Algert Global LLC Raises Position in Independent Bank Corp. (NASDAQ:INDB)

Algert Global LLC boosted its holdings in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 12.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 155,582 shares of the bank's stock after purchasing an additional 17,436 shares during the period. Algert Global LLC owned about 0.37% of Independent Bank worth $9,987,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of INDB. Dimensional Fund Advisors LP raised its holdings in shares of Independent Bank by 1.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,318,650 shares of the bank's stock valued at $148,835,000 after acquiring an additional 36,335 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Independent Bank by 4.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 544,948 shares of the bank's stock valued at $34,980,000 after purchasing an additional 21,289 shares during the period. American Century Companies Inc. raised its holdings in Independent Bank by 10.9% in the 4th quarter. American Century Companies Inc. now owns 469,359 shares of the bank's stock worth $30,128,000 after purchasing an additional 46,046 shares in the last quarter. Norges Bank purchased a new stake in shares of Independent Bank in the 4th quarter worth about $28,810,000. Finally, Invesco Ltd. boosted its stake in shares of Independent Bank by 9.3% during the 4th quarter. Invesco Ltd. now owns 444,703 shares of the bank's stock valued at $28,545,000 after purchasing an additional 37,941 shares in the last quarter. Institutional investors own 83.40% of the company's stock.

Insider Transactions at Independent Bank

In related news, Director Donna L. Abelli sold 640 shares of the business's stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total value of $44,819.20. Following the transaction, the director now directly owns 12,516 shares of the company's stock, valued at approximately $876,495.48. The trade was a 4.86 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.81% of the company's stock.

Independent Bank Stock Down 0.4 %

Independent Bank stock traded down $0.26 during trading hours on Friday, hitting $61.71. The stock had a trading volume of 73,623 shares, compared to its average volume of 311,843. The stock's 50-day moving average price is $60.06 and its 200-day moving average price is $65.16. Independent Bank Corp. has a 12-month low of $45.11 and a 12-month high of $77.23. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $2.63 billion, a P/E ratio of 13.65 and a beta of 0.82.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.12). The company had revenue of $178.04 million during the quarter, compared to analysts' expectations of $175.03 million. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. Equities research analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Monday, March 31st were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 3.82%. This is a positive change from Independent Bank's previous quarterly dividend of $0.57. The ex-dividend date was Monday, March 31st. Independent Bank's dividend payout ratio is 53.15%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on INDB shares. Piper Sandler cut their price objective on Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a research report on Monday, April 21st. Raymond James restated a "strong-buy" rating and set a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. StockNews.com cut shares of Independent Bank from a "hold" rating to a "sell" rating in a research report on Saturday, April 26th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Independent Bank from $80.00 to $72.00 and set a "market perform" rating for the company in a report on Monday, April 21st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target 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.