Independent Bank Corp. (NASDAQ:INDB) Short Interest Up 28.9% in February

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

Analyst Ratings Changes

A number of research firms have recently weighed in on INDB. Keefe, Bruyette & Woods dropped their price target 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. Raymond James reaffirmed a “strong-buy” rating and set a $78.00 price target (up from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Finally, StockNews.com raised Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Two investment analysts have rated the stock with a hold rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $79.00.

Insider Transactions at Independent Bank

In other news, Director Donna L. Abelli sold 640 shares of the stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the sale, the director now directly owns 12,516 shares of the company’s stock, valued at $876,495.48. This represents a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.87% of the stock is currently owned by insiders.

Institutional Trading of Independent Bank

Several hedge funds have recently bought and sold shares of INDB. Venturi Wealth Management LLC acquired a new stake in shares of Independent Bank during the fourth quarter worth $62,000. Smartleaf Asset Management LLC increased its holdings in Independent Bank by 105.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock worth $68,000 after purchasing an additional 542 shares in the last quarter. Sterling Capital Management LLC lifted its stake in Independent Bank by 810.2% in the 4th quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank’s stock valued at $86,000 after acquiring an additional 1,191 shares in the last quarter. KBC Group NV grew its position in Independent Bank by 34.5% in the fourth quarter. KBC Group NV now owns 1,911 shares of the bank’s stock valued at $123,000 after purchasing an additional 490 shares in the last quarter. Finally, ST Germain D J Co. Inc. grew its holdings in Independent Bank by 364.9% during the fourth quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock worth $142,000 after purchasing an additional 1,737 shares during the period. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Trading Down 1.9 %

Shares of NASDAQ:INDB traded down $1.21 during trading on Thursday, hitting $63.40. 58,006 shares of the company’s stock were exchanged, compared to its average volume of 248,651. The firm has a 50-day moving average price of $66.52 and a two-hundred day moving average price of $65.45. Independent Bank has a 1-year low of $45.11 and a 1-year high of $77.23. The firm has a market cap of $2.69 billion, a P/E ratio of 14.04 and a beta of 0.77. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. Equities analysts predict that Independent Bank will post 5.41 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, January 6th. Stockholders 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 dividend yield of 3.60%. The ex-dividend date was Monday, December 30th. Independent Bank’s dividend payout ratio is currently 50.44%.

About Independent Bank

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.