Alliancebernstein L.P. Boosts Stock Position in Independent Bank Corp. $INDB

Key Points

• AllianceBernstein L.P. significantly increased its holdings in Independent Bank Corp. by 910.4%, acquiring over 971,000 shares during the first quarter, now owning approximately 2.53% of the company.
• Independent Bank Corp. recently reported $1.25 earnings per share, surpassing analyst estimates of $1.20, along with a revenue of $181.8 million for the quarter.
• The firm declared a quarterly dividend of $0.59 per share, resulting in a 3.3% yield and a payout ratio of 53.27%.

Alliancebernstein L.P. lifted its position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 910.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,078,311 shares of the bank's stock after purchasing an additional 971,587 shares during the period. Alliancebernstein L.P. owned 2.53% of Independent Bank worth $67,556,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. HighTower Advisors LLC boosted its holdings in shares of Independent Bank by 3.3% during the first quarter. HighTower Advisors LLC now owns 7,049 shares of the bank's stock worth $442,000 after purchasing an additional 226 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Independent Bank by 3.6% during the first quarter. PNC Financial Services Group Inc. now owns 6,616 shares of the bank's stock worth $414,000 after purchasing an additional 232 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Independent Bank by 156.9% during the first quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock worth $27,000 after purchasing an additional 262 shares during the period. KBC Group NV boosted its holdings in shares of Independent Bank by 15.3% during the first quarter. KBC Group NV now owns 2,204 shares of the bank's stock worth $138,000 after purchasing an additional 293 shares during the period. Finally, Isthmus Partners LLC lifted its holdings in Independent Bank by 1.8% in the first quarter. Isthmus Partners LLC now owns 37,994 shares of the bank's stock worth $2,380,000 after buying an additional 681 shares during the period. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Price Performance

Shares of NASDAQ INDB opened at $71.09 on Friday. Independent Bank Corp. has a fifty-two week low of $52.15 and a fifty-two week high of $77.23. The company has a 50 day simple moving average of $67.07 and a two-hundred day simple moving average of $63.65. The company has a market capitalization of $3.55 billion, a price-to-earnings ratio of 16.05 and a beta of 0.91. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96.

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

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 7th. Stockholders of record on Monday, June 30th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Monday, June 30th. Independent Bank's dividend payout ratio (DPR) is currently 53.27%.

Wall Street Analysts Forecast Growth

Several analysts have commented on INDB shares. Wall Street Zen upgraded shares of Independent Bank from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. Zacks Research lowered shares of Independent Bank from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 19th. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $71.00.

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.

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