Independent Bank Corp. (NASDAQ:INDB) Shares Bought by Barclays PLC

Barclays PLC raised its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 75.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 94,976 shares of the bank’s stock after acquiring an additional 40,697 shares during the period. Barclays PLC’s holdings in Independent Bank were worth $5,616,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Innealta Capital LLC purchased a new position in shares of Independent Bank during the second quarter worth $73,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Independent Bank during the 3rd quarter valued at about $222,000. Los Angeles Capital Management LLC acquired a new position in shares of Independent Bank in the 3rd quarter valued at about $257,000. Profund Advisors LLC purchased a new stake in shares of Independent Bank in the second quarter worth about $229,000. Finally, Vanguard Personalized Indexing Management LLC grew its holdings in Independent Bank by 29.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock worth $273,000 after acquiring an additional 1,231 shares during the period. 83.40% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on INDB. StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. 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. Finally, Keefe, Bruyette & Woods raised their price target on shares of Independent Bank from $77.00 to $82.00 and gave the company a “market perform” rating in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, one has assigned 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 Stock Up 0.8 %

Shares of INDB opened at $66.02 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22. The firm has a market cap of $2.81 billion, a P/E ratio of 14.35 and a beta of 0.76. The stock’s 50 day moving average is $68.56 and its two-hundred day moving average is $60.65. 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 results on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. The firm 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. Analysts predict that Independent Bank Corp. will post 4.5 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Monday, December 30th will be paid a dividend of $0.57 per share. The ex-dividend date of this dividend is Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.45%. Independent Bank’s dividend payout ratio is currently 49.57%.

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.