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

Independent Bank Corp. (NASDAQ:INDB) was the recipient of a significant decline in short interest during the month of March. As of March 31st, there was short interest totalling 721,200 shares, a decline of 10.8% from the March 15th total of 808,100 shares. Based on an average daily volume of 295,800 shares, the short-interest ratio is presently 2.4 days.

Independent Bank Price Performance

Shares of NASDAQ:INDB opened at $48.47 on Wednesday. The firm’s 50 day moving average is $51.23 and its two-hundred day moving average is $54.90. The firm has a market capitalization of $2.06 billion, a P/E ratio of 8.94 and a beta of 0.83. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.42. Independent Bank has a 52 week low of $43.28 and a 52 week high of $68.75.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, January 18th. The bank reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. Independent Bank had a return on equity of 8.35% and a net margin of 26.02%. The business had revenue of $177.16 million during the quarter, compared to analysts’ expectations of $176.75 million. Analysts anticipate that Independent Bank will post 4.58 earnings per share for the current year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Monday, April 1st were paid a $0.57 dividend. The ex-dividend date was Thursday, March 28th. This represents a $2.28 annualized dividend and a dividend yield of 4.70%. This is a boost from Independent Bank’s previous quarterly dividend of $0.55. Independent Bank’s payout ratio is currently 42.07%.

Insider Buying and Selling at Independent Bank

In related news, Director Donna L. Abelli sold 800 shares of the business’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $52.83, for a total transaction of $42,264.00. Following the completion of the sale, the director now owns 11,640 shares of the company’s stock, valued at approximately $614,941.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.97% of the stock is owned by insiders.

Institutional Trading of Independent Bank

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Boston Trust Walden Corp raised its holdings in Independent Bank by 22.1% during the 4th quarter. Boston Trust Walden Corp now owns 518,119 shares of the bank’s stock worth $34,097,000 after buying an additional 93,901 shares during the period. Crestwood Advisors Group LLC acquired a new stake in Independent Bank during the 3rd quarter valued at $4,663,000. Assenagon Asset Management S.A. acquired a new stake in shares of Independent Bank in the fourth quarter worth $3,463,000. Canvas Wealth Advisors LLC acquired a new stake in shares of Independent Bank in the third quarter worth $399,000. Finally, Los Angeles Capital Management LLC purchased a new position in Independent Bank during the 3rd quarter valued at about $659,000. 83.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

INDB has been the subject of a number of analyst reports. TheStreet lowered Independent Bank from a “b-” rating to a “c+” rating in a research report on Wednesday, March 13th. Keefe, Bruyette & Woods reduced their price target on shares of Independent Bank from $66.00 to $64.00 and set a “market perform” rating for the company in a report on Monday, January 22nd.

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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.