Independent Bank Co. (NASDAQ:IBCP) Short Interest Down 5.3% in November

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. Currently, 1.0% of the shares of the stock are short sold. Based on an average daily volume of 97,100 shares, the days-to-cover ratio is presently 2.0 days.

Independent Bank Stock Down 4.9 %

Shares of Independent Bank stock opened at $35.47 on Thursday. Independent Bank has a 12 month low of $22.53 and a 12 month high of $40.32. The business has a fifty day simple moving average of $36.09 and a 200 day simple moving average of $32.36. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. The stock has a market cap of $741.11 million, a PE ratio of 12.06 and a beta of 1.02.

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

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.71%. Independent Bank’s dividend payout ratio is 32.65%.

Analyst Upgrades and Downgrades

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

Insider Activity

In other news, EVP Gavin A. Mohr purchased 800 shares of the business’s stock in a transaction dated 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 purchase, the executive vice president now directly owns 18,662 shares of the company’s stock, valued at $685,082.02. The trade was a 4.48 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.45% of the stock is owned by insiders.

Hedge Funds Weigh In On Independent Bank

Several institutional investors and hedge funds have recently made changes to their positions in IBCP. Assenagon Asset Management S.A. acquired a new position in Independent Bank in the second quarter valued at about $3,147,000. Charles Schwab Investment Management Inc. grew its position in shares of Independent Bank by 202.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 171,090 shares of the financial services provider’s stock valued at $5,706,000 after purchasing an additional 114,487 shares during the period. Acadian Asset Management LLC increased its stake in Independent Bank by 27.8% during the 2nd quarter. Acadian Asset Management LLC now owns 423,631 shares of the financial services provider’s stock worth $11,432,000 after purchasing an additional 92,148 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Independent Bank by 28.7% during the 3rd quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock worth $11,660,000 after buying an additional 77,874 shares during the period. Finally, AQR Capital Management LLC raised its holdings in Independent Bank by 75.8% during the 2nd quarter. AQR Capital Management LLC now owns 174,011 shares of the financial services provider’s stock worth $4,698,000 after buying an additional 75,022 shares during the period. Institutional investors and hedge funds own 79.43% of the company’s stock.

Independent Bank Company Profile

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.