Independent Bank Co. (NASDAQ:IBCP – Get Rating) was the recipient of a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 604,300 shares, a growth of 9.3% from the August 15th total of 553,000 shares. Based on an average daily trading volume, of 78,300 shares, the days-to-cover ratio is presently 7.7 days. Approximately 3.0% of the company's shares are short sold.
Wall Street Analyst Weigh In
A number of analysts recently commented on the company. StockNews.com raised Independent Bank from a "hold" rating to a "buy" rating in a research report on Friday, September 9th. DA Davidson reaffirmed a "neutral" rating on shares of Independent Bank in a research report on Wednesday, July 27th.
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Insiders Place Their Bets
In other news, SVP James J. Twarozynski sold 2,500 shares of Independent Bank stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $20.47, for a total value of $51,175.00. Following the completion of the transaction, the senior vice president now directly owns 8,409 shares of the company's stock, valued at approximately $172,132.23. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Gavin A. Mohr bought 2,000 shares of the firm's stock in a transaction that occurred on Monday, August 22nd. The stock was acquired at an average cost of $21.30 per share, with a total value of $42,600.00. Following the transaction, the executive vice president now directly owns 10,055 shares of the company's stock, valued at approximately $214,171.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP James J. Twarozynski sold 2,500 shares of the business's stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $20.47, for a total value of $51,175.00. Following the completion of the sale, the senior vice president now directly owns 8,409 shares of the company's stock, valued at $172,132.23. The disclosure for this sale can be found here. Company insiders own 5.20% of the company's stock.
Institutional Trading of Independent Bank
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IBCP. Dimensional Fund Advisors LP increased its holdings in Independent Bank by 3.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 645,528 shares of the financial services provider's stock worth $15,409,000 after purchasing an additional 18,564 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of Independent Bank by 270.8% in the 4th quarter. BNP Paribas Arbitrage SA now owns 22,866 shares of the financial services provider's stock worth $546,000 after buying an additional 16,700 shares during the last quarter. HighTower Advisors LLC boosted its stake in shares of Independent Bank by 45.6% in the 4th quarter. HighTower Advisors LLC now owns 17,185 shares of the financial services provider's stock worth $410,000 after buying an additional 5,381 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Independent Bank by 1.2% in the 4th quarter. Renaissance Technologies LLC now owns 764,100 shares of the financial services provider's stock worth $18,239,000 after buying an additional 8,800 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its stake in shares of Independent Bank by 17.8% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 16,538 shares of the financial services provider's stock worth $395,000 after buying an additional 2,493 shares during the last quarter. 80.25% of the stock is owned by institutional investors.
Independent Bank Stock Performance
Independent Bank stock remained flat at $20.28 during midday trading on Tuesday. The company had a trading volume of 45,033 shares, compared to its average volume of 86,113. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.78 and a quick ratio of 0.77. The business has a 50 day moving average price of $20.47 and a two-hundred day moving average price of $20.51. The company has a market cap of $427.02 million, a P/E ratio of 7.35 and a beta of 0.96. Independent Bank has a twelve month low of $17.87 and a twelve month high of $26.00.
Independent Bank (NASDAQ:IBCP – Get Rating) last issued its quarterly earnings data on Tuesday, July 26th. The financial services provider reported $0.61 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.05. The firm had revenue of $50.69 million during the quarter, compared to analyst estimates of $47.75 million. Independent Bank had a return on equity of 16.01% and a net margin of 27.75%. During the same period in the previous year, the company posted $0.56 EPS. On average, equities research analysts predict that Independent Bank will post 2.67 earnings per share for the current fiscal year.
Independent Bank Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 16th. Shareholders of record on Friday, August 5th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 4.34%. The ex-dividend date was Thursday, August 4th. Independent Bank's dividend payout ratio is currently 31.88%.
Independent Bank Company Profile
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Independent Bank Corporation operates as the bank holding company for Independent Bank that provides various banking services to individuals and businesses. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machine, and Internet and mobile banking services.
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