Independent Bank Corporation (NASDAQ:IBCP) Short Interest Update

Independent Bank Corporation (NASDAQ:IBCP) saw a large increase in short interest in the month of February. As of February 27th, there was short interest totaling 388,147 shares, an increase of 79.1% from the February 12th total of 216,703 shares. Based on an average daily volume of 161,475 shares, the days-to-cover ratio is presently 2.4 days. Currently, 2.0% of the shares of the company are sold short. Currently, 2.0% of the shares of the company are sold short. Based on an average daily volume of 161,475 shares, the days-to-cover ratio is presently 2.4 days.

Independent Bank Stock Up 0.5%

NASDAQ IBCP opened at $33.27 on Friday. Independent Bank has a 12 month low of $26.75 and a 12 month high of $37.39. The company has a current ratio of 0.93, a quick ratio of 0.90 and a debt-to-equity ratio of 0.23. The stock has a market cap of $685.03 million, a PE ratio of 10.14 and a beta of 0.78. The stock’s 50 day moving average is $34.87 and its 200 day moving average is $33.10.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.06. Independent Bank had a net margin of 21.73% and a return on equity of 14.20%. The firm had revenue of $46.80 million for the quarter, compared to analysts’ expectations of $50.52 million. Research analysts predict that Independent Bank will post 3.22 EPS for the current fiscal year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Tuesday, February 3rd were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.4%. The ex-dividend date was Tuesday, February 3rd. This is an increase from Independent Bank’s previous quarterly dividend of $0.26. Independent Bank’s dividend payout ratio is presently 34.15%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IBCP. Harbour Investments Inc. lifted its position in shares of Independent Bank by 45.4% in the fourth quarter. Harbour Investments Inc. now owns 961 shares of the financial services provider’s stock worth $31,000 after buying an additional 300 shares in the last quarter. Hudson Edge Investment Partners Inc. increased its stake in Independent Bank by 0.9% in the 4th quarter. Hudson Edge Investment Partners Inc. now owns 34,655 shares of the financial services provider’s stock worth $1,127,000 after acquiring an additional 318 shares during the last quarter. Occudo Quantitative Strategies LP raised its holdings in shares of Independent Bank by 3.2% during the 4th quarter. Occudo Quantitative Strategies LP now owns 11,525 shares of the financial services provider’s stock worth $375,000 after acquiring an additional 355 shares in the last quarter. Cetera Investment Advisers raised its holdings in shares of Independent Bank by 1.7% during the 4th quarter. Cetera Investment Advisers now owns 22,254 shares of the financial services provider’s stock worth $724,000 after acquiring an additional 363 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Independent Bank by 4.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,816 shares of the financial services provider’s stock valued at $364,000 after acquiring an additional 464 shares during the last quarter. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on IBCP shares. Piper Sandler upped their price target on Independent Bank from $36.00 to $39.00 and gave the stock a “neutral” rating in a research report on Monday, January 26th. Weiss Ratings raised Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 12th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $37.00.

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.