Independent Bank Corp (NASDAQ:INDB) Sees Large Decrease in Short Interest

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.

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Monday, July 1st were paid a dividend of $0.44 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.25%. Independent Bank’s dividend payout ratio (DPR) is presently 37.53%.

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.

Recommended Story: Buyback

Receive News & Ratings for Independent Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank and related companies with MarketBeat.com's FREE daily email newsletter.