Fmr LLC Has $1.58 Million Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

FMR LLC raised its position in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 312.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 26,728 shares of the bank's stock after purchasing an additional 20,246 shares during the period. FMR LLC owned approximately 0.06% of Independent Bank worth $1,580,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Louisiana State Employees Retirement System grew its holdings in shares of Independent Bank by 0.9% during the second quarter. Louisiana State Employees Retirement System now owns 21,400 shares of the bank's stock worth $1,085,000 after buying an additional 200 shares in the last quarter. Aries Wealth Management raised its holdings in shares of Independent Bank by 1.5% in the second quarter. Aries Wealth Management now owns 16,122 shares of the bank's stock valued at $818,000 after purchasing an additional 232 shares during the last quarter. Stablepoint Partners LLC lifted its position in shares of Independent Bank by 1.2% in the third quarter. Stablepoint Partners LLC now owns 23,033 shares of the bank's stock worth $1,362,000 after purchasing an additional 283 shares in the last quarter. GHP Investment Advisors Inc. boosted its holdings in Independent Bank by 2.3% during the third quarter. GHP Investment Advisors Inc. now owns 32,222 shares of the bank's stock worth $1,905,000 after purchasing an additional 713 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in Independent Bank by 4.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 23,236 shares of the bank's stock valued at $1,179,000 after purchasing an additional 968 shares in the last quarter. Institutional investors own 83.40% of the company's stock.

Analyst Upgrades and Downgrades

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

Independent Bank Stock Performance

INDB traded up $0.88 during trading hours on Monday, reaching $71.68. The company's stock had a trading volume of 223,635 shares, compared to its average volume of 279,655. The company's 50-day moving average is $67.61 and its 200-day moving average is $60.18. 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 $3.05 billion, a PE ratio of 15.51 and a beta of 0.76. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.95 and a current ratio of 0.95.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.99 by $0.02. The company had revenue of $250.07 million during 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 quarter last year, the company posted $1.38 EPS. On average, equities analysts forecast that Independent Bank Corp. will post 4.5 EPS for the current year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Monday, December 30th will be paid a dividend of $0.57 per share. The ex-dividend date is Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.18%. Independent Bank's dividend payout ratio (DPR) is currently 49.57%.

Independent Bank Company 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.