Independent Bank Co. (NASDAQ:IBCP) Sees Large Growth in Short Interest

Independent Bank Co. (NASDAQ:IBCP) saw a significant growth in short interest during the month of 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. Approximately 1.1% of the shares of the company are sold short. Based on an average daily volume of 100,300 shares, the days-to-cover ratio is currently 2.1 days.

Insider Activity

In related news, EVP Gavin A. Mohr bought 800 shares of Independent Bank stock in a transaction dated Wednesday, November 20th. The stock was purchased at an average cost of $36.71 per share, with a total value of $29,368.00. Following the transaction, the executive vice president now directly owns 18,662 shares of the company’s stock, valued at approximately $685,082.02. The trade was a 4.48 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Christina Keller sold 1,400 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $32.85, for a total value of $45,990.00. Following the transaction, the director now owns 4,163 shares in the company, valued at $136,754.55. This trade represents a 25.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.48% of the stock is owned by company insiders.

Institutional Investors Weigh In On Independent Bank

A number of institutional investors have recently modified their holdings of the stock. National Bank of Canada FI purchased a new stake in shares of Independent Bank during the third quarter valued at $26,000. nVerses Capital LLC bought a new position in shares of Independent Bank in the third quarter worth about $27,000. CWM LLC increased its stake in Independent Bank by 1,729.2% in the second quarter. CWM LLC now owns 4,262 shares of the financial services provider’s stock valued at $115,000 after purchasing an additional 4,029 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Independent Bank by 36.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider’s stock valued at $125,000 after acquiring an additional 1,225 shares in the last quarter. Finally, Comerica Bank acquired a new stake in Independent Bank in the 1st quarter valued at about $173,000. Institutional investors and hedge funds own 79.43% of the company’s stock.

Independent Bank Stock Up 0.5 %

Shares of IBCP stock opened at $37.80 on Tuesday. 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 has a 1-year low of $20.50 and a 1-year high of $40.32. The stock’s fifty day moving average price is $34.73 and its 200 day moving average price is $31.30. The company has a market cap of $789.64 million, a price-to-earnings ratio of 12.86 and a beta of 1.02.

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

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, November 5th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.54%. The ex-dividend date was Tuesday, November 5th. Independent Bank’s dividend payout ratio (DPR) is currently 32.65%.

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.