Street Group LLC now owns 21,360 shares of the financial services provider’s stock worth $712,000 after acquiring an additional 2,213 shares during the last quarter. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Independent Bank Price Performance

Shares of NASDAQ:IBCP traded up $0.02 on Friday, hitting $36.40. The company’s stock had a trading volume of 133,142 shares, compared to its average volume of 134,605. The company has a market capitalization of $760.54 million, a PE ratio of 11.52 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 company has a 50-day simple moving average of $35.89 and a 200 day simple moving average of $34.45. Independent Bank has a 1 year low of $22.53 and a 1 year high of $40.32.

Independent Bank (NASDAQ:IBCP) last announced its earnings results on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.10. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. Sell-side analysts forecast that Independent Bank will post 3.22 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 given a $0.26 dividend. The ex-dividend date is Tuesday, February 4th. This is a positive change from Independent Bank’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.86%. Independent Bank’s payout ratio is 32.91%.

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.