Independent Bank Co.(MI) (NASDAQ:IBCP) Short Interest Update

Independent Bank Co.(MI) (NASDAQ:IBCP) was the recipient of a large decrease in short interest in the month of October. As of October 31st, there was short interest totalling 303,600 shares, a decrease of 6.8% from the September 30th total of 325,900 shares. Approximately 1.4% of the shares of the company are sold short. Based on an average daily volume of 90,200 shares, the short-interest ratio is presently 3.4 days.

A number of large investors have recently modified their holdings of the stock. Quantamental Technologies LLC raised its position in Independent Bank Co.(MI) by 136.7% during the 2nd quarter. Quantamental Technologies LLC now owns 1,851 shares of the financial services provider’s stock worth $40,000 after buying an additional 1,069 shares during the last quarter. Aperio Group LLC purchased a new position in Independent Bank Co.(MI) during the 2nd quarter worth $135,000. Meeder Asset Management Inc. raised its position in Independent Bank Co.(MI) by 55.8% during the 2nd quarter. Meeder Asset Management Inc. now owns 7,099 shares of the financial services provider’s stock worth $155,000 after buying an additional 2,542 shares during the last quarter. Gyroscope Capital Management Group LLC purchased a new position in Independent Bank Co.(MI) during the 3rd quarter worth $169,000. Finally, Algert Global LLC purchased a new position in Independent Bank Co.(MI) during the 2nd quarter worth $242,000. Hedge funds and other institutional investors own 79.45% of the company’s stock.

NASDAQ:IBCP traded up $0.04 during trading hours on Tuesday, reaching $22.45. 3,165 shares of the company’s stock were exchanged, compared to its average volume of 77,662. The firm has a market capitalization of $509.65 million, a price-to-earnings ratio of 13.35 and a beta of 0.51. The company has a 50-day moving average of $21.86 and a 200 day moving average of $21.31. The company has a quick ratio of 0.91, a current ratio of 0.95 and a debt-to-equity ratio of 0.30. Independent Bank Co has a 1-year low of $18.94 and a 1-year high of $23.93.

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Independent Bank Co.(MI) (NASDAQ:IBCP) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.55 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.04. The firm had revenue of $43.15 million during the quarter, compared to analysts’ expectations of $42.73 million. Independent Bank Co.(MI) had a net margin of 22.42% and a return on equity of 12.55%. Research analysts forecast that Independent Bank Co will post 1.95 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Wednesday, November 6th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date was Tuesday, November 5th. Independent Bank Co.(MI)’s dividend payout ratio is currently 42.86%.

IBCP has been the subject of a number of recent research reports. ValuEngine upgraded shares of Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. BidaskClub cut shares of Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a research note on Saturday, November 9th. Finally, Zacks Investment Research cut shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research note on Thursday, October 10th.

About Independent Bank Co.(MI)

Independent Bank Corporation operates as the holding company for Independent Bank that provides various banking services to individuals and businesses in Michigan. 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 machines, and Internet and mobile banking services.

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