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

Independent Bank Corp. (NASDAQ:INDB - Get Free Report) 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 trading volume of 257,600 shares, the days-to-cover ratio is currently 5.0 days.

Independent Bank Stock Performance

INDB traded down $0.42 during trading hours on Friday, hitting $63.08. 236,224 shares of the stock were exchanged, compared to its average volume of 249,328. The stock has a 50-day simple moving average of $66.43 and a 200-day simple moving average of $65.50. Independent Bank has a 12 month low of $45.11 and a 12 month high of $77.23. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of 13.96 and a beta of 0.77. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 earnings per share (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%. Analysts anticipate that Independent Bank will post 5.41 earnings per share for the current year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Monday, December 30th were paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.61%. The ex-dividend date was Monday, December 30th. Independent Bank's dividend payout ratio (DPR) is presently 50.44%.

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Insider Activity

In other news, Director Donna L. Abelli sold 640 shares of the stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the transaction, the director now directly owns 12,516 shares in the company, valued at approximately $876,495.48. This represents a 4.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.87% of the company's stock.

Hedge Funds Weigh In On Independent Bank

Several large investors have recently added to or reduced their stakes in INDB. BNP Paribas Financial Markets lifted its stake in Independent Bank by 106.0% in the third quarter. BNP Paribas Financial Markets now owns 25,077 shares of the bank's stock valued at $1,483,000 after buying an additional 12,904 shares during the last quarter. Centiva Capital LP bought a new stake in Independent Bank in the third quarter valued at $535,000. JPMorgan Chase & Co. lifted its stake in Independent Bank by 59.8% in the third quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank's stock valued at $20,024,000 after buying an additional 126,791 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in Independent Bank by 11.1% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 283,661 shares of the bank's stock valued at $16,773,000 after buying an additional 28,373 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Independent Bank by 2.9% in the fourth quarter. Principal Financial Group Inc. now owns 206,079 shares of the bank's stock valued at $13,228,000 after buying an additional 5,792 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. StockNews.com cut Independent Bank from a "hold" rating to a "sell" rating in a research note on Friday. Raymond James reiterated a "strong-buy" rating and set a $78.00 target price (up from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods reduced their target price on Independent Bank from $82.00 to $80.00 and set a "market perform" rating for the company in a research note on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Independent Bank presently has an average rating of "Moderate Buy" and a consensus target price 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.