S&P 500   4,701.21
DOW   35,754.75
QQQ   399.61
S&P 500   4,701.21
DOW   35,754.75
QQQ   399.61
S&P 500   4,701.21
DOW   35,754.75
QQQ   399.61
S&P 500   4,701.21
DOW   35,754.75
QQQ   399.61

Independent Bank Corp. (NASDAQ:INDB) Short Interest Up 23.4% in October

Sunday, November 21, 2021 | MarketBeat

Independent Bank Corp. (NASDAQ:INDB) was the target of a significant increase in short interest in October. As of October 29th, there was short interest totalling 2,160,000 shares, an increase of 23.4% from the October 14th total of 1,750,000 shares. Based on an average daily volume of 184,600 shares, the days-to-cover ratio is currently 11.7 days.

INDB has been the topic of a number of analyst reports. Zacks Investment Research cut Independent Bank from a "hold" rating to a "sell" rating in a research note on Wednesday, July 28th. Piper Sandler downgraded shares of Independent Bank from an "overweight" rating to a "neutral" rating and lifted their price objective for the company from $82.00 to $88.00 in a research report on Monday, October 25th.

INDB stock opened at $84.73 on Friday. The stock has a market cap of $2.80 billion, a price-to-earnings ratio of 18.18 and a beta of 0.98. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.88 and a quick ratio of 0.87. Independent Bank has a one year low of $66.84 and a one year high of $99.85. The company has a fifty day moving average price of $81.12 and a two-hundred day moving average price of $77.81.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Wednesday, October 20th. The bank reported $1.21 earnings per share for the quarter, beating the Thomson Reuters' consensus estimate of $1.02 by $0.19. The firm had revenue of $116.55 million for the quarter, compared to analysts' expectations of $117.97 million. Independent Bank had a net margin of 31.40% and a return on equity of 9.06%. During the same period in the prior year, the firm earned $1.07 EPS. Research analysts anticipate that Independent Bank will post 4.65 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, October 8th. Investors of record on Monday, September 27th were paid a $0.48 dividend. The ex-dividend date of this dividend was Friday, September 24th. This represents a $1.92 annualized dividend and a yield of 2.27%. Independent Bank's dividend payout ratio (DPR) is presently 41.20%.

In other news, General Counsel Edward H. Seksay sold 8,000 shares of the business's stock in a transaction on Monday, November 8th. The shares were sold at an average price of $92.17, for a total value of $737,360.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 1.20% of the company's stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Allworth Financial LP bought a new position in Independent Bank during the third quarter worth about $42,000. Toronto Dominion Bank increased its position in Independent Bank by 70.7% during the second quarter. Toronto Dominion Bank now owns 623 shares of the bank's stock worth $47,000 after acquiring an additional 258 shares during the period. Northwestern Mutual Wealth Management Co. bought a new position in Independent Bank during the second quarter worth about $201,000. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Independent Bank in the second quarter valued at approximately $209,000. Finally, D. E. Shaw & Co. Inc. acquired a new stake in Independent Bank during the first quarter worth approximately $210,000. Institutional investors and hedge funds own 85.57% of the company's stock.

About Independent Bank

Independent Bank Corp. operates as a bank holding company. The company provides commercial banking, retail banking, and wealth management services and is engaged in sale of retail investments and insurance products in Massachusetts. It offers deposit products, including demand deposits, interest checking, money market accounts, savings accounts and time certificates of deposit.

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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]

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