Independent Bank Corporation (NASDAQ:IBCP) Short Interest Down 44.0% in January

Independent Bank Corporation (NASDAQ:IBCP) was the target of a significant decrease in short interest during the month of January. As of January 15th, there was short interest totaling 178,075 shares, a decrease of 44.0% from the December 31st total of 317,728 shares. Approximately 0.9% of the company’s stock are sold short. Based on an average daily trading volume, of 110,633 shares, the days-to-cover ratio is currently 1.6 days. Based on an average daily trading volume, of 110,633 shares, the days-to-cover ratio is currently 1.6 days. Approximately 0.9% of the company’s stock are sold short.

Independent Bank Price Performance

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

Independent Bank (NASDAQ:IBCP) last announced its earnings results on Thursday, January 22nd. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.06. The company had revenue of $46.80 million for the quarter, compared to analysts’ expectations of $50.52 million. Independent Bank had a net margin of 21.73% and a return on equity of 14.41%. On average, analysts predict that Independent Bank will post 3.22 EPS for the current year.

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Tuesday, February 3rd will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Tuesday, February 3rd. This is a positive change from Independent Bank’s previous quarterly dividend of $0.26. Independent Bank’s dividend payout ratio is presently 31.71%.

Institutional Investors Weigh In On Independent Bank

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC acquired a new stake in shares of Independent Bank during the 1st quarter worth about $287,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Independent Bank by 4.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,816 shares of the financial services provider’s stock valued at $364,000 after acquiring an additional 464 shares during the last quarter. Millennium Management LLC raised its stake in shares of Independent Bank by 469.8% in the 1st quarter. Millennium Management LLC now owns 130,953 shares of the financial services provider’s stock valued at $4,032,000 after acquiring an additional 107,972 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Independent Bank by 4.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 298,986 shares of the financial services provider’s stock worth $9,206,000 after acquiring an additional 12,855 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Independent Bank by 24.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 71,115 shares of the financial services provider’s stock worth $2,190,000 after purchasing an additional 13,926 shares during the period. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on IBCP. Weiss Ratings upgraded shares of Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note 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 equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $37.00.

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.