Independent Bank Corp. (NASDAQ:INDB – Get Rating) was the recipient of a significant decrease in short interest in December. As of December 15th, there was short interest totalling 909,400 shares, a decrease of 15.8% from the November 30th total of 1,080,000 shares. Based on an average daily trading volume, of 179,800 shares, the short-interest ratio is currently 5.1 days.
Independent Bank Price Performance
Shares of INDB stock traded down $0.75 on Monday, reaching $84.43. The company had a trading volume of 12,999 shares, compared to its average volume of 190,278. The stock has a market capitalization of $3.85 billion, a PE ratio of 20.85 and a beta of 0.86. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.04. Independent Bank has a one year low of $74.28 and a one year high of $91.65. The business’s 50-day moving average is $86.42 and its 200 day moving average is $82.54.
Independent Bank (NASDAQ:INDB – Get Rating) last posted its earnings results on Thursday, October 20th. The bank reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. The firm had revenue of $190.80 million during the quarter, compared to analysts’ expectations of $178.60 million. Independent Bank had a net margin of 27.07% and a return on equity of 8.83%. Equities research analysts forecast that Independent Bank will post 5.74 EPS for the current fiscal year.
Independent Bank Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 6th. Investors of record on Tuesday, December 27th will be issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date is Friday, December 23rd. This is a positive change from Independent Bank’s previous quarterly dividend of $0.51. Independent Bank’s dividend payout ratio (DPR) is 54.32%.
Analyst Ratings Changes
A number of equities research analysts have issued reports on INDB shares. Compass Point reduced their price objective on shares of Independent Bank to $100.00 in a research note on Thursday, October 27th. Raymond James started coverage on shares of Independent Bank in a research note on Tuesday, December 20th. They set a “market perform” rating on the stock. StockNews.com started coverage on shares of Independent Bank in a research note on Wednesday, October 12th. They set a “hold” rating on the stock. Piper Sandler reduced their price objective on shares of Independent Bank to $83.00 in a research note on Wednesday, October 5th. Finally, Keefe, Bruyette & Woods cut shares of Independent Bank from an “outperform” rating to a “market perform” rating and set a $100.00 target price for the company. in a report on Monday, December 12th.
Institutional Inflows and Outflows
Large investors have recently added to or reduced their stakes in the business. Aries Wealth Management bought a new position in Independent Bank in the 2nd quarter valued at approximately $1,802,000. Boston Financial Mangement LLC raised its holdings in Independent Bank by 2.2% during the 1st quarter. Boston Financial Mangement LLC now owns 8,202 shares of the bank’s stock worth $670,000 after purchasing an additional 175 shares during the last quarter. Rockland Trust Co. raised its holdings in Independent Bank by 0.9% during the 3rd quarter. Rockland Trust Co. now owns 661,190 shares of the bank’s stock worth $49,278,000 after purchasing an additional 5,740 shares during the last quarter. New England Research & Management Inc. raised its holdings in Independent Bank by 2.7% during the 3rd quarter. New England Research & Management Inc. now owns 14,958 shares of the bank’s stock worth $1,115,000 after purchasing an additional 400 shares during the last quarter. Finally, Isthmus Partners LLC raised its holdings in Independent Bank by 2.4% during the 2nd quarter. Isthmus Partners LLC now owns 22,288 shares of the bank’s stock worth $1,770,000 after purchasing an additional 531 shares during the last quarter. Institutional investors own 81.28% of the company’s stock.
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 primarily in Massachusetts. The company accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.