Independent Bank Corp. (NASDAQ:INDB) Shares Purchased by Advantage Alpha Capital Partners LP

Advantage Alpha Capital Partners LP boosted its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 60.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,828 shares of the bank’s stock after purchasing an additional 3,332 shares during the period. Advantage Alpha Capital Partners LP’s holdings in Independent Bank were worth $522,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Dynamic Technology Lab Private Ltd purchased a new position in shares of Independent Bank during the 3rd quarter valued at about $1,148,000. Algert Global LLC grew its holdings in Independent Bank by 172.4% during the third quarter. Algert Global LLC now owns 138,146 shares of the bank’s stock worth $8,169,000 after acquiring an additional 87,440 shares during the period. Cerity Partners LLC raised its position in Independent Bank by 46.0% during the third quarter. Cerity Partners LLC now owns 15,248 shares of the bank’s stock valued at $902,000 after acquiring an additional 4,805 shares in the last quarter. Citigroup Inc. lifted its holdings in Independent Bank by 3.2% in the third quarter. Citigroup Inc. now owns 83,159 shares of the bank’s stock valued at $4,917,000 after acquiring an additional 2,585 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in Independent Bank by 4.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 523,659 shares of the bank’s stock worth $30,964,000 after purchasing an additional 22,919 shares in the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Independent Bank Trading Down 2.1 %

Shares of INDB stock opened at $73.36 on Wednesday. The stock has a 50 day simple moving average of $64.35 and a 200-day simple moving average of $58.37. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23. The company has a market cap of $3.12 billion, a price-to-earnings ratio of 15.95 and a beta of 0.73. 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) last posted its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.02. The business had revenue of $250.07 million for the quarter, compared to the consensus estimate of $173.24 million. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. During the same period last year, the firm posted $1.38 earnings per share. On average, equities research analysts expect that Independent Bank Corp. will post 4.5 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company 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. This represents a $2.28 annualized dividend and a yield of 3.11%. The ex-dividend date was Monday, September 30th. Independent Bank’s payout ratio is 49.57%.

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.