Independent Bank Corp. (NASDAQ:INDB) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans cut its position in Independent Bank Corp. (NASDAQ:INDB) by 8.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 65,596 shares of the bank’s stock after selling 6,393 shares during the quarter. Thrivent Financial for Lutherans owned 0.15% of Independent Bank worth $3,879,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Victory Capital Management Inc. grew its position in Independent Bank by 25.2% in the 2nd quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock valued at $86,283,000 after acquiring an additional 342,201 shares in the last quarter. Millennium Management LLC increased its stake in Independent Bank by 258.9% during the 2nd quarter. Millennium Management LLC now owns 299,234 shares of the bank’s stock worth $15,177,000 after buying an additional 215,860 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Independent Bank by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock worth $109,443,000 after buying an additional 186,680 shares in the last quarter. Great Lakes Advisors LLC purchased a new position in Independent Bank in the 2nd quarter valued at approximately $5,405,000. Finally, Rockland Trust Co. grew its stake in shares of 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 acquiring an additional 92,438 shares in the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Stock Up 2.6 %

Independent Bank stock opened at $73.98 on Monday. The stock’s fifty day moving average is $63.85 and its two-hundred day moving average is $58.01. The stock has a market cap of $3.14 billion, a PE ratio of 16.08 and a beta of 0.73. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $75.63. 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 (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 return on equity of 6.74% and a net margin of 20.26%. The firm had revenue of $250.07 million during the quarter, compared to analysts’ expectations of $173.24 million. During the same quarter in the previous year, the business earned $1.38 earnings per share. On average, sell-side analysts expect that Independent Bank Corp. will post 4.5 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were paid a dividend of $0.57 per share. The ex-dividend date was Monday, September 30th. This represents a $2.28 annualized dividend and a yield of 3.08%. Independent Bank’s dividend payout ratio is currently 49.57%.

Analyst Ratings Changes

A number of research analysts recently issued reports on INDB shares. Raymond James upgraded Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price for the company in a report on Monday, October 21st. Keefe, Bruyette & Woods lifted their price objective on Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a research note on Monday, October 21st. Finally, StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $69.50.

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.