BNP PARIBAS ASSET MANAGEMENT Holding S.A. Buys 28,373 Shares of Independent Bank Corp. (NASDAQ:INDB)

BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in Independent Bank Corp. (NASDAQ:INDB) by 11.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 283,661 shares of the bank’s stock after acquiring an additional 28,373 shares during the quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A.’s holdings in Independent Bank were worth $16,773,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. EntryPoint Capital LLC acquired a new stake in shares of Independent Bank in the 1st quarter valued at about $47,000. Innealta Capital LLC bought a new position in shares of Independent Bank during the second quarter worth about $73,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Independent Bank in the 3rd quarter valued at approximately $222,000. Profund Advisors LLC bought a new stake in Independent Bank in the 2nd quarter valued at approximately $229,000. Finally, Los Angeles Capital Management LLC acquired a new position in Independent Bank during the 3rd quarter worth approximately $257,000. 83.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on INDB. Keefe, Bruyette & Woods boosted their price objective on shares of Independent Bank from $62.00 to $65.00 and gave the stock a “market perform” rating in a research report on Monday, October 21st. Raymond James upgraded shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price objective for the company in a research note on Monday, October 21st. Finally, StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $69.50.

Independent Bank Price Performance

Shares of NASDAQ INDB opened at $73.98 on Friday. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $75.63. The company has a market cap of $3.14 billion, a PE ratio of 16.08 and a beta of 0.73. The business’s 50 day moving average price is $63.85 and its two-hundred day moving average price is $57.95. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 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 firm had revenue of $250.07 million during the quarter, compared to analysts’ expectations of $173.24 million. During the same period in the previous year, the business posted $1.38 earnings per share. On average, analysts predict that Independent Bank Corp. will post 4.5 EPS for the current year.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were issued a $0.57 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.28 annualized dividend and a yield of 3.08%. 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.