Independent Bank Corp. (NASDAQ:INDB) Position Lowered by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC lowered its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 8.5% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,390 shares of the bank’s stock after selling 590 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Independent Bank were worth $378,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of INDB. Innealta Capital LLC bought a new position in Independent Bank in the second quarter worth about $73,000. Profund Advisors LLC bought a new stake in shares of Independent Bank in the 2nd quarter worth approximately $229,000. Los Angeles Capital Management LLC acquired a new position in Independent Bank during the 3rd quarter valued at approximately $257,000. Vanguard Personalized Indexing Management LLC increased its position in Independent Bank by 29.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock worth $273,000 after buying an additional 1,231 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. lifted its stake in Independent Bank by 59.0% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 5,737 shares of the bank’s stock valued at $291,000 after buying an additional 2,129 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on INDB. Keefe, Bruyette & Woods boosted 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. StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. Finally, Raymond James upgraded Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price on the stock in a research report on Monday, October 21st. One investment 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 stock. Based on data from MarketBeat, Independent Bank currently has an average rating of “Moderate Buy” and a consensus target price of $69.50.

Independent Bank Stock Performance

Shares of NASDAQ INDB opened at $72.99 on Thursday. The company has a market capitalization of $3.10 billion, a P/E ratio of 15.87 and a beta of 0.73. The business’s 50-day moving average price is $64.56 and its two-hundred day moving average price is $58.47. 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 $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. 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 during the quarter, compared to analysts’ expectations of $173.24 million. During the same period in the prior year, the company earned $1.38 earnings per share. Analysts anticipate that Independent Bank Corp. will post 4.5 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank’s dividend payout ratio (DPR) is currently 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.