Thrivent Financial for Lutherans Reduces Holdings in Independent Bank Corp. (NASDAQ:INDB)

Thrivent Financial for Lutherans cut its position in Independent Bank Corp. (NASDAQ:INDB) by 48.7% in the 4th quarter, according to 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 quarter. Thrivent Financial for Lutherans owned 0.08% of Independent Bank worth $2,160,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in INDB. Venturi Wealth Management LLC purchased a new position in Independent Bank in the 4th quarter valued at about $62,000. Smartleaf Asset Management LLC lifted its stake in shares of Independent Bank by 105.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock worth $68,000 after acquiring an additional 542 shares in the last quarter. KBC Group NV boosted its holdings in Independent Bank by 34.5% in the fourth quarter. KBC Group NV now owns 1,911 shares of the bank’s stock valued at $123,000 after purchasing an additional 490 shares during the last quarter. ST Germain D J Co. Inc. grew its stake in Independent Bank by 364.9% during the 4th quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock valued at $142,000 after purchasing an additional 1,737 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Independent Bank during the 3rd quarter worth approximately $222,000. 83.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Independent Bank Price Performance

Shares of NASDAQ INDB opened at $63.19 on Friday. 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 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 Corp. has a twelve month low of $45.11 and a twelve month high of $77.23. The business has a 50 day simple moving average of $66.40 and a 200-day simple moving average of $65.64.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data 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, equities research analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Increases Dividend

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

Insiders Place Their Bets

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total value of $44,819.20. Following the sale, the director now directly owns 12,516 shares of the company’s stock, valued at $876,495.48. This trade represents a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.87% of the stock is currently owned by corporate insiders.

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.