Independent Bank Co. (NASDAQ:IBCP) Short Interest Up 11.8% in November

Independent Bank Co. (NASDAQ:IBCP) saw a significant growth in short interest in November. As of November 15th, there was short interest totalling 208,900 shares, a growth of 11.8% from the October 31st total of 186,800 shares. Based on an average daily volume of 100,300 shares, the short-interest ratio is currently 2.1 days. Approximately 1.1% of the shares of the stock are short sold.

Independent Bank Price Performance

Shares of IBCP opened at $37.69 on Wednesday. Independent Bank has a fifty-two week low of $20.50 and a fifty-two week high of $40.32. The firm has a market capitalization of $787.34 million, a PE ratio of 12.82 and a beta of 1.02. The company’s 50-day moving average is $34.81 and its 200-day moving average is $31.38. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11). The company had revenue of $77.84 million during the quarter, compared to analyst estimates of $55.05 million. Independent Bank had a net margin of 19.93% and a return on equity of 15.26%. During the same quarter in the previous year, the business posted $0.83 earnings per share. Equities analysts forecast that Independent Bank will post 3.02 EPS for the current year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th were paid a dividend of $0.24 per share. The ex-dividend date was Tuesday, November 5th. This represents a $0.96 dividend on an annualized basis and a yield of 2.55%. Independent Bank’s dividend payout ratio (DPR) is presently 32.65%.

Insider Transactions at Independent Bank

In other Independent Bank news, EVP Gavin A. Mohr bought 800 shares of Independent Bank stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average price of $36.71 per share, for a total transaction of $29,368.00. Following the completion of the acquisition, the executive vice president now owns 18,662 shares of the company’s stock, valued at $685,082.02. This trade represents a 4.48 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Christina Keller sold 1,400 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $32.85, for a total transaction of $45,990.00. Following the completion of the sale, the director now owns 4,163 shares of the company’s stock, valued at approximately $136,754.55. This represents a 25.17 % decrease in their position. The disclosure for this sale can be found here. 5.48% of the stock is owned by company insiders.

Hedge Funds Weigh In On Independent Bank

A number of hedge funds have recently bought and sold shares of the company. Franklin Resources Inc. increased its position 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 valued at $1,095,000 after buying an additional 1,217 shares during the period. Geode Capital Management LLC boosted its stake in shares of Independent Bank by 0.4% during the third quarter. Geode Capital Management LLC now owns 499,546 shares of the financial services provider’s stock valued at $16,663,000 after purchasing an additional 1,831 shares during the period. Barclays PLC lifted 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 acquiring an additional 22,728 shares during the period. Zacks Investment Management bought a new position in Independent Bank in the third quarter worth $221,000. Finally, National Bank of Canada FI bought a new position in Independent Bank in the third quarter worth $26,000. 79.43% of the stock is owned by hedge funds and other 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.