Victory Capital Management Inc. Sells 137,604 Shares of Independent Bank Corp. (NASDAQ:INDB)

Victory Capital Management Inc. lowered its position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 13.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 902,090 shares of the bank's stock after selling 137,604 shares during the period. Victory Capital Management Inc. owned about 2.12% of Independent Bank worth $57,905,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

Several analysts recently weighed in on INDB shares. Keefe, Bruyette & Woods cut their price target on shares of Independent Bank from $82.00 to $80.00 and set a "market perform" rating on the stock in a report on Tuesday, January 21st. Raymond James reaffirmed a "strong-buy" rating and set a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Finally, StockNews.com lowered shares of Independent Bank from a "hold" rating to a "sell" rating in a report on Friday. One equities research 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 company. According to MarketBeat.com, Independent Bank currently has an average rating of "Moderate Buy" and an average target price of $79.00.

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Insider Transactions at Independent Bank

In related news, Director Donna L. Abelli sold 640 shares of the business's stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the transaction, the director now directly owns 12,516 shares in the company, valued at $876,495.48. The trade was a 4.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.87% of the company's stock.

Independent Bank Stock Down 2.1 %

Independent Bank stock traded down $1.31 on Monday, hitting $61.77. 18,674 shares of the stock traded hands, compared to its average volume of 248,445. Independent Bank Corp. has a 1 year low of $45.11 and a 1 year high of $77.23. The firm has a market cap of $2.63 billion, a P/E ratio of 13.62 and a beta of 0.77. 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 business's fifty day simple moving average is $66.43 and its 200 day simple moving average is $65.54.

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, beating 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, sell-side analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, December 30th were issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 3.69%. The ex-dividend date was Monday, December 30th. Independent Bank's dividend payout ratio (DPR) is 50.44%.

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.