Independent Bank Corp. (NASDAQ: INDB) targeted a significant increase in short positions in October. As of October 29, there was short interest totaling 2,160,000 shares, which corresponds to an increase of 23.4% compared to October 14 with a total of 1,750,000 shares. Based on an average daily volume of 184,600 shares, the day-to-cover ratio is currently 11.7 days.
INDB has been the subject of a number of analyst reports. Zacks Investment Research In a research release dated Wednesday July 28th, the Independent Bank was downgraded from a “hold” rating to a “sell” rating. Piper Sandler downgraded the Independent Bank’s shares from an “overweight” rating to a “neutral” rating in a research report dated Monday, October 25, and raised their price target for the company from $ 82.00 to 88.00 $ at.
INDB share opened on Friday at $ 84.73. The stock has a market capitalization of $ 2.80 billion, a price / earnings ratio of 18.18, and a beta of 0.98. The company has a debt of 0.09, a current ratio of 0.88 and a quick ratio of 0.87. The Independent Bank has an annual low of $ 66.84 and an annual 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.
The Independent Bank (NASDAQ: INDB) last released its quarterly results on Wednesday, October 20th. The bank reported earnings per share of $ 1.21 for the quarter, beating Thomson Reuters’ consensus estimate of $ 1.02 by $ 0.19. The company had revenue of $ 116.55 million for the quarter, compared to analyst expectations of $ 117.97 million. The independent bank had a net margin of 31.40% and a return on equity of 9.06%. During the same period last year, the company earned $ 1.07 EPS. Research analysts assume that the Independent Bank will report 4.65 EPS for the current financial year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 8th. Investors registered on Monday, September 27th, received a dividend of $ 0.48. The ex-dividend date of this dividend was Friday September 24th. This equates to an annualized dividend of $ 1.92 and a yield of 2.27%. The Independent Bank’s dividend payout ratio (FREP) is currently 41.20%.
In other news, General Counsel Edward H. Seksay sold 8,000 shares in the company 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 can be accessed via this link. Insiders own 1.20% of the company’s shares.
Institutional investors and hedge funds have recently added or reduced their stake in the stock. Allworth Financial LP bought a new position in the Independent Bank in the third quarter valued at approximately $ 42,000. Toronto Dominion Bank increased its position in Independent Bank by 70.7% in the second quarter. Toronto Dominion Bank now owns 623 shares in the bank valued at $ 47,000 after purchasing an additional 258 shares during the reporting period. Northwestern Mutual Wealth Management Co. bought a new position in the Independent Bank in the second quarter for approximately $ 201,000. Cambridge Investment Research Advisors Inc. purchased a new stake in Independent Bank shares in the second quarter valued at approximately $ 209,000. Finally, DE Shaw & Co. Inc. acquired a new stake in the Independent Bank in the first quarter, valued at approximately $ 210,000. Institutional investors and hedge funds own 85.57% of the company’s stock.
Via the independent bank
The Independent Bank Corp. acts as a bank holding company. The company provides commercial banking, retail, and wealth management services, and sells retail investments and insurance products in Massachusetts. It offers deposit products including sight deposits, interest checks, money market accounts, savings accounts and time deposit certificates.
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