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

Independent Bank Co. (NASDAQ:IBCP) was the recipient of a significant 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 trading volume, of 119,900 shares, the days-to-cover ratio is presently 1.9 days. Currently, 1.2% of the company’s shares are sold short.

Independent Bank Trading Down 6.0 %

Shares of IBCP traded down $1.84 during trading hours on Thursday, reaching $28.96. 23,601 shares of the company traded hands, compared to its average volume of 116,895. Independent Bank has a 12 month low of $22.53 and a 12 month high of $40.32. The company’s fifty day moving average price is $33.43 and its two-hundred day moving average price is $34.49. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $607.38 million, a price-to-earnings ratio of 9.16 and a beta of 0.85.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping 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 research analysts predict that Independent Bank will post 3.22 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were given a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, February 4th. This is a boost from Independent Bank’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 3.59%. Independent Bank’s dividend payout ratio is 32.91%.

Wall Street Analysts Forecast Growth

IBCP has been the topic of several recent research reports. Keefe, Bruyette & Woods restated a “market perform” rating and set a $41.00 price target (up from $39.00) on shares of Independent Bank in a research report on Friday, January 24th. DA Davidson upped their price objective on shares of Independent Bank from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Tuesday, January 28th.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Mackenzie Financial Corp purchased a new position in Independent Bank during the fourth quarter valued at $538,000. Public Employees Retirement System of Ohio grew its stake in shares of Independent Bank by 42.6% during the 4th quarter. Public Employees Retirement System of Ohio now owns 13,168 shares of the financial services provider’s stock valued at $459,000 after acquiring an additional 3,931 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Independent Bank by 2.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 57,189 shares of the financial services provider’s stock worth $1,992,000 after acquiring an additional 1,515 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in Independent Bank during the 4th quarter worth approximately $59,000. Finally, Millennium Management LLC lifted its holdings in Independent Bank by 174.4% during the fourth quarter. Millennium Management LLC now owns 22,981 shares of the financial services provider’s stock valued at $800,000 after purchasing an additional 14,606 shares in the last quarter. 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.