Algert Global LLC Has $8.17 Million Stake in Independent Bank Corp. (NASDAQ:INDB)

Algert Global LLC boosted its stake in Independent Bank Corp. (NASDAQ:INDB) by 172.4% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 138,146 shares of the bank’s stock after buying an additional 87,440 shares during the period. Algert Global LLC’s holdings in Independent Bank were worth $8,169,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of INDB. EntryPoint Capital LLC bought a new position in Independent Bank in the 1st quarter valued at $47,000. Innealta Capital LLC bought a new position in Independent Bank in the 2nd quarter valued at $73,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Independent Bank in the 3rd quarter valued at $222,000. Profund Advisors LLC bought a new position in Independent Bank in the 2nd quarter valued at $229,000. Finally, Los Angeles Capital Management LLC bought a new position in Independent Bank in the 3rd quarter valued at $257,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Stock Up 2.6 %

Shares of Independent Bank stock opened at $73.98 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. Independent Bank Corp. has a 12 month low of $45.11 and a 12 month high of $75.63. The business has a fifty day simple moving average of $63.85 and a 200 day simple moving average of $57.95. The stock has a market cap of $3.14 billion, a PE ratio of 16.08 and a beta of 0.73.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share (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 firm had revenue of $250.07 million during the quarter, compared to analysts’ expectations of $173.24 million. During the same period in the previous year, the firm earned $1.38 earnings per share. Research analysts predict that Independent Bank Corp. will post 4.5 EPS for the current year.

Independent Bank Dividend Announcement

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

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Raymond James upgraded Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price for the company in a research report on Monday, October 21st. Keefe, Bruyette & Woods boosted their target price on Independent Bank from $62.00 to $65.00 and gave the stock a “market perform” rating in a research report on Monday, October 21st. Finally, StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.50.

Independent Bank Company 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.