Independent Bank Corp. (NASDAQ:INDB) Short Interest Up 19.5% in August

Key Points

• Independent Bank Corp. (NASDAQ: INDB) experienced a significant rise in short interest, increasing by 19.5% in August, with a total of 2,080,000 shares shorted as of August 31st.
• The consensus rating for Independent Bank stock is "Moderate Buy", with a price target of $71.00, though ratings have varied among analysts.
• Institutional investors own 83.40% of Independent Bank's stock, indicating robust interest and confidence from large investment firms.

Independent Bank Corp. (NASDAQ:INDB - Get Free Report) was the target of a large increase in short interest during the month of August. As of August 31st, there was short interest totaling 2,080,000 shares, an increase of 19.5% from the August 15th total of 1,740,000 shares. Approximately 4.2% of the shares of the company are sold short. Based on an average daily volume of 388,800 shares, the days-to-cover ratio is presently 5.3 days. Based on an average daily volume of 388,800 shares, the days-to-cover ratio is presently 5.3 days. Approximately 4.2% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

INDB has been the subject of a number of recent research reports. Wall Street Zen raised shares of Independent Bank from a "sell" rating to a "hold" rating in a research report on Sunday, August 10th. Zacks Research cut shares of Independent Bank from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 19th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, Independent Bank currently has an average rating of "Moderate Buy" and a consensus target price of $71.00.

Independent Bank Price Performance

Shares of Independent Bank stock traded down $0.98 on Monday, hitting $70.15. The company's stock had a trading volume of 227,136 shares, compared to its average volume of 309,762. The company has a market capitalization of $3.50 billion, a price-to-earnings ratio of 15.84 and a beta of 0.91. Independent Bank has a 1 year low of $52.15 and a 1 year high of $77.23. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a fifty day moving average price of $68.07 and a 200-day moving average price of $63.92.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The bank reported $1.25 EPS for the quarter, beating analysts' consensus estimates of $1.20 by $0.05. Independent Bank had a return on equity of 6.39% and a net margin of 18.93%.The business had revenue of $181.80 million during the quarter, compared to analysts' expectations of $179.47 million. As a group, sell-side analysts anticipate that Independent Bank will post 5.41 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 7th. Stockholders of record on Monday, September 29th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Monday, September 29th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.4%. Independent Bank's payout ratio is currently 53.27%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. increased its stake in Independent Bank by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 211,600 shares of the bank's stock worth $13,257,000 after buying an additional 5,521 shares in the last quarter. KBC Group NV lifted its position in shares of Independent Bank by 15.3% in the first quarter. KBC Group NV now owns 2,204 shares of the bank's stock valued at $138,000 after acquiring an additional 293 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Independent Bank by 156.9% in the first quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock worth $27,000 after acquiring an additional 262 shares during the last quarter. New York State Teachers Retirement System increased its position in shares of Independent Bank by 3.2% during the first quarter. New York State Teachers Retirement System now owns 35,706 shares of the bank's stock worth $2,237,000 after purchasing an additional 1,121 shares in the last quarter. Finally, Rockland Trust Co. increased its position in shares of Independent Bank by 21.1% during the second quarter. Rockland Trust Co. now owns 731,272 shares of the bank's stock worth $43,268,000 after purchasing an additional 127,332 shares in the last quarter. Institutional investors and hedge funds own 83.40% 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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.