Independent Bank Corp (NASDAQ:INDB) Short Interest Update

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Independent Bank Corp (NASDAQ:INDB) saw a significant decrease in short interest in September. As of September 15th, there was short interest totalling 912,200 shares, a decrease of 9.7% from the August 31st total of 1,010,000 shares. Based on an average daily volume of 129,600 shares, the short-interest ratio is currently 7.0 days. Approximately 2.8% of the shares of the stock are short sold.

In related news, Director Daniel F. Obrien sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $67.54, for a total value of $135,080.00. Following the completion of the sale, the director now owns 22,940 shares of the company’s stock, valued at $1,549,367.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.17% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Handelsbanken Fonder AB bought a new stake in shares of Independent Bank in the 2nd quarter valued at $285,000. AQR Capital Management LLC bought a new stake in shares of Independent Bank in the 2nd quarter valued at $251,000. Jane Street Group LLC bought a new stake in shares of Independent Bank in the 2nd quarter valued at $835,000. Sei Investments Co. increased its position in shares of Independent Bank by 23.7% in the 2nd quarter. Sei Investments Co. now owns 22,665 shares of the bank’s stock valued at $1,526,000 after buying an additional 4,337 shares in the last quarter. Finally, Private Advisor Group LLC bought a new position in Independent Bank during the 2nd quarter worth about $44,000. Institutional investors and hedge funds own 82.24% of the company’s stock.

Shares of INDB stock traded up $0.74 during trading hours on Friday, reaching $52.89. The company had a trading volume of 156,956 shares, compared to its average volume of 176,141. The company has a 50 day moving average of $59.53 and a 200 day moving average of $64.08. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market cap of $1.74 billion, a price-to-earnings ratio of 11.94 and a beta of 0.87. Independent Bank has a 1-year low of $49.25 and a 1-year high of $87.11.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, July 23rd. The bank reported $0.76 EPS for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.14. Independent Bank had a net margin of 26.94% and a return on equity of 8.95%. The business had revenue of $119.29 million during the quarter, compared to analysts’ expectations of $124.80 million. As a group, sell-side analysts forecast that Independent Bank will post 3.34 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Monday, September 28th will be given a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date of this dividend is Friday, September 25th. Independent Bank’s dividend payout ratio is currently 32.74%.

Several research analysts recently weighed in on the stock. DA Davidson restated a “neutral” rating on shares of Independent Bank in a research report on Monday, September 14th. ValuEngine cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Thursday. Piper Sandler dropped their price objective on shares of Independent Bank from $68.00 to $58.00 and set a “neutral” rating for the company in a research report on Monday, September 28th. BidaskClub cut shares of Independent Bank from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 29th. Finally, Zacks Investment Research downgraded Independent Bank from a “hold” rating to a “strong sell” rating in a research note on Friday, July 31st. Three equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. Independent Bank presently has a consensus rating of “Hold” and a consensus price target of $78.50.

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 primarily in Massachusetts. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.

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