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

Independent Bank Co. (NASDAQ:IBCP) saw a large increase in short interest in the month of August. As of August 15th, there was short interest totalling 289,700 shares, an increase of 9.0% from the July 31st total of 265,800 shares. Based on an average daily volume of 115,400 shares, the days-to-cover ratio is currently 2.5 days. Currently, 1.5% of the company’s stock are short sold.

Independent Bank Stock Up 0.1 %

Shares of IBCP traded up $0.03 during mid-day trading on Friday, hitting $33.88. 70,688 shares of the company’s stock were exchanged, compared to its average volume of 114,721. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.30. Independent Bank has a twelve month low of $16.90 and a twelve month high of $35.97. The firm has a fifty day moving average of $30.72 and a two-hundred day moving average of $26.75. The stock has a market cap of $708.09 million, a price-to-earnings ratio of 11.52 and a beta of 1.01.

Independent Bank (NASDAQ:IBCP) last posted its earnings results on Thursday, July 25th. The financial services provider reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.17. Independent Bank had a return on equity of 16.90% and a net margin of 21.11%. The company had revenue of $81.51 million for the quarter, compared to analyst estimates of $53.50 million. During the same period last year, the company earned $0.70 earnings per share. On average, sell-side analysts forecast that Independent Bank will post 3.13 earnings per share for the current year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were given a dividend of $0.24 per share. The ex-dividend date was Monday, August 5th. This represents a $0.96 dividend on an annualized basis and a yield of 2.83%. Independent Bank’s payout ratio is currently 32.65%.

Analysts Set New Price Targets

IBCP has been the subject of a number of research reports. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $31.00 target price (up previously from $26.00) on shares of Independent Bank in a research note on Monday, July 29th. Piper Sandler boosted their target price on Independent Bank from $27.00 to $37.50 and gave the company a “neutral” rating in a research note on Monday, July 29th. Five analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $32.17.

Insider Buying and Selling at Independent Bank

In related news, Director Christina Keller sold 2,400 shares of the 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 sale, the director now directly owns 6,563 shares of the company’s stock, valued at approximately $155,018.06. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 5.45% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of IBCP. Hillsdale Investment Management Inc. bought a new stake in Independent Bank in the 4th quarter valued at $3,675,000. Assenagon Asset Management S.A. bought a new stake in shares of Independent Bank in the second quarter valued at about $3,147,000. Acadian Asset Management LLC grew its position in Independent Bank by 52.0% during the first quarter. Acadian Asset Management LLC now owns 331,483 shares of the financial services provider’s stock worth $8,399,000 after buying an additional 113,408 shares in the last quarter. AQR Capital Management LLC increased its stake in Independent Bank by 75.8% during the second quarter. AQR Capital Management LLC now owns 174,011 shares of the financial services provider’s stock valued at $4,698,000 after acquiring an additional 75,022 shares during the period. Finally, American Century Companies Inc. raised its holdings in Independent Bank by 16.8% in the 2nd quarter. American Century Companies Inc. now owns 415,551 shares of the financial services provider’s stock valued at $11,220,000 after acquiring an additional 59,794 shares in the last quarter. Institutional investors own 79.43% of the company’s stock.

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.