Advantage Alpha Capital Partners LP Sells 6,063 Shares of Independent Bank Corp. $INDB

Advantage Alpha Capital Partners LP cut its position in Independent Bank Corp. (NASDAQ:INDB) by 60.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,904 shares of the bank’s stock after selling 6,063 shares during the quarter. Advantage Alpha Capital Partners LP’s holdings in Independent Bank were worth $245,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in INDB. Wells Fargo & Company MN raised its holdings in Independent Bank by 12.0% in the fourth quarter. Wells Fargo & Company MN now owns 27,745 shares of the bank’s stock worth $1,781,000 after purchasing an additional 2,966 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in Independent Bank by 13.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 21,362 shares of the bank’s stock worth $1,371,000 after purchasing an additional 2,578 shares in the last quarter. Raymond James Financial Inc. bought a new position in Independent Bank in the fourth quarter worth about $1,646,000. Barclays PLC increased its holdings in shares of Independent Bank by 0.3% during the fourth quarter. Barclays PLC now owns 95,296 shares of the bank’s stock valued at $6,117,000 after acquiring an additional 320 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased 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. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Price Performance

Shares of NASDAQ:INDB opened at $70.94 on Friday. Independent Bank Corp. has a twelve month low of $52.15 and a twelve month high of $77.23. The company’s 50 day moving average is $65.25 and its 200 day moving average is $63.55. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25. The company has a market cap of $3.54 billion, a PE ratio of 16.01 and a beta of 0.87.

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

Independent Bank Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on INDB. 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 downgraded shares of Independent Bank from a “strong-buy” rating to a “hold” rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $71.00.

About Independent Bank

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.