Jane Street Group LLC Raises Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

Jane Street Group LLC raised its stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 75.6% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 62,158 shares of the bank's stock after acquiring an additional 26,765 shares during the period. Jane Street Group LLC owned approximately 0.15% of Independent Bank worth $3,675,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the company. BNP Paribas Financial Markets boosted its stake 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 worth $1,483,000 after purchasing an additional 12,904 shares during the period. Centiva Capital LP purchased a new stake in Independent Bank in the third quarter valued at approximately $535,000. Eastern Bank raised its stake 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 buying an additional 19,048 shares during the last quarter. Great Lakes Advisors LLC acquired a new position in shares of Independent Bank in the 2nd quarter valued at $5,405,000. Finally, Hennessy Advisors Inc. raised its holdings in Independent Bank by 20.7% in the 2nd quarter. Hennessy Advisors Inc. now owns 35,000 shares of the bank's stock worth $1,775,000 after purchasing an additional 6,000 shares during the period. Institutional investors own 83.40% of the company's stock.

Independent Bank Stock Up 0.8 %

INDB traded up $0.52 during trading hours on Friday, hitting $66.02. 607,474 shares of the company's stock were exchanged, compared to its average volume of 281,433. The firm has a 50 day moving average of $68.45 and a 200 day moving average of $60.53. The firm has a market cap of $2.81 billion, a P/E ratio of 14.35 and a beta of 0.76. 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 Corp. has a 12-month low of $45.11 and a 12-month high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, topping analysts' consensus estimates of $0.99 by $0.02. The firm had revenue of $250.07 million for the quarter, compared to analyst estimates 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 prior year, the firm earned $1.38 earnings per share. Analysts predict that Independent Bank Corp. will post 4.5 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Monday, December 30th will be paid a $0.57 dividend. The ex-dividend date is Monday, December 30th. This represents a $2.28 annualized dividend and a yield of 3.45%. Independent Bank's dividend payout ratio is currently 49.57%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on INDB. Keefe, Bruyette & Woods raised their target price on Independent Bank from $77.00 to $82.00 and gave the company a "market perform" rating in a research report on Thursday, December 12th. StockNews.com downgraded shares of Independent Bank from a "hold" rating to a "sell" rating in a report on Tuesday, September 17th. Finally, 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. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company 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.