Barclays PLC Acquires 40,697 Shares of Independent Bank Corp. (NASDAQ:INDB)

Barclays PLC grew its holdings in Independent Bank Corp. (NASDAQ:INDB) by 75.0% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 94,976 shares of the bank’s stock after purchasing an additional 40,697 shares during the quarter. Barclays PLC owned approximately 0.22% of Independent Bank worth $5,616,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of INDB. Dimensional Fund Advisors LP increased its holdings in Independent Bank by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock valued at $109,443,000 after buying an additional 186,680 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Independent Bank by 25.2% in the 2nd quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock valued at $86,283,000 after acquiring an additional 342,201 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Independent Bank by 4.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 523,659 shares of the bank’s stock worth $30,964,000 after acquiring an additional 22,919 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Independent Bank by 258.9% during the 2nd quarter. Millennium Management LLC now owns 299,234 shares of the bank’s stock worth $15,177,000 after purchasing an additional 215,860 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in Independent Bank by 11.1% during the third 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 own 83.40% of the company’s stock.

Independent Bank Price Performance

Shares of NASDAQ INDB opened at $66.02 on Friday. Independent Bank Corp. has a fifty-two week low of $45.11 and a fifty-two week high of $77.23. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.95 and a current ratio of 0.95. The company has a market cap of $2.81 billion, a PE ratio of 14.35 and a beta of 0.76. The business has a 50-day simple moving average of $68.56 and a two-hundred day simple moving average of $60.65.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.02. The company had revenue of $250.07 million during 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 period last year, the business earned $1.38 EPS. As a group, equities analysts expect that Independent Bank Corp. will post 4.5 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Monday, December 30th will be given a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 3.45%. The ex-dividend date is Monday, December 30th. Independent Bank’s payout ratio is 49.57%.

Analyst Ratings Changes

A number of brokerages have commented on INDB. 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 report on Monday, October 21st. Keefe, Bruyette & Woods boosted their price objective 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, December 12th. Finally, StockNews.com cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. 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 data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.00.

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.