Geode Capital Management LLC Purchases 8,987 Shares of Independent Bank Corp. (NASDAQ:INDB)

Geode Capital Management LLC increased its position in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 0.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,017,400 shares of the bank's stock after purchasing an additional 8,987 shares during the quarter. Geode Capital Management LLC owned 2.39% of Independent Bank worth $60,170,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in INDB. BNP Paribas Financial Markets raised its position in shares of Independent Bank by 106.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 25,077 shares of the bank's stock valued at $1,483,000 after acquiring an additional 12,904 shares in the last quarter. Centiva Capital LP bought a new stake in Independent Bank during the third quarter worth approximately $535,000. Eastern Bank increased its position in shares of Independent Bank by 454.7% during the 3rd quarter. Eastern Bank now owns 23,237 shares of the bank's stock valued at $1,374,000 after purchasing an additional 19,048 shares during the period. Great Lakes Advisors LLC bought a new stake in Independent Bank in the second quarter worth about $5,405,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in Independent Bank by 11.1% during the third 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 in the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

Independent Bank Price Performance

INDB stock traded up $0.52 during trading on Friday, hitting $66.02. 607,474 shares of the stock traded hands, compared to its average volume of 281,433. The stock has a market cap of $2.81 billion, a price-to-earnings ratio of 14.35 and a beta of 0.76. Independent Bank Corp. has a one year low of $45.11 and a one year high of $77.23. The company has a 50 day simple moving average of $68.56 and a 200 day simple moving average of $60.80. 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 (NASDAQ:INDB - Get Free Report) last announced its earnings results 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 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 quarter last year, the firm earned $1.38 EPS. Equities analysts expect that Independent Bank Corp. will post 4.5 EPS for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Monday, December 30th will be given 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 of this dividend is Monday, December 30th. Independent Bank's dividend payout ratio (DPR) is presently 49.57%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. StockNews.com lowered shares of Independent Bank from a "hold" rating to a "sell" rating in a report on Tuesday, September 17th. Keefe, Bruyette & Woods lifted their target price 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, Raymond James upgraded Independent Bank from a "market perform" rating to a "strong-buy" rating and set a $74.00 target price for the company in a report on Monday, October 21st. One research 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 stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $78.00.

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.