Independent Bank Corp. (NASDAQ:INDB) Shares Purchased by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 0.3% in the third quarter, HoldingsChannel reports. The fund owned 83,048 shares of the bank’s stock after buying an additional 285 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Independent Bank were worth $4,911,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. BNP Paribas Financial Markets increased its stake in Independent Bank by 106.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 25,077 shares of the bank’s stock valued at $1,483,000 after buying an additional 12,904 shares during the period. Eastern Bank raised its holdings in Independent Bank by 454.7% during the third quarter. Eastern Bank now owns 23,237 shares of the bank’s stock worth $1,374,000 after purchasing an additional 19,048 shares in the last quarter. Hennessy Advisors Inc. lifted its position in Independent Bank by 20.7% in the second quarter. Hennessy Advisors Inc. now owns 35,000 shares of the bank’s stock worth $1,775,000 after purchasing an additional 6,000 shares during the period. Great Lakes Advisors LLC bought a new position in Independent Bank during the 2nd quarter valued at $5,405,000. Finally, SG Americas Securities LLC increased its position in shares of Independent Bank by 186.3% during the 2nd quarter. SG Americas Securities LLC now owns 15,186 shares of the bank’s stock valued at $770,000 after purchasing an additional 9,881 shares during the period. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Stock Performance

INDB opened at $71.39 on Thursday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. The firm has a market cap of $3.03 billion, a PE ratio of 15.52 and a beta of 0.76. The business has a fifty day simple moving average of $67.06 and a 200-day simple moving average of $59.82. Independent Bank Corp. has a fifty-two week low of $45.11 and a fifty-two week high of $77.23.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, topping 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 return on equity of 6.74% and a net margin of 20.26%. During the same quarter last year, the business posted $1.38 EPS. As a group, equities analysts predict that Independent Bank Corp. will post 4.5 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were issued a dividend of $0.57 per share. The ex-dividend date was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.19%. Independent Bank’s dividend payout ratio is currently 49.57%.

Analysts Set New Price Targets

INDB has been the subject of several research analyst reports. Keefe, Bruyette & Woods upped their price objective on Independent Bank from $65.00 to $77.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. StockNews.com downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. Finally, 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. 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. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $75.50.

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.