Independent Bank Corp. (NASDAQ:INDB) Short Interest Update

Independent Bank Corp. (NASDAQ:INDB) was the target of a significant decrease in short interest during the month of September. As of September 15th, there was short interest totalling 796,500 shares, a decrease of 7.8% from the August 31st total of 864,000 shares. Based on an average daily trading volume, of 269,000 shares, the days-to-cover ratio is currently 3.0 days.

Independent Bank Price Performance

NASDAQ:INDB opened at $59.13 on Tuesday. The stock has a market capitalization of $2.51 billion, a PE ratio of 11.42 and a beta of 0.75. Independent Bank has a 52 week low of $44.63 and a 52 week high of $68.75. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.24. The stock’s 50-day moving average price is $60.72 and its 200-day moving average price is $54.05.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.10. The firm had revenue of $244.19 million during the quarter, compared to the consensus estimate of $169.07 million. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. During the same quarter in the prior year, the firm earned $1.42 EPS. As a group, equities analysts expect that Independent Bank will post 4.68 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Monday, September 30th will be given a dividend of $0.57 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.86%. Independent Bank’s payout ratio is presently 44.02%.

Wall Street Analyst Weigh In

Several analysts have recently commented on INDB shares. Seaport Res Ptn upgraded Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd. StockNews.com downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th.

Institutional Investors Weigh In On Independent Bank

A number of large investors have recently made changes to their positions in the stock. Norges Bank purchased a new stake in shares of Independent Bank in the 4th quarter valued at approximately $32,784,000. Hsbc Holdings PLC lifted its position in shares of Independent Bank by 902.8% during 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 during the last quarter. TFO Wealth Partners LLC boosted its position in shares of Independent Bank by 215,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 4,304 shares of the bank’s stock worth $283,000 after acquiring an additional 4,302 shares in the last quarter. CIBC Asset Management Inc purchased a new position in Independent Bank in the fourth quarter valued at approximately $290,000. Finally, Rafferty Asset Management LLC grew its position in shares of Independent Bank by 58.8% in the 4th quarter. Rafferty Asset Management LLC now owns 53,486 shares of the bank’s stock valued at $3,520,000 after buying an additional 19,810 shares during the last quarter. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

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.