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

Algert Global LLC lifted its stake in Independent Bank Corp. (NASDAQ:INDB) by 172.4% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 138,146 shares of the bank’s stock after acquiring an additional 87,440 shares during the period. Algert Global LLC owned 0.33% of Independent Bank worth $8,169,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. Louisiana State Employees Retirement System raised its stake in shares of Independent Bank by 0.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 21,400 shares of the bank’s stock valued at $1,085,000 after acquiring an additional 200 shares in the last quarter. CWM LLC raised its stake in shares of Independent Bank by 2.7% in the 2nd quarter. CWM LLC now owns 8,704 shares of the bank’s stock valued at $441,000 after acquiring an additional 232 shares in the last quarter. Aries Wealth Management raised its stake in shares of Independent Bank by 1.5% in the 2nd quarter. Aries Wealth Management now owns 16,122 shares of the bank’s stock valued at $818,000 after acquiring an additional 232 shares in the last quarter. Stablepoint Partners LLC grew its holdings in Independent Bank by 1.2% in the 3rd quarter. Stablepoint Partners LLC now owns 23,033 shares of the bank’s stock valued at $1,362,000 after buying an additional 283 shares during the last quarter. Finally, Tidal Investments LLC grew its holdings in Independent Bank by 6.1% in the 1st quarter. Tidal Investments LLC now owns 9,184 shares of the bank’s stock valued at $480,000 after buying an additional 532 shares during the last quarter. 83.40% of the stock is owned by institutional investors.

Independent Bank Price Performance

Shares of NASDAQ:INDB opened at $73.98 on Friday. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $75.63. The firm has a market capitalization of $3.14 billion, a PE ratio of 16.08 and a beta of 0.73. The business’s 50 day moving average is $63.85 and its 200-day moving average is $57.95. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $173.24 million. During the same quarter last year, the firm earned $1.38 EPS. Sell-side analysts predict that Independent Bank Corp. will post 4.5 earnings per share for the current year.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were paid a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 3.08%. The ex-dividend date was Monday, September 30th. Independent Bank’s dividend payout ratio is 49.57%.

Analysts Set New Price Targets

INDB has been the topic of a number of research analyst reports. StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. Raymond James raised Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price on the stock in a report on Monday, October 21st. Finally, Keefe, Bruyette & Woods raised their target price on Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a report on Monday, October 21st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently 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.