Short Interest in Independent Bank Corp. (NASDAQ:INDB) Expands By 12.2%

Independent Bank Corp. (NASDAQ:INDBGet Rating) was the recipient of a large growth in short interest in December. As of December 30th, there was short interest totalling 1,020,000 shares, a growth of 12.2% from the December 15th total of 909,400 shares. Based on an average daily trading volume, of 184,900 shares, the days-to-cover ratio is presently 5.5 days.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Keefe, Bruyette & Woods lowered shares of Independent Bank from an “outperform” rating to a “market perform” rating and set a $100.00 target price on the stock. in a research report on Monday, December 12th. StockNews.com assumed coverage on shares of Independent Bank in a report on Wednesday, October 12th. They set a “hold” rating for the company. Raymond James assumed coverage on shares of Independent Bank in a report on Tuesday, December 20th. They issued a “market perform” rating for the company. Compass Point cut their price objective on shares of Independent Bank to $100.00 in a report on Thursday, October 27th. Finally, Piper Sandler dropped their target price on shares of Independent Bank to $83.00 in a research report on Wednesday, October 5th.

Institutional Trading of Independent Bank

Several institutional investors have recently made changes to their positions in the stock. Citigroup Inc. raised its stake in shares of Independent Bank by 12.0% in the 1st quarter. Citigroup Inc. now owns 41,709 shares of the bank’s stock valued at $3,407,000 after purchasing an additional 4,461 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Independent Bank by 65.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,399 shares of the bank’s stock worth $522,000 after purchasing an additional 2,534 shares during the last quarter. Bank of Montreal Can boosted its holdings in shares of Independent Bank by 1.3% in the first quarter. Bank of Montreal Can now owns 13,404 shares of the bank’s stock valued at $1,141,000 after acquiring an additional 172 shares in the last quarter. MetLife Investment Management LLC boosted its holdings in shares of Independent Bank by 54.9% in the first quarter. MetLife Investment Management LLC now owns 24,416 shares of the bank’s stock valued at $1,995,000 after acquiring an additional 8,651 shares in the last quarter. Finally, Rhumbline Advisers boosted its holdings in shares of Independent Bank by 13.4% in the first quarter. Rhumbline Advisers now owns 159,365 shares of the bank’s stock valued at $13,019,000 after acquiring an additional 18,854 shares in the last quarter. 81.28% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Trading Down 0.2 %

Shares of NASDAQ:INDB opened at $76.73 on Tuesday. Independent Bank has a 52 week low of $74.28 and a 52 week high of $91.65. The company’s 50 day moving average is $84.56 and its two-hundred day moving average is $82.60. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.04. The company has a market cap of $3.50 billion, a PE ratio of 13.46 and a beta of 0.86.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 6th. Shareholders of record on Tuesday, December 27th were paid a $0.55 dividend. This is a boost from Independent Bank’s previous quarterly dividend of $0.51. This represents a $2.20 annualized dividend and a yield of 2.87%. The ex-dividend date was Friday, December 23rd. Independent Bank’s payout ratio is presently 38.60%.

Independent Bank Company Profile

(Get Rating)

Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses primarily in Massachusetts. The company accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.

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