Barclays PLC lifted its stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 75.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 94,976 shares of the bank's stock after purchasing an additional 40,697 shares during the period. Barclays PLC owned 0.22% of Independent Bank worth $5,616,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. BNP Paribas Financial Markets increased its position in Independent Bank by 106.0% during the third quarter. BNP Paribas Financial Markets now owns 25,077 shares of the bank's stock worth $1,483,000 after buying an additional 12,904 shares during the last quarter. Centiva Capital LP bought a new position in shares of Independent Bank during the 3rd quarter worth approximately $535,000. Eastern Bank increased its holdings in shares of Independent Bank by 454.7% during the 3rd quarter. Eastern Bank now owns 23,237 shares of the bank's stock worth $1,374,000 after acquiring an additional 19,048 shares during the last quarter. Great Lakes Advisors LLC bought a new stake in Independent Bank in the 2nd quarter valued at $5,405,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in Independent Bank by 11.1% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 283,661 shares of the bank's stock valued at $16,773,000 after purchasing an additional 28,373 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company's stock.
Wall Street Analyst Weigh In
INDB has been the topic of several research reports. 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 target on shares of Independent Bank from $77.00 to $82.00 and gave the company a "market perform" rating in a research note on Thursday, December 12th. Finally, StockNews.com downgraded shares of Independent Bank from a "hold" rating to a "sell" rating in a research report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $78.00.
View Our Latest Stock Report on INDB
Independent Bank Stock Performance
Shares of Independent Bank stock traded up $0.52 during trading on Friday, reaching $66.02. The company's stock had a trading volume of 607,474 shares, compared to its average volume of 281,433. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. The business's 50-day moving average price is $68.56 and its 200-day moving average price is $60.72. Independent Bank Corp. has a 52 week low of $45.11 and a 52 week high of $77.23. The firm has a market cap of $2.81 billion, a PE ratio of 14.35 and a beta of 0.76.
Independent Bank (NASDAQ:INDB - Get Free Report) last posted its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.99 by $0.02. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. The firm had revenue of $250.07 million during the quarter, compared to the consensus estimate of $173.24 million. During the same quarter in the previous year, the firm posted $1.38 EPS. Equities analysts forecast that Independent Bank Corp. will post 4.5 earnings per share for the current year.
Independent Bank Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Monday, December 30th will be paid a dividend of $0.57 per share. The ex-dividend date of this dividend is Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.45%. Independent Bank's dividend payout ratio (DPR) is presently 49.57%.
About Independent Bank
(
Free Report)
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.
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