Innealta Capital LLC Makes New Investment in Independent Bank Corp. (NASDAQ:INDB)

Innealta Capital LLC purchased a new stake in shares of Independent Bank Corp. (NASDAQ:INDB) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,438 shares of the bank’s stock, valued at approximately $73,000.

A number of other hedge funds and other institutional investors have also modified their holdings of INDB. Norges Bank acquired a new position in Independent Bank during the 4th quarter valued at about $32,784,000. Hsbc Holdings PLC boosted its holdings in shares of Independent Bank by 902.8% in the fourth quarter. Hsbc Holdings PLC now owns 268,315 shares of the bank’s stock valued at $17,730,000 after acquiring an additional 241,558 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Independent Bank by 10.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,753,697 shares of the bank’s stock valued at $115,415,000 after acquiring an additional 164,254 shares during the period. Rockland Trust Co. raised its holdings in Independent Bank by 14.3% during the second quarter. Rockland Trust Co. now owns 737,477 shares of the bank’s stock worth $37,405,000 after purchasing an additional 92,438 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in Independent Bank by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 5,272,986 shares of the bank’s stock worth $347,015,000 after purchasing an additional 69,312 shares during the period. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Trading Up 0.3 %

Independent Bank stock opened at $63.31 on Friday. The firm has a market cap of $2.69 billion, a price-to-earnings ratio of 12.22 and a beta of 0.77. Independent Bank Corp. has a 1 year low of $44.63 and a 1 year high of $68.75. The firm’s 50 day moving average price is $56.87 and its two-hundred day moving average price is $52.82. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 0.95.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.10. The business had revenue of $244.19 million for the quarter, compared to analysts’ expectations of $169.07 million. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. During the same period in the previous year, the firm posted $1.42 EPS. On average, research analysts predict that Independent Bank Corp. will post 4.75 EPS for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 8th. Stockholders of record on Monday, July 1st were issued a dividend of $0.57 per share. The ex-dividend date of this dividend was Monday, July 1st. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.60%. Independent Bank’s dividend payout ratio is 44.02%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Seaport Res Ptn raised Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 22nd. StockNews.com upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Saturday, August 24th.

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.