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

Independent Bank Co. (NASDAQ:IBCP) was the recipient of a large decrease in short interest in 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 short-interest ratio is currently 2.0 days. Approximately 1.0% of the company’s stock are sold short.

Independent Bank Stock Performance

IBCP opened at $35.47 on Thursday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. Independent Bank has a 12-month low of $22.53 and a 12-month high of $40.32. The business has a 50 day moving average of $36.09 and a 200-day moving average of $32.36. The stock has a market cap of $741.11 million, a price-to-earnings ratio of 12.06 and a beta of 1.02.

Independent Bank (NASDAQ:IBCP) last announced its quarterly 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 net margin of 19.93% and a return on equity of 15.26%. The business had revenue of $77.84 million for the quarter, compared to analyst estimates of $55.05 million. During the same period in the prior year, the business earned $0.83 EPS. On average, equities research analysts expect that Independent Bank will post 3.02 earnings per share for the current year.

Independent Bank Announces Dividend

The business 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 annualized dividend and a dividend yield of 2.71%. The ex-dividend date was Tuesday, November 5th. Independent Bank’s payout ratio is 32.65%.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In related news, EVP Gavin A. Mohr purchased 800 shares of Independent Bank stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now owns 18,662 shares of the company’s stock, valued at approximately $685,082.02. This trade represents a 4.48 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.45% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. FMR LLC boosted its holdings in shares of Independent Bank by 7.2% during the third quarter. FMR LLC now owns 1,034,775 shares of the financial services provider’s stock worth $34,510,000 after acquiring an additional 69,504 shares during the period. Dimensional Fund Advisors LP boosted its stake in Independent Bank by 1.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 985,364 shares of the financial services provider’s stock valued at $26,603,000 after purchasing an additional 10,193 shares during the period. State Street Corp grew its holdings in Independent Bank by 4.8% in the 3rd quarter. State Street Corp now owns 647,579 shares of the financial services provider’s stock valued at $21,597,000 after buying an additional 29,475 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Independent Bank by 3.1% during the second quarter. Renaissance Technologies LLC now owns 594,800 shares of the financial services provider’s stock worth $16,060,000 after buying an additional 18,000 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Independent Bank by 0.4% in the third quarter. Geode Capital Management LLC now owns 499,546 shares of the financial services provider’s stock valued at $16,663,000 after acquiring an additional 1,831 shares during the period. 79.43% of the stock is owned by institutional investors.

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.