Independent Bank Corp (NASDAQ:INDB) was the target of a significant growth in short interest in 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 stock are sold short. Based on an average daily trading volume, of 126,600 shares, the days-to-cover ratio is currently 9.9 days.
In other Independent Bank news, Director Donna L. Abelli sold 800 shares of the firm’s stock in a transaction on Friday, April 26th. The stock was sold at an average price of $80.00, for a total transaction of $64,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel F. Obrien sold 1,712 shares of the firm’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $72.75, for a total value of $124,548.00. Following the transaction, the director now directly owns 21,492 shares of the company’s stock, valued at approximately $1,563,543. The disclosure for this sale can be found here. Insiders have sold 7,727 shares of company stock valued at $603,916 in the last three months. Insiders own 1.60% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. grew its stake in shares of Independent Bank by 12.6% during the 1st quarter. BlackRock Inc. now owns 4,538,233 shares of the bank’s stock valued at $367,642,000 after purchasing an additional 508,987 shares during the period. Champlain Investment Partners LLC grew its stake in shares of Independent Bank by 13.6% during the 1st quarter. Champlain Investment Partners LLC now owns 957,230 shares of the bank’s stock valued at $77,545,000 after acquiring an additional 114,280 shares during the period. FMR LLC grew its stake in shares of Independent Bank by 19.0% during the 1st quarter. FMR LLC now owns 861,271 shares of the bank’s stock valued at $69,772,000 after acquiring an additional 137,622 shares during the period. Rockland Trust Co. grew its stake in shares of Independent Bank by 5.1% during the 1st quarter. Rockland Trust Co. now owns 613,742 shares of the bank’s stock valued at $36,542,000 after acquiring an additional 29,758 shares during the period. Finally, Macquarie Group Ltd. grew its stake in shares of Independent Bank by 17.1% during the 4th quarter. Macquarie Group Ltd. now owns 592,782 shares of the bank’s stock valued at $41,679,000 after acquiring an additional 86,684 shares during the period. Institutional investors and hedge funds own 70.75% of the company’s stock.
Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, April 18th. The bank reported $1.30 EPS for the quarter, missing the consensus estimate of $1.33 by ($0.03). Independent Bank had a return on equity of 13.38% and a net margin of 29.95%. The business had revenue of $104.06 million during the quarter, compared to the consensus estimate of $106.30 million. On average, equities analysts predict that Independent Bank will post 5.5 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Monday, July 1st will be issued a $0.44 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.76 annualized dividend and a yield of 2.40%. Independent Bank’s payout ratio is 37.53%.
Several research firms have recently issued reports on INDB. DA Davidson began coverage on Western New England Bancorp in a research report on Thursday. They issued a “neutral” rating and a $10.00 price target for the company. Zacks Investment Research lowered Hancock Jaffe Laboratories from a “buy” rating to a “hold” rating in a research report on Wednesday, June 26th. BidaskClub raised Zumiez from a “sell” rating to a “hold” rating in a research report on Saturday, June 22nd. ValuEngine lowered Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Finally, Sandler O’Neill raised Independent Bank from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. Independent Bank has a consensus 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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