BNP Paribas Financial Markets Has $1.48 Million Position in Independent Bank Corp. (NASDAQ:INDB)

BNP Paribas Financial Markets increased its position in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 106.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 25,077 shares of the bank's stock after acquiring an additional 12,904 shares during the period. BNP Paribas Financial Markets owned approximately 0.06% of Independent Bank worth $1,483,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of INDB. Dimensional Fund Advisors LP increased 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 valued at $109,443,000 after purchasing an additional 186,680 shares during the period. Victory Capital Management Inc. grew its position in Independent Bank by 25.2% during the second quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank's stock valued at $86,283,000 after purchasing an additional 342,201 shares in the last quarter. Rockland Trust Co. increased its stake in Independent Bank by 14.3% in the 2nd quarter. Rockland Trust Co. now owns 737,477 shares of the bank's stock valued at $37,405,000 after buying an additional 92,438 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Independent Bank by 4.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 523,659 shares of the bank's stock worth $30,964,000 after buying an additional 22,919 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Independent Bank by 258.9% during the 2nd quarter. Millennium Management LLC now owns 299,234 shares of the bank's stock valued at $15,177,000 after buying an additional 215,860 shares during the period. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Stock Performance

INDB traded down $1.08 during midday trading on Monday, reaching $70.69. The company's stock had a trading volume of 326,989 shares, compared to its average volume of 279,099. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $77.23. The stock has a market cap of $3.00 billion, a P/E ratio of 15.37 and a beta of 0.76. The company has a fifty day simple moving average of $66.51 and a 200 day simple moving average of $59.60. 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, topping 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 business had revenue of $250.07 million for the quarter, compared to analyst estimates of $173.24 million. During the same quarter in the previous year, the firm posted $1.38 earnings per share. Research analysts expect that Independent Bank Corp. will post 4.5 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were given a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 3.23%. The ex-dividend date was Monday, September 30th. Independent Bank's dividend payout ratio (DPR) is presently 49.57%.

Analysts Set New Price Targets

Several research analysts have weighed in on INDB shares. Keefe, Bruyette & Woods upped their target price on Independent Bank from $65.00 to $77.00 and gave the stock a "market perform" rating in a research report on Wednesday, December 4th. Raymond James raised shares of Independent Bank from a "market perform" rating to a "strong-buy" rating and set a $74.00 target price for the company in a research report on Monday, October 21st. Finally, StockNews.com downgraded shares of Independent Bank from a "hold" rating to a "sell" rating in a report on Tuesday, September 17th. 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. According to data from MarketBeat.com, Independent Bank currently has an average rating of "Moderate Buy" and a consensus target price of $75.50.

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.