Mutual of America Capital Management LLC Sells 590 Shares of Independent Bank Corp. (NASDAQ:INDB)

Mutual of America Capital Management LLC decreased its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 8.5% during the 3rd quarter, Holdings Channel reports. 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Innealta Capital LLC bought a new position in Independent Bank in the second quarter valued at approximately $73,000. Profund Advisors LLC acquired a new stake in shares of Independent Bank during the second quarter valued at about $229,000. Los Angeles Capital Management LLC acquired a new position in Independent Bank in the 3rd quarter valued at approximately $257,000. Vanguard Personalized Indexing Management LLC raised its position in Independent Bank by 29.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock worth $273,000 after purchasing an additional 1,231 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. raised its holdings in Independent Bank by 59.0% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 5,737 shares of the bank’s stock worth $291,000 after purchasing an additional 2,129 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Analyst Ratings Changes

INDB has been the topic of several research analyst reports. Keefe, Bruyette & Woods increased their target price on shares of Independent Bank from $62.00 to $65.00 and gave the stock a “market perform” rating in a research note on Monday, October 21st. StockNews.com lowered 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 target price on the stock in a research report on Monday, October 21st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $69.50.

Independent Bank Price Performance

Shares of Independent Bank stock opened at $72.99 on Thursday. The firm has a market capitalization of $3.10 billion, a PE ratio of 15.87 and a beta of 0.73. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22. Independent Bank Corp. has a 12 month low of $45.11 and a 12 month high of $77.23. The business’s 50-day moving average price is $64.56 and its 200-day moving average price is $58.47.

Independent Bank (NASDAQ:INDB) last announced 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 return on equity of 6.74% and a net margin of 20.26%. The company had revenue of $250.07 million for the quarter, compared to the consensus estimate of $173.24 million. During the same quarter in the previous year, the business earned $1.38 EPS. Sell-side analysts forecast that Independent Bank Corp. will post 4.5 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were paid a dividend of $0.57 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.12%. Independent Bank’s dividend payout ratio is currently 49.57%.

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.