Short Interest in Independent Bank Corp. (NASDAQ:INDB) Decreases By 10.3%

Independent Bank Corp. (NASDAQ:INDB) saw a significant decline in short interest during the month of June. As of June 15th, there was short interest totalling 757,400 shares, a decline of 10.3% from the May 31st total of 844,100 shares. Based on an average daily trading volume, of 272,600 shares, the short-interest ratio is currently 2.8 days.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. EntryPoint Capital LLC bought a new position in shares of Independent Bank in the first quarter worth approximately $47,000. Sachetta LLC purchased a new stake in Independent Bank during the fourth quarter valued at about $56,000. Vanguard Personalized Indexing Management LLC bought a new stake in Independent Bank during the fourth quarter worth about $217,000. SG Americas Securities LLC boosted its holdings in shares of Independent Bank by 102.6% in the 1st quarter. SG Americas Securities LLC now owns 5,305 shares of the bank’s stock worth $276,000 after purchasing an additional 2,687 shares in the last quarter. Finally, TFO Wealth Partners LLC increased its position in shares of Independent Bank by 215,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 4,304 shares of the bank’s stock valued at $283,000 after purchasing an additional 4,302 shares during the last quarter. 83.40% of the stock is owned by institutional investors.

Independent Bank Stock Performance

Shares of INDB traded down $0.79 during mid-day trading on Wednesday, hitting $48.85. The stock had a trading volume of 28,522 shares, compared to its average volume of 281,017. Independent Bank has a 52 week low of $44.27 and a 52 week high of $68.75. The business has a fifty day moving average price of $50.13 and a 200-day moving average price of $53.64. The firm has a market cap of $2.07 billion, a P/E ratio of 9.58 and a beta of 0.77. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.96 and a quick ratio of 0.96.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, April 18th. The bank reported $1.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.15 by ($0.03). The business had revenue of $167.38 million during the quarter, compared to the consensus estimate of $171.80 million. Independent Bank had a net margin of 23.97% and a return on equity of 7.85%. On average, equities research analysts expect that Independent Bank will post 4.46 EPS for the current year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 8th. Investors of record on Monday, July 1st will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 4.67%. The ex-dividend date of this dividend is Monday, July 1st. Independent Bank’s dividend payout ratio (DPR) is presently 44.02%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on INDB shares. StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday. Keefe, Bruyette & Woods cut their price target on shares of Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a report on Monday, April 22nd. Finally, TheStreet lowered Independent Bank from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th.

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.