AQR Capital Management LLC Increases Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

AQR Capital Management LLC lifted its position in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 123.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,615 shares of the bank's stock after acquiring an additional 25,749 shares during the quarter. AQR Capital Management LLC owned approximately 0.11% of Independent Bank worth $2,364,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in INDB. Victory Capital Management Inc. boosted its position in Independent Bank by 25.2% in the second quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank's stock worth $86,283,000 after purchasing an additional 342,201 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Independent Bank by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank's stock worth $109,443,000 after buying an additional 186,680 shares during the last quarter. Great Lakes Advisors LLC purchased a new position in shares of Independent Bank in the 2nd quarter worth about $5,405,000. Rockland Trust Co. grew its position in Independent Bank by 14.3% during the second 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. Finally, American Century Companies Inc. increased its holdings in Independent Bank by 48.6% during the second quarter. American Century Companies Inc. now owns 273,264 shares of the bank's stock worth $13,860,000 after buying an additional 89,317 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company's stock.

Independent Bank Stock Performance

Independent Bank stock traded up $1.05 during midday trading on Wednesday, reaching $57.93. The stock had a trading volume of 256,479 shares, compared to its average volume of 277,459. The firm has a market capitalization of $2.46 billion, a PE ratio of 11.18 and a beta of 0.74. Independent Bank Corp. has a 12 month low of $44.63 and a 12 month high of $68.75. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.24. The firm's 50-day moving average price is $59.85 and its 200 day moving average price is $54.44.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its quarterly earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.10. The company had revenue of $244.19 million for the quarter, compared to analyst estimates of $169.07 million. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. During the same quarter in the previous year, the firm posted $1.42 earnings per share. As a group, research analysts predict that Independent Bank Corp. will post 4.68 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were given a dividend of $0.57 per share. The ex-dividend date was Monday, September 30th. This represents a $2.28 annualized dividend and a dividend yield of 3.94%. Independent Bank's dividend payout ratio is currently 44.02%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. StockNews.com cut shares of Independent Bank from a "hold" rating to a "sell" rating in a research note on Tuesday, September 17th. Seaport Res Ptn upgraded Independent Bank from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 22nd.

About Independent Bank

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.