Independent Bank Corporation (NASDAQ:IBCP) Short Interest Update

Independent Bank Corporation (NASDAQ:IBCP) was the recipient of 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. Approximately 2.0% of the company’s shares are sold short. Based on an average daily volume of 161,475 shares, the days-to-cover ratio is currently 2.4 days. Based on an average daily volume of 161,475 shares, the days-to-cover ratio is currently 2.4 days. Approximately 2.0% of the company’s shares are sold short.

Institutional Investors Weigh In On Independent Bank

Large investors have recently added to or reduced their stakes in the stock. Algebris UK Ltd. bought a new position in Independent Bank in the 4th quarter worth about $6,943,000. Assenagon Asset Management S.A. bought a new stake in shares of Independent Bank during the third quarter valued at approximately $6,394,000. Millennium Management LLC boosted its holdings in shares of Independent Bank by 60.5% in the third quarter. Millennium Management LLC now owns 389,220 shares of the financial services provider’s stock valued at $12,056,000 after purchasing an additional 146,646 shares during the period. Goldman Sachs Group Inc. grew its stake in Independent Bank by 25.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 377,891 shares of the financial services provider’s stock worth $12,293,000 after purchasing an additional 76,811 shares in the last quarter. Finally, Maltese Capital Management LLC grew its stake in Independent Bank by 77.9% in the third quarter. Maltese Capital Management LLC now owns 155,000 shares of the financial services provider’s stock worth $4,801,000 after purchasing an additional 67,859 shares in the last quarter. 79.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on IBCP. Weiss Ratings upgraded Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 12th. Piper Sandler lifted their price objective on shares of Independent Bank from $36.00 to $39.00 and gave the stock a “neutral” rating in a research note on Monday, January 26th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $37.00.

Independent Bank Price Performance

IBCP opened at $33.12 on Friday. The business has a fifty day moving average of $34.85 and a 200 day moving average of $33.09. Independent Bank has a 52-week low of $26.75 and a 52-week high of $37.39. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.23. The stock has a market cap of $681.94 million, a P/E ratio of 10.10 and a beta of 0.78.

Independent Bank (NASDAQ:IBCP) last released its earnings results on Thursday, January 22nd. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.06. Independent Bank had a return on equity of 14.20% and a net margin of 21.73%.The business had revenue of $46.80 million for the quarter, compared to analyst estimates of $50.52 million. As a group, sell-side analysts anticipate that Independent Bank will post 3.22 EPS for the current year.

Independent Bank Increases Dividend

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

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.