Short Interest in Independent Bank Corp. (NASDAQ:INDB) Increases By 19.1%

Independent Bank Corp. (NASDAQ:INDB) was the recipient of a significant growth in short interest in the month of March. As of March 13th, there was short interest totaling 2,010,466 shares, a growth of 19.1% from the February 26th total of 1,688,677 shares. Based on an average daily trading volume, of 305,678 shares, the short-interest ratio is presently 6.6 days. Approximately 4.1% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Barclays downgraded shares of Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 target price for the company. in a research note on Monday, February 2nd. Weiss Ratings raised Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday. Independent Research set a $80.00 price objective on Independent Bank in a research report on Wednesday, December 17th. Finally, Piper Sandler started coverage on Independent Bank in a research report on Monday, March 16th. They set a “neutral” rating and a $84.00 target price on the stock. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $81.75.

Independent Bank Stock Up 2.2%

Shares of NASDAQ INDB traded up $1.63 during mid-day trading on Tuesday, reaching $75.21. The company had a trading volume of 296,741 shares, compared to its average volume of 337,175. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The firm has a 50 day simple moving average of $79.29 and a two-hundred day simple moving average of $74.34. The stock has a market cap of $3.65 billion, a P/E ratio of 16.90 and a beta of 0.79. Independent Bank has a 52-week low of $52.15 and a 52-week high of $87.00.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, January 22nd. The bank reported $1.70 earnings per share for the quarter, beating analysts’ consensus estimates of $1.65 by $0.05. The firm had revenue of $253.93 million during the quarter, compared to analysts’ expectations of $249.64 million. Independent Bank had a net margin of 17.51% and a return on equity of 7.88%. Sell-side analysts predict that Independent Bank will post 5.41 earnings per share for the current year.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 9th. Investors of record on Monday, March 30th will be given a $0.64 dividend. This is a boost from Independent Bank’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Monday, March 30th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.4%. Independent Bank’s payout ratio is currently 57.53%.

Insider Activity at Independent Bank

In related news, Director John J. Morrissey sold 1,988 shares of Independent Bank stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $85.70, for a total value of $170,371.60. Following the completion of the transaction, the director owned 12,747 shares in the company, valued at $1,092,417.90. The trade was a 13.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Donna L. Abelli sold 524 shares of the business’s stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $85.00, for a total transaction of $44,540.00. Following the transaction, the director owned 13,247 shares of the company’s stock, valued at $1,125,995. This trade represents a 3.81% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Salomon & Ludwin LLC boosted its holdings in shares of Independent Bank by 167.2% in the fourth quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock valued at $27,000 after acquiring an additional 224 shares during the period. First Horizon Corp acquired a new position in shares of Independent Bank in the 3rd quarter valued at $31,000. Advisory Services Network LLC purchased a new stake in Independent Bank in the 3rd quarter valued at $32,000. Cullen Frost Bankers Inc. purchased a new stake in Independent Bank in the 3rd quarter valued at $37,000. Finally, EverSource Wealth Advisors LLC boosted its stake in Independent Bank by 233.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock worth $35,000 after purchasing an additional 385 shares during the period. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Company Profile

Independent Bank Group, Inc (NASDAQ:INDB) is a bank holding company headquartered in McKinney, Texas, that provides a range of financial services through its wholly owned subsidiary, Independent Bank. Tracing its roots to the late 19th century, the company has grown from a single community bank into a regional financial institution serving individuals, small businesses and commercial clients. Independent Bank Group became a bank holding company in 1983 and expanded its footprint through organic growth and strategic acquisitions.

The company’s primary business activities encompass retail and commercial banking, including deposit products, consumer and business lending and credit services.