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

Independent Bank Co. (NASDAQ:IBCP) was the target of a large growth in short interest in June. As of June 30th, there was short interest totalling 207,400 shares, a growth of 16.3% from the June 15th total of 178,300 shares. Based on an average daily volume of 89,400 shares, the days-to-cover ratio is presently 2.3 days. Approximately 1.0% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

IBCP has been the topic of a number of recent analyst reports. Piper Sandler upgraded Independent Bank to a “hold” rating in a research report on Tuesday, June 11th. DA Davidson reiterated a “neutral” rating and set a $28.00 price target on shares of Independent Bank in a research report on Tuesday, April 30th.

Insider Buying and Selling at Independent Bank

In other news, SVP James J. Twarozynski sold 1,500 shares of the firm’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $25.00, for a total value of $37,500.00. Following the completion of the transaction, the senior vice president now directly owns 8,366 shares in the company, valued at $209,150. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Independent Bank news, SVP James J. Twarozynski sold 1,500 shares of the stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $25.00, for a total transaction of $37,500.00. Following the sale, the senior vice president now directly owns 8,366 shares of the company’s stock, valued at approximately $209,150. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Christina Keller sold 2,400 shares of the business’s 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 directly owns 6,563 shares of the company’s stock, valued at approximately $155,018.06. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,600 shares of company stock worth $135,821. 5.45% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Independent Bank

A number of hedge funds have recently modified their holdings of IBCP. Quadrant Capital Group LLC grew its stake in shares of 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 valued at $53,000 after buying an additional 648 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in Independent Bank by 4.8% during 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 purchasing an additional 677 shares during the period. Wedge Capital Management L L P NC lifted its position in shares of Independent Bank by 6.8% during the fourth quarter. Wedge Capital Management L L P NC now owns 21,139 shares of the financial services provider’s stock worth $550,000 after purchasing an additional 1,345 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Independent Bank by 2.8% in 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 period. Finally, AJOVista LLC acquired a new position in shares of Independent Bank in the fourth quarter valued at approximately $38,000. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Trading Up 2.1 %

Shares of IBCP traded up $0.65 during midday trading on Wednesday, reaching $31.88. The company had a trading volume of 189,851 shares, compared to its average volume of 87,132. Independent Bank has a 1-year low of $16.90 and a 1-year high of $32.19. 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 firm has a 50 day simple moving average of $25.54 and a 200-day simple moving average of $25.03. The stock has a market cap of $666.29 million, a PE ratio of 10.85 and a beta of 1.01.

Independent Bank (NASDAQ:IBCP) last issued its earnings results on Thursday, April 25th. The financial services provider reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.11. The company had revenue of $52.76 million for the quarter, compared to the consensus estimate of $51.50 million. Independent Bank had a net margin of 20.45% and a return on equity of 16.55%. Research analysts forecast that Independent Bank will post 2.96 EPS for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, May 13th. Shareholders of record on Friday, May 3rd were given a $0.24 dividend. The ex-dividend date was Thursday, May 2nd. This represents a $0.96 dividend on an annualized basis and a yield of 3.01%. Independent Bank’s dividend payout ratio is currently 32.65%.

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.