Thrivent Financial For Lutherans lifted its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 6.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 16,340 shares of the bank’s stock after purchasing an additional 990 shares during the quarter. Thrivent Financial For Lutherans owned about 0.06% of Independent Bank Corp. worth $1,089,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in INDB. BlackRock Inc. grew its holdings in shares of Independent Bank Corp. by 49,979.6% during the 1st quarter. BlackRock Inc. now owns 3,281,718 shares of the bank’s stock worth $213,310,000 after purchasing an additional 3,275,165 shares during the period. State Street Corp grew its holdings in shares of Independent Bank Corp. by 15.2% during the 1st quarter. State Street Corp now owns 841,085 shares of the bank’s stock worth $54,681,000 after purchasing an additional 111,161 shares during the period. Vanguard Group Inc. grew its holdings in shares of Independent Bank Corp. by 4.3% during the 1st quarter. Vanguard Group Inc. now owns 2,362,266 shares of the bank’s stock worth $153,548,000 after purchasing an additional 96,358 shares during the period. Denver Investment Advisors LLC grew its holdings in shares of Independent Bank Corp. by 48.2% during the 2nd quarter. Denver Investment Advisors LLC now owns 279,749 shares of the bank’s stock worth $18,645,000 after purchasing an additional 90,999 shares during the period. Finally, Bank of America Corp DE grew its holdings in shares of Independent Bank Corp. by 112.5% during the 1st quarter. Bank of America Corp DE now owns 81,648 shares of the bank’s stock worth $5,308,000 after purchasing an additional 43,224 shares during the period. Institutional investors and hedge funds own 76.45% of the company’s stock.

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In other Independent Bank Corp. news, insider Christopher Oddleifson sold 1,750 shares of the company’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $72.02, for a total transaction of $126,035.00. Following the completion of the sale, the insider now directly owns 92,143 shares in the company, valued at $6,636,138.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Gerard F. Nadeau sold 5,193 shares of the company’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $71.75, for a total value of $372,597.75. The disclosure for this sale can be found here. Insiders have sold 8,443 shares of company stock valued at $607,108 over the last 90 days. 2.67% of the stock is currently owned by insiders.

Independent Bank Corp. (NASDAQ INDB) opened at 74.85 on Friday. Independent Bank Corp. has a one year low of $47.50 and a one year high of $76.30. The company’s 50-day moving average price is $70.70 and its 200-day moving average price is $66.61. The stock has a market capitalization of $2.05 billion, a PE ratio of 25.45 and a beta of 1.01.

Independent Bank Corp. (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, July 20th. The bank reported $0.82 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.01. The company had revenue of $85.15 million during the quarter, compared to analyst estimates of $85.20 million. Independent Bank Corp. had a return on equity of 9.70% and a net margin of 23.17%. During the same period in the prior year, the firm posted $0.78 earnings per share. Equities research analysts predict that Independent Bank Corp. will post $3.35 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, October 6th. Shareholders of record on Monday, September 25th will be paid a dividend of $0.32 per share. The ex-dividend date is Friday, September 22nd. This represents a $1.28 annualized dividend and a yield of 1.71%. Independent Bank Corp.’s dividend payout ratio is presently 43.69%.

A number of research firms have recently weighed in on INDB. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $73.00 price target on shares of Independent Bank Corp. in a report on Tuesday. Zacks Investment Research cut Independent Bank Corp. from a “buy” rating to a “hold” rating in a report on Thursday, August 24th. BidaskClub cut Independent Bank Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Finally, Compass Point upgraded Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 price target for the company in a report on Friday, July 21st. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $72.00.

Independent Bank Corp. Profile

Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.

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Institutional Ownership by Quarter for Independent Bank Corp. (NASDAQ:INDB)

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