Short Interest in Independent Bank Corporation (NASDAQ:IBCP) Decreases By 44.0%

Independent Bank Corporation (NASDAQ:IBCP) saw a significant decline in short interest in the month of January. As of January 15th, there was short interest totaling 178,075 shares, a decline of 44.0% from the December 31st total of 317,728 shares. Based on an average daily volume of 110,633 shares, the short-interest ratio is presently 1.6 days. Currently, 0.9% of the shares of the company are sold short. Currently, 0.9% of the shares of the company are sold short. Based on an average daily volume of 110,633 shares, the short-interest ratio is presently 1.6 days.

Independent Bank Trading Up 0.7%

IBCP stock traded up $0.23 during trading on Friday, hitting $35.15. 163,229 shares of the company traded hands, compared to its average volume of 116,299. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.90 and a current ratio of 0.91. Independent Bank has a 1 year low of $26.75 and a 1 year high of $37.13. The firm has a market capitalization of $727.25 million, a PE ratio of 10.72 and a beta of 0.80. The company has a 50-day moving average of $33.70 and a 200-day moving average of $32.34.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.89 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 14.41%. The firm had revenue of $46.80 million during the quarter, compared to the consensus estimate of $50.52 million. Analysts predict that Independent Bank will post 3.22 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Tuesday, February 3rd will be given a $0.28 dividend. The ex-dividend date of this dividend is Tuesday, February 3rd. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.2%. This is a boost from Independent Bank’s previous quarterly dividend of $0.26. Independent Bank’s payout ratio is currently 31.71%.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. acquired a new stake in shares of Independent Bank during the third quarter worth $6,394,000. CSM Advisors LLC acquired a new position in shares of Independent Bank in the 2nd quarter valued at about $6,611,000. Magnetar Financial LLC purchased a new stake in Independent Bank in the 2nd quarter worth approximately $639,000. Y Intercept Hong Kong Ltd purchased a new stake in Independent Bank during the second quarter worth $298,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Independent Bank during the 2nd quarter worth about $346,000. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Independent Bank Company Profile

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.