Independent Bank Corp. (NASDAQ:INDB) Stake Decreased by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans cut its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 48.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 33,655 shares of the bank’s stock after selling 31,941 shares during the period. Thrivent Financial for Lutherans’ holdings in Independent Bank were worth $2,160,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its stake in Independent Bank by 59.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank’s stock valued at $20,024,000 after acquiring an additional 126,791 shares in the last quarter. Verition Fund Management LLC increased its holdings in shares of Independent Bank by 1,697.7% during the third quarter. Verition Fund Management LLC now owns 132,435 shares of the bank’s stock valued at $7,831,000 after purchasing an additional 125,068 shares during the period. Hotchkis & Wiley Capital Management LLC bought a new stake in shares of Independent Bank during the third quarter valued at about $5,802,000. New York State Common Retirement Fund lifted its holdings in Independent Bank by 681.3% in the fourth quarter. New York State Common Retirement Fund now owns 101,431 shares of the bank’s stock worth $6,511,000 after purchasing an additional 88,448 shares during the period. Finally, Assenagon Asset Management S.A. bought a new position in Independent Bank in the 4th quarter valued at about $5,586,000. 83.40% of the stock is owned by institutional investors.

Independent Bank Price Performance

Shares of NASDAQ INDB opened at $63.19 on Friday. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $77.23. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The firm has a 50-day moving average of $66.40 and a two-hundred day moving average of $65.64. The company has a market capitalization of $2.69 billion, a price-to-earnings ratio of 13.98 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. As a group, analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Monday, March 31st will be given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date is Monday, March 31st. This is an increase from Independent Bank’s previous quarterly dividend of $0.57. Independent Bank’s dividend payout ratio is 52.21%.

Insider Transactions at Independent Bank

In other news, Director Donna L. Abelli sold 640 shares of the company’s stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the sale, the director now directly owns 12,516 shares of the company’s stock, valued at $876,495.48. This represents a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.87% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on INDB shares. Raymond James reaffirmed a “strong-buy” rating and issued a $78.00 price target (up from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a research report on Tuesday. Finally, Keefe, Bruyette & Woods decreased their price target on Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a research note on Tuesday, January 21st.

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.