Independent Bank Corp. (NASDAQ:INDB – Get Free Report) saw a significant decrease in short interest during the month of 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 daily volume of 269,000 shares, the short-interest ratio is presently 3.0 days.
Analysts Set New Price Targets
A number of brokerages have issued reports on INDB. Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 22nd. StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th.
Get Our Latest Stock Report on INDB
Institutional Investors Weigh In On Independent Bank
Independent Bank Trading Up 1.2 %
NASDAQ:INDB opened at $59.13 on Tuesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a market cap of $2.51 billion, a price-to-earnings ratio of 11.42 and a beta of 0.75. Independent Bank has a one year low of $44.63 and a one year high of $68.75. The business’s 50-day simple moving average is $60.72 and its 200 day simple moving average is $54.05.
Independent Bank (NASDAQ:INDB – Get Free Report) last issued 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 net margin of 22.42% and a return on equity of 7.41%. The firm had revenue of $244.19 million for the quarter, compared to the consensus estimate of $169.07 million. During the same period last year, the firm posted $1.42 EPS. As a group, sell-side analysts predict that Independent Bank will post 4.68 earnings per share for the current fiscal year.
Independent Bank Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.57 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $2.28 annualized dividend and a yield of 3.86%. Independent Bank’s payout ratio is 44.02%.
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.
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