Independent Bank Corp. (NASDAQ:INDB) Short Interest Down 7.8% in September

Independent Bank Corp. (NASDAQ:INDB) 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.

Institutional Investors Weigh In On Independent Bank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INDB. EntryPoint Capital LLC bought a new stake in shares of Independent Bank in the 1st quarter worth approximately $47,000. Innealta Capital LLC acquired a new position in shares of Independent Bank in the second quarter worth $73,000. Profund Advisors LLC acquired a new position in Independent Bank in the 2nd quarter worth about $229,000. Vanguard Personalized Indexing Management LLC raised its position in Independent Bank by 29.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock valued at $273,000 after acquiring an additional 1,231 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of Independent Bank by 102.6% during the 1st quarter. SG Americas Securities LLC now owns 5,305 shares of the bank’s stock valued at $276,000 after purchasing an additional 2,687 shares in the last quarter. Institutional investors own 83.40% of the company’s stock.

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) 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.