Short Interest in Independent Bank Co. (NASDAQ:IBCP) Decreases By 5.3%

Independent Bank Co. (NASDAQ:IBCP) was the target of a significant decrease in short interest during the month of November. As of November 30th, there was short interest totalling 197,800 shares, a decrease of 5.3% from the November 15th total of 208,900 shares. Based on an average daily volume of 97,100 shares, the days-to-cover ratio is currently 2.0 days. Approximately 1.0% of the company’s stock are short sold.

Independent Bank Stock Performance

Shares of IBCP opened at $37.31 on Wednesday. The company has a market cap of $779.56 million, a PE ratio of 12.69 and a beta of 1.02. The firm has a 50-day moving average of $36.03 and a 200-day moving average of $32.34. Independent Bank has a one year low of $22.53 and a one year high of $40.32. 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 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11). The business had revenue of $77.84 million for the quarter, compared to the consensus estimate of $55.05 million. Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. During the same quarter in the previous year, the business posted $0.83 EPS. As a group, equities analysts forecast that Independent Bank will post 3.02 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, November 5th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date of this dividend was Tuesday, November 5th. Independent Bank’s payout ratio is presently 32.65%.

Insider Buying and Selling

In related news, EVP Gavin A. Mohr bought 800 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were acquired at an average price of $36.71 per share, with a total value of $29,368.00. Following the completion of the transaction, the executive vice president now owns 18,662 shares in the company, valued at $685,082.02. The trade was a 4.48 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 5.45% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Independent Bank

A number of large investors have recently added to or reduced their stakes in IBCP. HighTower Advisors LLC boosted its position in Independent Bank by 1.5% during the third quarter. HighTower Advisors LLC now owns 26,672 shares of the financial services provider’s stock worth $889,000 after purchasing an additional 384 shares during the period. National Bank of Canada FI bought a new stake in shares of Independent Bank during the 3rd quarter worth about $26,000. nVerses Capital LLC bought a new stake in shares of Independent Bank during the 3rd quarter worth about $27,000. Truist Financial Corp grew its stake in Independent Bank by 8.4% in the 2nd quarter. Truist Financial Corp now owns 14,181 shares of the financial services provider’s stock valued at $383,000 after buying an additional 1,100 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in Independent Bank by 3.9% in the 3rd quarter. Franklin Resources Inc. now owns 32,756 shares of the financial services provider’s stock valued at $1,095,000 after acquiring an additional 1,217 shares during the period. Institutional investors own 79.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods boosted their price target on Independent Bank from $33.00 to $39.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th.

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.