Independent Bank Co. (NASDAQ:IBCP – Get Free Report) was the target of a large increase in short interest during the month of February. As of February 28th, there was short interest totalling 188,700 shares, an increase of 36.0% from the February 13th total of 138,700 shares. Currently, 0.9% of the company’s shares are sold short. Based on an average trading volume of 111,500 shares, the days-to-cover ratio is presently 1.7 days.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on IBCP shares. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $41.00 target price (up from $39.00) on shares of Independent Bank in a research note on Friday, January 24th. DA Davidson boosted their price objective on shares of Independent Bank from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Tuesday, January 28th.
Get Our Latest Research Report on IBCP
Institutional Investors Weigh In On Independent Bank
Independent Bank Stock Up 2.4 %
Shares of IBCP stock traded up $0.71 during midday trading on Friday, reaching $30.91. 90,566 shares of the stock were exchanged, compared to its average volume of 94,853. Independent Bank has a 1 year low of $22.53 and a 1 year high of $40.32. The firm has a market cap of $648.28 million, a PE ratio of 9.78 and a beta of 1.04. The company’s 50 day moving average is $34.19 and its two-hundred day moving average is $34.68. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18.
Independent Bank (NASDAQ:IBCP – Get Free Report) last issued its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.10. Independent Bank had a return on equity of 15.43% and a net margin of 20.67%. On average, equities research analysts predict that Independent Bank will post 3.22 EPS for the current year.
Independent Bank Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were paid a dividend of $0.26 per share. The ex-dividend date was Tuesday, February 4th. This represents a $1.04 annualized dividend and a yield of 3.36%. This is a positive change from Independent Bank’s previous quarterly dividend of $0.24. Independent Bank’s payout ratio is presently 32.91%.
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.
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