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

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

Independent Bank Stock Performance

Shares of NASDAQ:IBCP opened at $37.80 on Tuesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. The business’s fifty day moving average price is $34.73 and its two-hundred day moving average price is $31.30. Independent Bank has a fifty-two week low of $20.50 and a fifty-two week high of $40.32. The stock has a market capitalization of $789.64 million, a price-to-earnings ratio of 12.86 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 analysts’ consensus estimates of $0.76 by ($0.11). Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. The business had revenue of $77.84 million for the quarter, compared to the consensus estimate of $55.05 million. During the same period in the prior year, the business posted $0.83 earnings per share. As a group, analysts predict that Independent Bank will post 3.02 EPS for the current fiscal year.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.54%. The ex-dividend date was Tuesday, November 5th. Independent Bank’s dividend payout ratio is currently 32.65%.

Insider Transactions at Independent Bank

In other Independent Bank news, EVP Gavin A. Mohr purchased 800 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were acquired 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 of the company’s stock, valued at approximately $685,082.02. The trade was a 4.48 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Christina Keller sold 1,400 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $32.85, for a total value of $45,990.00. Following the sale, the director now owns 4,163 shares in the company, valued at approximately $136,754.55. This trade represents a 25.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 5.48% of the company’s stock.

Institutional Trading of Independent Bank

Hedge funds and other institutional investors have recently modified their holdings of the business. National Bank of Canada FI bought a new stake in shares of Independent Bank during the third quarter valued at approximately $26,000. nVerses Capital LLC acquired a new position in Independent Bank in the 3rd quarter worth about $27,000. CWM LLC grew its holdings in shares of Independent Bank by 1,729.2% during the second quarter. CWM LLC now owns 4,262 shares of the financial services provider’s stock worth $115,000 after buying an additional 4,029 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Independent Bank by 36.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider’s stock valued at $125,000 after acquiring an additional 1,225 shares during the last quarter. Finally, Zacks Investment Management purchased a new stake in Independent Bank during the third quarter worth about $221,000. 79.43% of the stock is owned by hedge funds and other 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.