11,159 Shares in Independent Bank Corp. (NASDAQ:INDB) Purchased by Martingale Asset Management L P

Martingale Asset Management L P acquired a new stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 11,159 shares of the bank's stock, valued at approximately $660,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Independent Bank by 0.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 83,048 shares of the bank's stock valued at $4,911,000 after purchasing an additional 285 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Independent Bank by 9.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,418 shares of the bank's stock valued at $557,000 after purchasing an additional 850 shares in the last quarter. Glenmede Trust Co. NA lifted its holdings in shares of Independent Bank by 44.6% in the third quarter. Glenmede Trust Co. NA now owns 17,090 shares of the bank's stock valued at $1,011,000 after purchasing an additional 5,270 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Independent Bank by 106.0% in the third quarter. BNP Paribas Financial Markets now owns 25,077 shares of the bank's stock valued at $1,483,000 after purchasing an additional 12,904 shares in the last quarter. Finally, FMR LLC raised its holdings in shares of Independent Bank by 312.3% during the third quarter. FMR LLC now owns 26,728 shares of the bank's stock worth $1,580,000 after acquiring an additional 20,246 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on INDB shares. StockNews.com lowered Independent Bank from a "hold" rating to a "sell" rating in a report on Tuesday, September 17th. 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. Finally, Keefe, Bruyette & Woods increased their price objective on Independent Bank from $62.00 to $65.00 and gave the stock a "market perform" rating in a report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $69.50.

Independent Bank Stock Down 1.5 %

Independent Bank stock traded down $1.09 during mid-day trading on Tuesday, hitting $71.58. 168,086 shares of the company's stock were exchanged, compared to its average volume of 280,152. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22. The stock has a market cap of $3.04 billion, a P/E ratio of 15.56 and a beta of 0.76. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23. The stock has a 50 day moving average of $65.25 and a two-hundred day moving average of $58.94.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its earnings results on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, topping the consensus estimate of $0.99 by $0.02. The firm had revenue of $250.07 million for the quarter, compared to the consensus estimate 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 business posted $1.38 earnings per share. As a group, analysts anticipate 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 was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were given a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank's dividend payout ratio 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.