Independent Bank Corp (NASDAQ:INDB) Sees Large Increase in Short Interest
Independent Bank Corp (NASDAQ:INDB) saw a significant growth in short interest during the month of June. As of June 30th, there was short interest totalling 1,249,100 shares, a growth of 29.2% from the May 30th total of 966,500 shares. Currently, 4.6% of the company’s shares are short sold. Based on an average daily volume of 126,600 shares, the days-to-cover ratio is currently 9.9 days.
NASDAQ INDB traded down $0.96 during mid-day trading on Friday, reaching $73.36. The stock had a trading volume of 148,422 shares, compared to its average volume of 120,483. Independent Bank has a 1 year low of $66.12 and a 1 year high of $95.00. The firm has a market cap of $2.55 billion, a PE ratio of 15.64 and a beta of 1.14. The business’s fifty day moving average price is $73.25. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.28.
Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, April 18th. The bank reported $1.30 earnings per share for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.03). Independent Bank had a return on equity of 13.38% and a net margin of 29.95%. The firm had revenue of $104.06 million during the quarter, compared to analysts’ expectations of $106.30 million. On average, research analysts expect that Independent Bank will post 5.5 earnings per share for the current year.
In related news, Director Daniel F. Obrien sold 1,712 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $72.75, for a total value of $124,548.00. Following the sale, the director now directly owns 21,492 shares of the company’s stock, valued at $1,563,543. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Donna L. Abelli sold 800 shares of the firm’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $80.00, for a total value of $64,000.00. The disclosure for this sale can be found here. Insiders sold 7,727 shares of company stock worth $603,916 over the last three months. 1.60% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. grew its holdings in shares of Independent Bank by 16.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,155 shares of the bank’s stock worth $81,000 after buying an additional 160 shares in the last quarter. BlackRock Inc. grew its stake in Independent Bank by 1.8% in the fourth quarter. BlackRock Inc. now owns 4,029,246 shares of the bank’s stock valued at $283,297,000 after purchasing an additional 71,463 shares in the last quarter. Texas Permanent School Fund grew its stake in Independent Bank by 6.0% in the fourth quarter. Texas Permanent School Fund now owns 18,375 shares of the bank’s stock valued at $1,292,000 after purchasing an additional 1,048 shares in the last quarter. Raymond James & Associates grew its stake in Independent Bank by 7.8% in the fourth quarter. Raymond James & Associates now owns 3,394 shares of the bank’s stock valued at $239,000 after purchasing an additional 245 shares in the last quarter. Finally, Great West Life Assurance Co. Can grew its stake in Independent Bank by 8.3% in the fourth quarter. Great West Life Assurance Co. Can now owns 36,673 shares of the bank’s stock valued at $2,377,000 after purchasing an additional 2,797 shares in the last quarter. Institutional investors own 70.75% of the company’s stock.
Several research firms have recently issued reports on INDB. Sandler O’Neill upgraded shares of Independent Bank from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. BidaskClub lowered shares of Weyco Group from a “sell” rating to a “strong sell” rating in a report on Saturday. Zacks Investment Research lowered shares of Hancock Jaffe Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, June 26th. ValuEngine lowered shares of Zumiez from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Finally, DA Davidson began coverage on shares of Western New England Bancorp in a report on Thursday. They set a “neutral” rating and a $10.00 target price for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $86.00.
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 primarily in Massachusetts. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
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