Fmr LLC Purchases 20,246 Shares of Independent Bank Corp. (NASDAQ:INDB)

Fmr LLC grew its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 312.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 26,728 shares of the bank’s stock after acquiring an additional 20,246 shares during the period. Fmr LLC’s holdings in Independent Bank were worth $1,580,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Eastern Bank raised its stake in shares of Independent Bank by 454.7% during the third quarter. Eastern Bank now owns 23,237 shares of the bank’s stock valued at $1,374,000 after acquiring an additional 19,048 shares during the last quarter. Hennessy Advisors Inc. raised its stake in shares of Independent Bank by 20.7% during the second 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 bought a new position in shares of Independent Bank during the second quarter valued at about $5,405,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in Independent Bank by 11.1% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 283,661 shares of the bank’s stock worth $16,773,000 after buying an additional 28,373 shares in the last quarter. Finally, SG Americas Securities LLC raised its stake in Independent Bank by 186.3% in the second quarter. SG Americas Securities LLC now owns 15,186 shares of the bank’s stock worth $770,000 after buying an additional 9,881 shares in the last quarter. 83.40% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods increased their price target on shares of Independent Bank from $77.00 to $82.00 and gave the stock a “market perform” rating in a research note on Thursday. StockNews.com downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Finally, Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target 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 given a hold rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $78.00.

Independent Bank Price Performance

Shares of INDB opened at $70.80 on Monday. The stock has a market cap of $3.01 billion, a PE ratio of 15.39 and a beta of 0.76. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank Corp. has a fifty-two week low of $45.11 and a fifty-two week high of $77.23. The firm’s 50-day simple moving average is $67.61 and its two-hundred day simple moving average is $60.18.

Independent Bank (NASDAQ:INDB) last announced 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 in the prior year, the company earned $1.38 earnings per share. Analysts anticipate that Independent Bank Corp. will post 4.5 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Shareholders 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 3.22%. The ex-dividend date was Monday, September 30th. Independent Bank’s dividend payout ratio (DPR) is presently 49.57%.

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.