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

Independent Bank Co. (NASDAQ:IBCP - Get Free Report) was the recipient of a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 283,300 shares, an increase of 10.1% from the February 29th total of 257,300 shares. Based on an average daily volume of 81,900 shares, the short-interest ratio is currently 3.5 days. Currently, 1.4% of the shares of the stock are sold short.

Analysts Set New Price Targets

Separately, Hovde Group assumed coverage on shares of Independent Bank in a research report on Monday, March 4th. They set a "market perform" rating for the company.

Independent Bank Price Performance

Shares of IBCP traded down $0.38 during mid-day trading on Tuesday, hitting $24.24. 36,277 shares of the company were exchanged, compared to its average volume of 81,400. Independent Bank has a 1-year low of $14.90 and a 1-year high of $27.39. The stock has a market cap of $506.86 million, a price-to-earnings ratio of 8.66 and a beta of 0.97. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.85 and a current ratio of 0.86. The company has a 50 day moving average of $24.71 and a 200-day moving average of $22.79.

Independent Bank (NASDAQ:IBCP - Get Free Report) last announced its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.08. Independent Bank had a net margin of 20.34% and a return on equity of 16.28%. The company had revenue of $49.21 million during the quarter, compared to analysts' expectations of $51.50 million. Analysts expect that Independent Bank will post 2.89 EPS for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 15th. Investors of record on Monday, February 5th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 3.96%. The ex-dividend date was Friday, February 2nd. This is a boost from Independent Bank's previous quarterly dividend of $0.23. Independent Bank's dividend payout ratio is currently 34.41%.

Institutional Trading of Independent Bank

Several large investors have recently bought and sold shares of the business. MetLife Investment Management LLC grew its stake in Independent Bank by 4.5% during the 4th quarter. MetLife Investment Management LLC now owns 11,156 shares of the financial services provider's stock valued at $267,000 after acquiring an additional 476 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Independent Bank by 6.0% in the 2nd quarter. Legal & General Group Plc now owns 9,274 shares of the financial services provider's stock valued at $179,000 after buying an additional 527 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Independent Bank by 1.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 55,664 shares of the financial services provider's stock valued at $944,000 after buying an additional 562 shares during the period. Royal Bank of Canada grew its stake in shares of Independent Bank by 5.5% in the 3rd quarter. Royal Bank of Canada now owns 11,845 shares of the financial services provider's stock valued at $227,000 after buying an additional 619 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Independent Bank by 1.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 52,226 shares of the financial services provider's stock valued at $1,360,000 after buying an additional 629 shares during the period. Hedge funds and other institutional investors own 79.43% of the company's stock.

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.