Independent Bank Corp. $INDB Shares Bought by Alliancebernstein L.P.

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

A number of other institutional investors and hedge funds have also recently bought and sold shares of INDB. Vanguard Group Inc. raised its holdings in Independent Bank by 2.3% in the first quarter. Vanguard Group Inc. now owns 5,134,903 shares of the bank's stock valued at $321,702,000 after buying an additional 116,820 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Independent Bank by 0.9% in the first quarter. Dimensional Fund Advisors LP now owns 2,339,253 shares of the bank's stock worth $146,554,000 after acquiring an additional 20,603 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Independent Bank by 0.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 549,547 shares of the bank's stock valued at $34,429,000 after acquiring an additional 4,599 shares during the period. FJ Capital Management LLC acquired a new position in shares of Independent Bank during the 1st quarter valued at $32,175,000. Finally, Bank of America Corp DE boosted its position in Independent Bank by 11.0% during the 4th quarter. Bank of America Corp DE now owns 354,168 shares of the bank's stock worth $22,734,000 after purchasing an additional 35,165 shares during the period. Institutional investors and hedge funds own 83.40% of the company's stock.

Analysts Set New Price Targets

INDB has been the topic of several research reports. Zacks Research lowered Independent Bank from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 19th. Wall Street Zen raised Independent Bank from a "sell" rating to a "hold" rating in a research report on Sunday, August 10th. One 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, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $71.00.

Independent Bank Stock Up 1.7%

Shares of INDB traded up $1.19 during trading on Friday, reaching $71.28. The company's stock had a trading volume of 433,358 shares, compared to its average volume of 252,228. The company has a market cap of $3.56 billion, a price-to-earnings ratio of 16.09 and a beta of 0.91. 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 company has a fifty day moving average of $67.54 and a two-hundred day moving average of $63.75. Independent Bank Corp. has a twelve month low of $52.15 and a twelve month high of $77.23.

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

Independent Bank Dividend Announcement

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

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.