Barclays PLC Has $5.62 Million Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

Barclays PLC increased its position in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 75.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 94,976 shares of the bank's stock after acquiring an additional 40,697 shares during the period. Barclays PLC owned approximately 0.22% of Independent Bank worth $5,616,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its position in shares of Independent Bank by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank's stock worth $109,443,000 after purchasing an additional 186,680 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Independent Bank by 25.2% during the second quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank's stock worth $86,283,000 after purchasing an additional 342,201 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Independent Bank by 4.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 523,659 shares of the bank's stock valued at $30,964,000 after purchasing an additional 22,919 shares during the last quarter. Millennium Management LLC lifted its position in Independent Bank by 258.9% during the second quarter. Millennium Management LLC now owns 299,234 shares of the bank's stock worth $15,177,000 after buying an additional 215,860 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in Independent Bank by 11.1% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 283,661 shares of the bank's stock worth $16,773,000 after buying an additional 28,373 shares during the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently weighed in on INDB. Raymond James upgraded shares of Independent Bank from a "market perform" rating to a "strong-buy" rating and set a $74.00 price objective on the stock in a report on Monday, October 21st. Keefe, Bruyette & Woods upped their price objective on shares of Independent Bank from $77.00 to $82.00 and gave the company a "market perform" rating in a research report on Thursday, December 12th. Finally, StockNews.com downgraded Independent Bank from a "hold" rating to a "sell" rating in a report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Independent Bank presently has a consensus rating of "Moderate Buy" and an average price target of $78.00.

Independent Bank Stock Up 0.8 %

INDB stock traded up $0.52 during mid-day trading on Friday, hitting $66.02. 607,474 shares of the company were exchanged, compared to its average volume of 281,433. The company has a market capitalization of $2.81 billion, a PE ratio of 14.35 and a beta of 0.76. The firm has a fifty day simple moving average of $68.56 and a 200 day simple moving average of $60.65. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.02. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. The business had revenue of $250.07 million for the quarter, compared to analyst estimates of $173.24 million. During the same period in the prior year, the company posted $1.38 EPS. On average, research analysts forecast that Independent Bank Corp. will post 4.5 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Monday, December 30th will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date is Monday, December 30th. Independent Bank's payout ratio is 49.57%.

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.