BNP PARIBAS ASSET MANAGEMENT Holding S.A. Has $16.77 Million Holdings in Independent Bank Corp. (NASDAQ:INDB)

BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 11.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 283,661 shares of the bank’s stock after buying an additional 28,373 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. owned about 0.67% of Independent Bank worth $16,773,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of INDB. EntryPoint Capital LLC acquired a new stake in Independent Bank during the 1st quarter valued at $47,000. Innealta Capital LLC acquired a new position in shares of Independent Bank during the second quarter valued at $73,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Independent Bank in the third quarter valued at about $222,000. Los Angeles Capital Management LLC bought a new position in Independent Bank in the third quarter valued at about $257,000. Finally, Profund Advisors LLC bought a new stake in Independent Bank during the 2nd quarter worth about $229,000. Institutional investors own 83.40% of the company’s stock.

Wall Street Analyst Weigh In

INDB has been the topic of several recent research reports. Keefe, Bruyette & Woods raised their target price on shares of Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a research note on Monday, October 21st. Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price objective on the stock in a research note on Monday, October 21st. 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 research 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. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $69.50.

Independent Bank Stock Performance

Shares of INDB stock opened at $73.98 on Friday. The stock has a market cap of $3.14 billion, a PE ratio of 16.08 and a beta of 0.73. The stock has a 50-day moving average of $63.85 and a 200-day moving average of $57.95. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.95. Independent Bank Corp. has a one year low of $45.11 and a one year high of $75.63.

Independent Bank (NASDAQ:INDB) last posted its 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. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. The company had revenue of $250.07 million for the quarter, compared to analyst estimates of $173.24 million. During the same period last year, the business posted $1.38 earnings per share. As a group, sell-side analysts expect that Independent Bank Corp. will post 4.5 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were paid a $0.57 dividend. The ex-dividend date was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.08%. Independent Bank’s payout ratio is 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.