Short Interest in Independent Bank Corp. (NASDAQ:INDB) Expands By 13.1%

Independent Bank Corp. (NASDAQ:INDBGet Free Report) was the target of a large increase in short interest during the month of April. As of April 30th, there was short interest totalling 933,100 shares, an increase of 13.1% from the April 15th total of 824,900 shares. Based on an average daily volume of 279,900 shares, the short-interest ratio is presently 3.3 days.

Independent Bank Stock Up 1.3 %

INDB stock opened at $52.65 on Wednesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.96 and a quick ratio of 0.96. The company has a 50-day moving average of $50.71 and a two-hundred day moving average of $55.38. The stock has a market capitalization of $2.24 billion, a price-to-earnings ratio of 10.16 and a beta of 0.84. Independent Bank has a 52-week low of $43.28 and a 52-week high of $68.75.

Independent Bank (NASDAQ:INDBGet Free Report) last released its earnings results on Thursday, April 18th. The bank reported $1.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.03). The business had revenue of $167.38 million during the quarter, compared to analyst estimates of $171.80 million. Independent Bank had a net margin of 23.97% and a return on equity of 7.85%. As a group, equities research analysts anticipate that Independent Bank will post 4.46 EPS for the current year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Monday, April 1st were given a dividend of $0.57 per share. The ex-dividend date was Thursday, March 28th. This represents a $2.28 dividend on an annualized basis and a yield of 4.33%. This is a positive change from Independent Bank’s previous quarterly dividend of $0.55. Independent Bank’s payout ratio is 44.02%.

Insider Activity at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 800 shares of the stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $52.83, for a total transaction of $42,264.00. Following the transaction, the director now directly owns 11,640 shares of the company’s stock, valued at $614,941.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.97% of the stock is owned by company insiders.

Institutional Trading of Independent Bank

Hedge funds have recently bought and sold shares of the stock. Sachetta LLC acquired a new position in shares of Independent Bank during the fourth quarter valued at about $56,000. EntryPoint Capital LLC acquired a new position in Independent Bank in the 1st quarter valued at approximately $47,000. Covestor Ltd lifted its position in shares of Independent Bank by 13.5% in the 3rd quarter. Covestor Ltd now owns 2,598 shares of the bank’s stock worth $128,000 after acquiring an additional 310 shares during the period. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Independent Bank during the 4th quarter worth approximately $217,000. Finally, TFO Wealth Partners LLC increased its position in shares of Independent Bank by 215,100.0% during the fourth quarter. TFO Wealth Partners LLC now owns 4,304 shares of the bank’s stock valued at $283,000 after purchasing an additional 4,302 shares during the period. 83.40% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on INDB shares. TheStreet lowered Independent Bank from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th. Keefe, Bruyette & Woods lowered their price target on Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a report on Monday, April 22nd.

View Our Latest Stock Analysis on Independent Bank

About Independent Bank

(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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