Independent Bank Co. (NASDAQ:IBCP – Get Free Report) was the target of a large growth in short interest in February. As of February 28th, there was short interest totalling 188,700 shares, a growth of 36.0% from the February 13th total of 138,700 shares. Currently, 0.9% of the shares of the stock are short sold. Based on an average daily trading volume, of 111,500 shares, the short-interest ratio is currently 1.7 days.
Wall Street Analyst Weigh In
IBCP has been the subject of a number of recent research reports. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $41.00 price objective (up from $39.00) on shares of Independent Bank in a research note on Friday, January 24th. DA Davidson lifted their price target on shares of Independent Bank from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 28th.
Check Out Our Latest Analysis on IBCP
Independent Bank Trading Down 0.7 %
Independent Bank (NASDAQ:IBCP – Get Free Report) last released its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.10. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. As a group, equities analysts anticipate that Independent Bank will post 3.22 earnings per share for the current year.
Independent Bank Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 3.38%. This is a boost from Independent Bank’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, February 4th. Independent Bank’s payout ratio is 32.91%.
Institutional Investors Weigh In On Independent Bank
Large investors have recently added to or reduced their stakes in the stock. National Bank of Canada FI purchased a new stake in Independent Bank in the 3rd quarter valued at about $26,000. Aquatic Capital Management LLC purchased a new stake in Independent Bank in the 4th quarter valued at about $42,000. Tower Research Capital LLC TRC raised its holdings in shares of Independent Bank by 246.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,439 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 1,024 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Independent Bank in the 4th quarter valued at about $58,000. Finally, Point72 Asset Management L.P. bought a new stake in shares of Independent Bank in the 4th quarter valued at about $59,000. 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.
Featured Articles
- Five stocks we like better than Independent Bank
- EV Stocks and How to Profit from Them
- Arqit Stock Soars as NVIDIA’s GTC Fuels Quantum Excitement
- How to Evaluate a Stock Before Buying
- 3 Must-Own Stocks to Build Wealth This Decade
- Dividend King Proctor & Gamble Is A Buy On Post-Earnings Weakness
- Advanced Micro Devices Eyes AI Market Growth—Is AMD a Buy?
Receive News & Ratings for Independent Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank and related companies with MarketBeat.com's FREE daily email newsletter.