Independent Bank Corp. (NASDAQ:INDB) Short Interest Update

Independent Bank Corp. (NASDAQ:INDB) saw a significant growth in short interest in February. As of February 15th, there was short interest totalling 1,280,000 shares, a growth of 28.9% from the January 31st total of 993,300 shares. Based on an average daily trading volume, of 257,600 shares, the days-to-cover ratio is currently 5.0 days.

Insider Transactions at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the transaction, the director now directly owns 12,516 shares of the company’s stock, valued at $876,495.48. The trade was a 4.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its stake in Independent Bank by 1.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,318,650 shares of the bank’s stock worth $148,835,000 after buying an additional 36,335 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Independent Bank by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,017,400 shares of the bank’s stock worth $60,170,000 after acquiring an additional 8,987 shares in the last quarter. Deprince Race & Zollo Inc. raised its position in shares of Independent Bank by 687.2% in the 4th quarter. Deprince Race & Zollo Inc. now owns 948,244 shares of the bank’s stock worth $60,868,000 after acquiring an additional 827,793 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Independent Bank by 4.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 544,948 shares of the bank’s stock valued at $34,980,000 after purchasing an additional 21,289 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in Independent Bank by 10.9% during the fourth quarter. American Century Companies Inc. now owns 469,359 shares of the bank’s stock worth $30,128,000 after purchasing an additional 46,046 shares during the period. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Trading Down 1.9 %

NASDAQ INDB traded down $1.21 on Thursday, hitting $63.40. The company’s stock had a trading volume of 58,006 shares, compared to its average volume of 248,651. The firm has a market cap of $2.69 billion, a PE ratio of 14.04 and a beta of 0.77. The company’s 50-day moving average is $66.52 and its 200 day moving average is $65.45. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank has a 1-year low of $45.11 and a 1-year high of $77.23.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, topping the consensus estimate of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. As a group, analysts predict that Independent Bank will post 5.41 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, December 30th were given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 3.60%. The ex-dividend date was Monday, December 30th. Independent Bank’s dividend payout ratio is presently 50.44%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on INDB shares. StockNews.com raised Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Raymond James reissued a “strong-buy” rating and issued a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods decreased their target price on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 21st. Two investment analysts have rated the stock with a hold rating and two have issued a strong buy rating to the stock. According to MarketBeat, Independent Bank presently has a consensus rating of “Buy” and a consensus price target of $79.00.

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.