Independent Bank Corp. (NASDAQ:INDB) Holdings Lifted by BNP PARIBAS ASSET MANAGEMENT Holding S.A.

BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 11.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 283,661 shares of the bank's stock after buying an additional 28,373 shares during the quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. owned approximately 0.67% of Independent Bank worth $16,773,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Russell Investments Group Ltd. boosted its holdings in shares of Independent Bank by 20.4% in the 1st quarter. Russell Investments Group Ltd. now owns 26,469 shares of the bank's stock valued at $1,377,000 after buying an additional 4,484 shares during the period. CANADA LIFE ASSURANCE Co boosted its stake in Independent Bank by 2.2% in the first quarter. CANADA LIFE ASSURANCE Co now owns 36,689 shares of the bank's stock valued at $1,906,000 after acquiring an additional 782 shares during the period. EntryPoint Capital LLC bought a new position in shares of Independent Bank during the first quarter valued at approximately $47,000. Price T Rowe Associates Inc. MD raised its position in shares of Independent Bank by 5.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 28,160 shares of the bank's stock worth $1,465,000 after purchasing an additional 1,578 shares during the period. Finally, Tidal Investments LLC lifted its holdings in shares of Independent Bank by 6.1% in the 1st quarter. Tidal Investments LLC now owns 9,184 shares of the bank's stock worth $480,000 after purchasing an additional 532 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company's stock.

Independent Bank Stock Performance

Independent Bank stock traded up $1.84 during mid-day trading on Friday, hitting $73.98. 268,600 shares of the company's stock traded hands, compared to its average volume of 266,479. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. Independent Bank Corp. has a one year low of $45.11 and a one year high of $75.63. The firm has a 50 day moving average price of $63.85 and a 200 day moving average price of $58.01. The company has a market cap of $3.14 billion, a PE ratio of 16.08 and a beta of 0.73.

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

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank's dividend payout ratio is currently 49.57%.

Wall Street Analysts Forecast Growth

INDB has been the subject of a number of recent research reports. Raymond James upgraded Independent Bank from a "market perform" rating to a "strong-buy" rating and set a $74.00 price objective for the company in a research note on Monday, October 21st. StockNews.com lowered shares of Independent Bank from a "hold" rating to a "sell" rating in a research report on Tuesday, September 17th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Independent Bank from $62.00 to $65.00 and gave the company a "market perform" rating in a research report on Monday, October 21st. One analyst has rated the stock with a sell rating, one has given a hold rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $69.50.

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.