Independent Bank Corp (NASDAQ:INDB) was the target of a large drop in short interest in the month of July. As of July 15th, there was short interest totalling 1,115,700 shares, a drop of 10.7% from the June 15th total of 1,249,100 shares. Approximately 4.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 116,800 shares, the days-to-cover ratio is currently 9.6 days.
Shares of NASDAQ INDB traded up $0.88 during midday trading on Tuesday, hitting $78.08. The stock had a trading volume of 114,489 shares, compared to its average volume of 131,347. The stock has a 50-day simple moving average of $74.37. The stock has a market cap of $2.68 billion, a price-to-earnings ratio of 16.65 and a beta of 1.14. Independent Bank has a fifty-two week low of $66.12 and a fifty-two week high of $92.75. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.98 and a current ratio of 0.99.
Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, July 18th. The bank reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.09. Independent Bank had a return on equity of 12.99% and a net margin of 26.75%. The business had revenue of $134.67 million during the quarter, compared to analysts’ expectations of $129.20 million. On average, sell-side analysts forecast that Independent Bank will post 5.45 earnings per share for the current fiscal year.
In other Independent Bank news, Director Daniel F. Obrien sold 1,712 shares of Independent Bank stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $72.75, for a total value of $124,548.00. Following the completion of the transaction, the director now owns 21,492 shares in the company, valued at approximately $1,563,543. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kevin J. Jones sold 4,000 shares of Independent Bank stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $79.46, for a total value of $317,840.00. The disclosure for this sale can be found here. 1.60% of the stock is owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. Huntington National Bank acquired a new stake in shares of Independent Bank during the first quarter worth $34,000. Strs Ohio lifted its holdings in Independent Bank by 40.0% during the first quarter. Strs Ohio now owns 700 shares of the bank’s stock worth $56,000 after acquiring an additional 200 shares in the last quarter. Steward Partners Investment Advisory LLC bought a new position in Independent Bank during the second quarter worth about $80,000. Bessemer Group Inc. bought a new position in Independent Bank during the second quarter worth about $88,000. Finally, Winslow Evans & Crocker Inc. lifted its holdings in Independent Bank by 24.2% during the second quarter. Winslow Evans & Crocker Inc. now owns 1,180 shares of the bank’s stock worth $92,000 after acquiring an additional 230 shares in the last quarter. 70.64% of the stock is owned by institutional investors and hedge funds.
Several brokerages have issued reports on INDB. ValuEngine downgraded Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. DA Davidson reiterated a “neutral” rating on shares of Western New England Bancorp in a research report on Monday, July 22nd. Zacks Investment Research downgraded Green Plains Partners from a “buy” rating to a “hold” rating in a research report on Friday. BidaskClub downgraded Woodward, Inc.Common Stock from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Finally, Sandler O’Neill raised Independent Bank from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $84.33.
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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