Geode Capital Management LLC Purchases 8,987 Shares of Independent Bank Corp. (NASDAQ:INDB)

Geode Capital Management LLC grew its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 0.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,017,400 shares of the bank’s stock after acquiring an additional 8,987 shares during the period. Geode Capital Management LLC owned about 2.39% of Independent Bank worth $60,170,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Louisiana State Employees Retirement System lifted its holdings in Independent Bank by 0.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 21,400 shares of the bank’s stock worth $1,085,000 after buying an additional 200 shares during the period. Innealta Capital LLC purchased a new stake in Independent Bank in the second quarter worth $73,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in Independent Bank by 25.0% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 255,288 shares of the bank’s stock valued at $12,203,000 after acquiring an additional 51,126 shares in the last quarter. Commonwealth Equity Services LLC increased its position in Independent Bank by 9.7% during the 2nd quarter. Commonwealth Equity Services LLC now owns 55,715 shares of the bank’s stock valued at $2,826,000 after purchasing an additional 4,938 shares during the period. Finally, Stablepoint Partners LLC raised its holdings in Independent Bank by 7.2% in the 2nd quarter. Stablepoint Partners LLC now owns 22,750 shares of the bank’s stock worth $1,154,000 after purchasing an additional 1,537 shares in the last quarter. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Raymond James upgraded shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target on the stock in a research report on Monday, October 21st. StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. Finally, Keefe, Bruyette & Woods lifted their price target on 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 analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $78.00.

Independent Bank Price Performance

Shares of 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 firm’s 50-day simple moving average is $68.56 and its two-hundred day simple moving average is $60.72. The stock has a market cap of $2.81 billion, a PE ratio of 14.35 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 (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.02. The company had revenue of $250.07 million for the quarter, compared to the consensus estimate of $173.24 million. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. During the same quarter in the prior year, the business posted $1.38 EPS. Analysts anticipate that Independent Bank Corp. will post 4.5 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Stockholders 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 of this dividend is Monday, December 30th. Independent Bank’s dividend payout ratio is presently 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.