Independent Bank Co. (NASDAQ:IBCP) Short Interest Update

Independent Bank Co. (NASDAQ:IBCP) was the recipient of a significant increase in short interest in November. As of November 15th, there was short interest totalling 208,900 shares, an increase of 11.8% from the October 31st total of 186,800 shares. Based on an average daily trading volume, of 100,300 shares, the short-interest ratio is presently 2.1 days. Approximately 1.1% of the company’s shares are sold short.

Independent Bank Trading Down 0.8 %

Shares of NASDAQ IBCP opened at $37.63 on Monday. 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’s 50 day moving average price is $34.73 and its two-hundred day moving average price is $31.27. Independent Bank has a 52-week low of $20.50 and a 52-week high of $40.32. The stock has a market capitalization of $786.09 million, a P/E ratio of 12.80 and a beta of 0.99.

Independent Bank (NASDAQ:IBCP) last posted 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). The firm had revenue of $77.84 million for the quarter, compared to analyst estimates of $55.05 million. Independent Bank had a net margin of 19.93% and a return on equity of 15.26%. During the same period in the prior year, the company posted $0.83 earnings per share. On average, analysts anticipate that Independent Bank will post 3.02 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th were given a $0.24 dividend. The ex-dividend date was Tuesday, November 5th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.55%. Independent Bank’s payout ratio is currently 32.65%.

Insider Buying and Selling at Independent Bank

In related news, EVP Gavin A. Mohr purchased 800 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were purchased at an average cost of $36.71 per share, with a total value of $29,368.00. Following the completion of the acquisition, 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Christina Keller sold 1,400 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $32.85, for a total transaction of $45,990.00. Following the transaction, the director now directly owns 4,163 shares in the company, valued at $136,754.55. The trade was a 25.17 % decrease in their position. The disclosure for this sale can be found here. 5.45% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Independent Bank

A number of institutional investors have recently modified their holdings of the business. National Bank of Canada FI acquired a new position in Independent Bank in the third quarter valued at approximately $26,000. nVerses Capital LLC bought a new stake in shares of Independent Bank in the 3rd quarter worth approximately $27,000. CWM LLC boosted its position in Independent Bank by 1,729.2% during the 2nd 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 during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Independent Bank by 36.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider’s stock worth $125,000 after buying an additional 1,225 shares during the last quarter. Finally, Comerica Bank acquired a new stake in Independent Bank in the first quarter worth $173,000. Institutional investors own 79.43% of the company’s stock.

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.