Thrivent Financial for Lutherans Sells 31,941 Shares of Independent Bank Corp. (NASDAQ:INDB)

Thrivent Financial for Lutherans reduced its stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 48.7% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 33,655 shares of the bank's stock after selling 31,941 shares during the period. Thrivent Financial for Lutherans owned about 0.08% of Independent Bank worth $2,160,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Geode Capital Management LLC grew its holdings in Independent Bank by 0.9% during the third quarter. Geode Capital Management LLC now owns 1,017,400 shares of the bank's stock worth $60,170,000 after buying an additional 8,987 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Independent Bank by 4.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 544,948 shares of the bank's stock valued at $34,980,000 after purchasing an additional 21,289 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Independent Bank by 59.8% in the third quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank's stock valued at $20,024,000 after purchasing an additional 126,791 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Independent Bank by 2.9% during the fourth quarter. Principal Financial Group Inc. now owns 206,079 shares of the bank's stock valued at $13,228,000 after purchasing an additional 5,792 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its holdings in Independent Bank by 58.8% during the fourth quarter. Fisher Asset Management LLC now owns 188,385 shares of the bank's stock worth $12,092,000 after purchasing an additional 69,753 shares during the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

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Wall Street Analyst Weigh In

Several equities research analysts have commented on INDB shares. Raymond James reiterated a "strong-buy" rating and issued a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. 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 report on Tuesday, January 21st. Finally, StockNews.com upgraded Independent Bank from a "sell" rating to a "hold" rating in a report on Tuesday, March 25th.

Independent Bank Stock Performance

NASDAQ INDB traded up $0.40 during trading hours on Wednesday, reaching $62.88. 207,382 shares of the company were exchanged, compared to its average volume of 279,309. The stock has a market capitalization of $2.68 billion, a P/E ratio of 13.91 and a beta of 0.77. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank Corp. has a 1 year low of $45.11 and a 1 year high of $77.23. The business's 50 day simple moving average is $66.11 and its 200-day simple moving average is $65.74.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. On average, equities research analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Monday, March 31st will be paid a $0.59 dividend. The ex-dividend date of this dividend is Monday, March 31st. This is a positive change from Independent Bank's previous quarterly dividend of $0.57. This represents a $2.36 annualized dividend and a dividend yield of 3.75%. Independent Bank's payout ratio is presently 52.21%.

Insider Buying and Selling at Independent Bank

In related news, Director Donna L. Abelli sold 640 shares of the business's stock in a transaction dated 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 in the company, valued at approximately $876,495.48. The trade was a 4.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.87% of the company's stock.

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.