Independent Bank Co. (NASDAQ:IBCP) Short Interest Up 11.8% in November

Independent Bank Co. (NASDAQ:IBCP) was the recipient of a significant increase in short interest during the month of 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. Approximately 1.1% of the company’s shares are sold short. Based on an average daily trading volume, of 100,300 shares, the days-to-cover ratio is currently 2.1 days.

Independent Bank Trading Down 0.3 %

Shares of Independent Bank stock opened at $37.69 on Wednesday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. The firm’s 50-day moving average price is $34.81 and its 200 day moving average price is $31.38. Independent Bank has a twelve month low of $20.50 and a twelve month high of $40.32. The firm has a market capitalization of $787.34 million, a PE ratio of 12.82 and a beta of 1.02.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 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 firm had revenue of $77.84 million for the quarter, compared to analysts’ expectations of $55.05 million. During the same period in the previous year, the firm posted $0.83 EPS. On average, sell-side analysts predict that Independent Bank will post 3.02 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors 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 yield of 2.55%. Independent Bank’s dividend payout ratio (DPR) is presently 32.65%.

Insider Activity

In other news, Director Christina Keller sold 1,400 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $32.85, for a total transaction of $45,990.00. Following the completion of the sale, the director now owns 4,163 shares in the company, valued at approximately $136,754.55. This represents a 25.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Gavin A. Mohr bought 800 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average cost of $36.71 per share, for a total transaction of $29,368.00. Following the completion of the transaction, the executive vice president now owns 18,662 shares in the company, valued at $685,082.02. This trade represents a 4.48 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 5.48% of the company’s stock.

Institutional Investors Weigh In On Independent Bank

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Assenagon Asset Management S.A. acquired a new stake in shares of Independent Bank in the second quarter valued at approximately $3,147,000. Charles Schwab Investment Management Inc. raised its stake 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 acquiring an additional 114,487 shares during the period. Acadian Asset Management LLC grew its holdings 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 valued at $11,432,000 after purchasing an additional 92,148 shares in the last quarter. Principal Financial Group Inc. grew 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 acquiring an additional 77,874 shares in the last quarter. Finally, AQR Capital Management LLC grew 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 acquiring an additional 75,022 shares in the last quarter. 79.43% of the stock is owned by hedge funds and other institutional investors.

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.