Independent Bank Corp. (NASDAQ:INDB) Shares Acquired by BNP Paribas Financial Markets

BNP Paribas Financial Markets boosted its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 106.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,077 shares of the bank’s stock after purchasing 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.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Eastern Bank grew its stake in 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 in the last quarter. Hennessy Advisors Inc. boosted its stake in Independent Bank by 20.7% during the 2nd quarter. Hennessy Advisors Inc. now owns 35,000 shares of the bank’s stock valued at $1,775,000 after acquiring an additional 6,000 shares during the last quarter. Great Lakes Advisors LLC acquired a new position in Independent Bank during the 2nd quarter worth $5,405,000. SG Americas Securities LLC increased its position in shares of Independent Bank by 186.3% in the 2nd quarter. SG Americas Securities LLC now owns 15,186 shares of the bank’s stock worth $770,000 after purchasing an additional 9,881 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in shares of Independent Bank by 11.1% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 283,661 shares of the bank’s stock valued at $16,773,000 after purchasing an additional 28,373 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Trading Up 0.5 %

NASDAQ:INDB opened at $71.77 on Monday. The firm has a market capitalization of $3.05 billion, a P/E ratio of 15.60 and a beta of 0.76. The business has a 50 day simple moving average of $66.28 and a 200 day simple moving average of $59.46. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.95. Independent Bank Corp. has a 12-month low of $45.11 and a 12-month high of $77.23.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data 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 business had revenue of $250.07 million for the quarter, compared to analysts’ expectations of $173.24 million. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. During the same quarter last year, the company earned $1.38 EPS. Equities research analysts predict that Independent Bank Corp. will post 4.5 EPS for the current year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank’s dividend payout ratio (DPR) is 49.57%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on INDB. Keefe, Bruyette & Woods boosted their price objective on Independent Bank from $65.00 to $77.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. StockNews.com cut Independent Bank from a “hold” rating to a “sell” rating in a research note 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 target price for the company in a research note on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $75.50.

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.