Independent Bank Corp. (NASDAQ:INDB) Shares Purchased by Algert Global LLC

Algert Global LLC raised its holdings in Independent Bank Corp. (NASDAQ:INDB) by 9.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 50,706 shares of the bank’s stock after acquiring an additional 4,277 shares during the period. Algert Global LLC owned 0.12% of Independent Bank worth $2,572,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. EntryPoint Capital LLC acquired a new position in Independent Bank in the first quarter valued at $47,000. Innealta Capital LLC acquired a new position in shares of Independent Bank during the 2nd quarter valued at about $73,000. CIBC Asset Management Inc purchased a new position in shares of Independent Bank during the 4th quarter worth about $290,000. Profund Advisors LLC acquired a new stake in shares of Independent Bank in the second quarter worth approximately $229,000. Finally, SG Americas Securities LLC grew its holdings in Independent Bank by 102.6% in the first quarter. SG Americas Securities LLC now owns 5,305 shares of the bank’s stock valued at $276,000 after purchasing an additional 2,687 shares during the period. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Trading Down 3.1 %

NASDAQ INDB opened at $57.27 on Wednesday. The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of 11.22 and a beta of 0.75. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank Corp. has a one year low of $44.63 and a one year high of $68.75. The company’s 50 day moving average price is $60.66 and its 200 day moving average price is $54.12.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, July 18th. The bank reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.10. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. The business had revenue of $244.19 million for the quarter, compared to the consensus estimate of $169.07 million. During the same quarter last year, the firm posted $1.42 EPS. On average, sell-side analysts predict that Independent Bank Corp. will post 4.68 EPS for the current year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.98%. The ex-dividend date is Monday, September 30th. Independent Bank’s dividend payout ratio is presently 44.02%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on INDB shares. StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. Seaport Res Ptn upgraded Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd.

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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.