Independent Bank Corporation (NASDAQ:IBCP) Sees Large Increase in Short Interest

Independent Bank Corporation (NASDAQ:IBCP) saw a significant growth in short interest in the month of February. As of February 13th, there was short interest totaling 216,703 shares, a growth of 31.4% from the January 29th total of 164,896 shares. Based on an average daily trading volume, of 140,159 shares, the days-to-cover ratio is presently 1.5 days. Currently, 1.1% of the shares of the stock are short sold. Currently, 1.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 140,159 shares, the days-to-cover ratio is presently 1.5 days.

Hedge Funds Weigh In On Independent Bank

Large investors have recently added to or reduced their stakes in the business. State of Alaska Department of Revenue acquired a new position in shares of Independent Bank during the 3rd quarter valued at about $25,000. EverSource Wealth Advisors LLC grew its holdings in Independent Bank by 2,062.9% in the second quarter. EverSource Wealth Advisors LLC now owns 757 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 722 shares during the period. Larson Financial Group LLC acquired a new position in Independent Bank during the fourth quarter worth approximately $26,000. Aster Capital Management DIFC Ltd acquired a new position in Independent Bank during the fourth quarter worth approximately $27,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in Independent Bank during the fourth quarter worth approximately $29,000. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

IBCP has been the topic of several research analyst reports. Piper Sandler boosted their price target on Independent Bank from $36.00 to $39.00 and gave the stock a “neutral” rating in a research note on Monday, January 26th. Weiss Ratings upgraded Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 12th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Independent Bank currently has an average rating of “Hold” and a consensus price target of $37.00.

Independent Bank Price Performance

Shares of NASDAQ IBCP traded up $0.05 during trading on Wednesday, reaching $35.37. The company had a trading volume of 99,573 shares, compared to its average volume of 140,902. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09. Independent Bank has a twelve month low of $26.75 and a twelve month high of $37.39. The stock has a 50-day moving average price of $34.71 and a two-hundred day moving average price of $33.00. The stock has a market capitalization of $731.81 million, a PE ratio of 10.78 and a beta of 0.78.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.06. Independent Bank had a net margin of 21.73% and a return on equity of 14.41%. The business had revenue of $46.80 million during the quarter, compared to analyst estimates of $50.52 million. As a group, sell-side analysts predict that Independent Bank will post 3.22 earnings per share for the current year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Tuesday, February 3rd were given a $0.28 dividend. This is an increase from Independent Bank’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Tuesday, February 3rd. Independent Bank’s dividend payout ratio (DPR) is presently 34.15%.

About Independent Bank

Independent Bank Corporation (NASDAQ: IBCP) is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company’s offerings span traditional branch-based banking as well as digital and mobile platforms.

Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.