Algert Global LLC Buys 87,440 Shares of Independent Bank Corp. (NASDAQ:INDB)

Algert Global LLC raised its holdings in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 172.4% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 138,146 shares of the bank's stock after buying an additional 87,440 shares during the period. Algert Global LLC owned about 0.33% of Independent Bank worth $8,169,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Victory Capital Management Inc. boosted its holdings in shares of Independent Bank by 25.2% during the second quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank's stock worth $86,283,000 after acquiring an additional 342,201 shares during the period. Millennium Management LLC raised its stake in Independent Bank by 258.9% in the 2nd quarter. Millennium Management LLC now owns 299,234 shares of the bank's stock worth $15,177,000 after purchasing an additional 215,860 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Independent Bank by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank's stock valued at $109,443,000 after purchasing an additional 186,680 shares during the period. Great Lakes Advisors LLC bought a new stake in Independent Bank in the 2nd quarter valued at about $5,405,000. Finally, Rockland Trust Co. increased its holdings in shares of Independent Bank by 14.3% during the second quarter. Rockland Trust Co. now owns 737,477 shares of the bank's stock worth $37,405,000 after purchasing an additional 92,438 shares during the period. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Price Performance

NASDAQ:INDB traded up $1.84 during trading hours on Friday, hitting $73.98. The company's stock had a trading volume of 268,600 shares, compared to its average volume of 266,479. The stock has a fifty day simple moving average of $63.85 and a 200-day simple moving average of $58.01. The company has a market capitalization of $3.14 billion, a P/E ratio of 16.08 and a beta of 0.73. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $75.63. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.95.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, beating analysts' consensus estimates of $0.99 by $0.02. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. The company had revenue of $250.07 million during the quarter, compared to analysts' expectations of $173.24 million. During the same period in the prior year, the company earned $1.38 EPS. On average, analysts anticipate that Independent Bank Corp. will post 4.5 EPS for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were issued a $0.57 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.08%. Independent Bank's dividend payout ratio (DPR) is presently 49.57%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on INDB. Keefe, Bruyette & Woods boosted their price target on Independent Bank from $62.00 to $65.00 and gave the company a "market perform" rating in a research note on Monday, October 21st. StockNews.com lowered Independent Bank from a "hold" rating to a "sell" rating in a report on Tuesday, September 17th. Finally, Raymond James raised Independent Bank from a "market perform" rating to a "strong-buy" rating and set a $74.00 price target for the company in a research note on Monday, October 21st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Independent Bank has an average rating of "Moderate Buy" and an average target price of $69.50.

Independent Bank Profile

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.