Short Interest in Independent Bank Corp. (NASDAQ:INDB) Decreases By 10.8%

Independent Bank Corp. (NASDAQ:INDB) saw a large decrease in short interest in March. As of March 31st, there was short interest totalling 721,200 shares, a decrease of 10.8% from the March 15th total of 808,100 shares. Based on an average daily volume of 295,800 shares, the days-to-cover ratio is currently 2.4 days.

Analyst Upgrades and Downgrades

INDB has been the subject of several recent analyst reports. Keefe, Bruyette & Woods reduced their price objective on shares of Independent Bank from $66.00 to $64.00 and set a “market perform” rating for the company in a research report on Monday, January 22nd. TheStreet downgraded shares of Independent Bank from a “b-” rating to a “c+” rating in a research report on Wednesday, March 13th.

Independent Bank Stock Up 0.9 %

Independent Bank stock opened at $48.64 on Monday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.42. The firm has a 50 day moving average price of $51.35 and a 200-day moving average price of $54.90. Independent Bank has a twelve month low of $43.28 and a twelve month high of $68.75. The company has a market capitalization of $2.06 billion, a P/E ratio of 8.97 and a beta of 0.83.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, January 18th. The bank reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.01. The firm had revenue of $177.16 million for the quarter, compared to the consensus estimate of $176.75 million. Independent Bank had a return on equity of 8.35% and a net margin of 26.02%. As a group, equities analysts predict that Independent Bank will post 4.58 EPS for the current year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Monday, April 1st were paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 4.69%. The ex-dividend date was Thursday, March 28th. This is a boost from Independent Bank’s previous quarterly dividend of $0.55. Independent Bank’s payout ratio is currently 42.07%.

Insider Transactions at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 800 shares of Independent Bank stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $52.83, for a total value of $42,264.00. Following the transaction, the director now owns 11,640 shares in the company, valued at $614,941.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.87% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Independent Bank

A number of large investors have recently added to or reduced their stakes in the company. Nuance Investments LLC lifted its position in Independent Bank by 80.6% in the third quarter. Nuance Investments LLC now owns 1,661,215 shares of the bank’s stock valued at $81,549,000 after purchasing an additional 741,609 shares during the last quarter. Morgan Stanley increased its stake in shares of Independent Bank by 251.3% in the 4th quarter. Morgan Stanley now owns 961,843 shares of the bank’s stock worth $81,208,000 after acquiring an additional 688,062 shares in the last quarter. Norges Bank purchased a new position in shares of Independent Bank during the fourth quarter valued at approximately $32,784,000. Clearbridge Investments LLC bought a new stake in Independent Bank in the third quarter worth $14,825,000. Finally, Hsbc Holdings PLC boosted its stake in Independent Bank by 902.8% in the 4th quarter. Hsbc Holdings PLC now owns 268,315 shares of the bank’s stock worth $17,730,000 after purchasing an additional 241,558 shares in the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Company Profile

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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.