Advantage Alpha Capital Partners LP Has $245,000 Stock Holdings in Independent Bank Corp. $INDB

Key Points

• Advantage Alpha Capital Partners LP has reduced its stake in Independent Bank Corp. by 60.8%, selling 6,063 shares in the first quarter and now holding 3,904 shares valued at $245,000.
• Independent Bank recently reported quarterly earnings of $1.25 per share, exceeding estimates of $1.20, with revenue hitting $181.80 million.
• The firm's latest declared quarterly dividend was $0.59, translating to an annualized dividend yield of 3.3%, with a payout ratio of 53.27%.

Advantage Alpha Capital Partners LP lowered its stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 60.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,904 shares of the bank's stock after selling 6,063 shares during the period. Advantage Alpha Capital Partners LP's holdings in Independent Bank were worth $245,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently bought and sold shares of INDB. GAMMA Investing LLC raised its stake in shares of Independent Bank by 156.9% during the 1st quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock worth $27,000 after purchasing an additional 262 shares in the last quarter. KBC Group NV raised its stake in shares of Independent Bank by 15.3% during the 1st quarter. KBC Group NV now owns 2,204 shares of the bank's stock worth $138,000 after purchasing an additional 293 shares in the last quarter. Xponance Inc. bought a new stake in shares of Independent Bank during the 1st quarter worth approximately $203,000. Stifel Financial Corp bought a new stake in shares of Independent Bank during the 4th quarter worth approximately $266,000. Finally, Persistent Asset Partners Ltd bought a new stake in shares of Independent Bank during the 1st quarter worth approximately $337,000. Institutional investors own 83.40% of the company's stock.

Independent Bank Stock Performance

Shares of INDB stock traded up $0.68 during trading on Wednesday, reaching $71.99. 197,730 shares of the company's stock were exchanged, compared to its average volume of 341,693. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $3.59 billion, a PE ratio of 16.25 and a beta of 0.87. Independent Bank Corp. has a twelve month low of $52.15 and a twelve month high of $77.23. The firm's fifty day moving average price is $65.60 and its 200-day moving average price is $63.53.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its earnings results on Thursday, July 17th. The bank reported $1.25 earnings per share for the quarter, topping analysts' consensus estimates of $1.20 by $0.05. The business had revenue of $181.80 million for the quarter, compared to analyst estimates of $179.47 million. Independent Bank had a return on equity of 6.39% and a net margin of 18.93%. As a group, sell-side analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 7th. Investors of record on Monday, June 30th were issued a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.3%. Independent Bank's payout ratio is presently 53.27%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on INDB shares. Zacks Research cut Independent Bank from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 19th. Wall Street Zen upgraded Independent Bank from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. One analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $71.00.

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.