Independent Bank Corp. (NASDAQ:INDB) Shares Acquired by BNP PARIBAS ASSET MANAGEMENT Holding S.A.

BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in Independent Bank Corp. (NASDAQ:INDB) by 25.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 255,288 shares of the bank’s stock after purchasing an additional 51,126 shares during the quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. owned about 0.60% of Independent Bank worth $12,203,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Independent Bank by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 5,272,986 shares of the bank’s stock worth $347,015,000 after purchasing an additional 69,312 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Independent Bank by 10.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,753,697 shares of the bank’s stock worth $115,415,000 after purchasing an additional 164,254 shares during the period. Rockland Trust Co. lifted its holdings in Independent Bank by 14.3% in the second quarter. Rockland Trust Co. now owns 737,477 shares of the bank’s stock worth $37,405,000 after purchasing an additional 92,438 shares during the period. Goldman Sachs Group Inc. raised its position in Independent Bank by 5.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 509,236 shares of the bank’s stock worth $33,513,000 after acquiring an additional 25,664 shares in the last quarter. Finally, Norges Bank bought a new stake in Independent Bank in the fourth quarter worth about $32,784,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Price Performance

NASDAQ INDB opened at $63.31 on Friday. The stock’s 50-day moving average price is $56.87 and its two-hundred day moving average price is $52.82. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The company has a market cap of $2.69 billion, a PE ratio of 12.22 and a beta of 0.77. Independent Bank Corp. has a 1 year low of $44.63 and a 1 year high of $68.75.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, July 18th. The bank reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.10. The firm had revenue of $244.19 million for the quarter, compared to the consensus estimate of $169.07 million. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. During the same quarter in the previous year, the company earned $1.42 EPS. On average, analysts predict that Independent Bank Corp. will post 4.75 EPS for the current year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 8th. Shareholders of record on Monday, July 1st were paid a dividend of $0.57 per share. The ex-dividend date was Monday, July 1st. This represents a $2.28 annualized dividend and a yield of 3.60%. Independent Bank’s dividend payout ratio (DPR) is presently 44.02%.

Analyst Ratings Changes

INDB has been the topic of several research reports. StockNews.com upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Saturday, August 24th. Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 22nd.

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.