Short Interest in Independent Bank Corp. (NASDAQ:INDB) Declines By 7.8%

by · The Markets Daily

Independent Bank Corp. (NASDAQ:INDB – Get Free Report) saw a large decrease in short interest in 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 trading volume of 269,000 shares, the days-to-cover ratio is currently 3.0 days.

Analyst Ratings Changes

INDB has been the topic of a number of recent analyst reports. StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 22nd.

Read Our Latest Stock Analysis on Independent Bank

Institutional Investors Weigh In On Independent Bank

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in Independent Bank by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 5,272,986 shares of the bank’s stock valued at $347,015,000 after acquiring an additional 69,312 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Independent Bank by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock worth $109,443,000 after purchasing an additional 186,680 shares during the period. Victory Capital Management Inc. lifted its position in Independent Bank by 25.2% in the second quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock worth $86,283,000 after purchasing an additional 342,201 shares during the period. Rockland Trust Co. boosted its stake in Independent Bank by 14.3% during the second quarter. Rockland Trust Co. now owns 737,477 shares of the bank’s stock worth $37,405,000 after buying an additional 92,438 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in Independent Bank by 5.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 509,236 shares of the bank’s stock valued at $33,513,000 after buying an additional 25,664 shares during the period. Institutional investors own 83.40% of the company’s stock.

Independent Bank Price Performance

Shares of NASDAQ:INDB opened at $59.13 on Tuesday. The company has a market cap of $2.51 billion, a price-to-earnings ratio of 11.42 and a beta of 0.75. The business has a 50 day moving average price of $60.72 and a 200 day moving average price of $54.05. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.24. Independent Bank has a twelve month low of $44.63 and a twelve month high of $68.75.

Independent Bank (NASDAQ:INDB – Get Free Report) last posted its quarterly earnings data on Thursday, July 18th. The bank reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.10. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. The company had revenue of $244.19 million during the quarter, compared to analysts’ expectations of $169.07 million. During the same period in the prior year, the business earned $1.42 earnings per share. Research analysts predict that Independent Bank will post 4.68 earnings per share for the current year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.57 per share. The ex-dividend date is Monday, September 30th. This represents a $2.28 annualized dividend and a dividend yield of 3.86%. Independent Bank’s payout ratio is 44.02%.

Independent Bank Company Profile

(Get Free Report)

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.

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