Thrivent Financial for Lutherans Sells 631 Shares of Independent Bank Corp. (NASDAQ:INDB)

Thrivent Financial for Lutherans decreased its holdings in shares of Independent Bank Corp. (NASDAQ:INDB – Get Rating) by 1.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 46,817 shares of the bank’s stock after selling 631 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Independent Bank were worth $3,953,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in INDB. Armstrong Advisory Group Inc. bought a new stake in Independent Bank during the 4th quarter valued at approximately $53,000. Standard Family Office LLC bought a new stake in shares of Independent Bank in the 3rd quarter worth approximately $66,000. Baldwin Brothers LLC MA bought a new stake in shares of Independent Bank in the 4th quarter worth approximately $80,000. FMR LLC lifted its position in shares of Independent Bank by 7.9% in the 2nd quarter. FMR LLC now owns 1,854 shares of the bank’s stock worth $147,000 after acquiring an additional 135 shares during the period. Finally, Point72 Hong Kong Ltd bought a new stake in shares of Independent Bank in the 2nd quarter worth approximately $166,000. Institutional investors own 81.28% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a research report on Friday, March 10th. TheStreet cut Independent Bank from a “b-” rating to a “c+” rating in a report on Wednesday, April 26th. Keefe, Bruyette & Woods dropped their target price on Independent Bank from $90.00 to $80.00 and set a “market perform” rating for the company in a report on Thursday, April 6th. Finally, Piper Sandler dropped their target price on Independent Bank from $83.00 to $72.00 in a report on Tuesday, March 14th.

Independent Bank Trading Up 0.7 %

Shares of INDB opened at $45.65 on Monday. The stock has a 50 day simple moving average of $61.76 and a 200-day simple moving average of $75.77. Independent Bank Corp. has a 1 year low of $44.56 and a 1 year high of $91.65. The stock has a market cap of $2.01 billion, a PE ratio of 7.69 and a beta of 0.80. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.35.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 6th. Investors of record on Monday, March 27th were issued a dividend of $0.55 per share. The ex-dividend date was Friday, March 24th. This represents a $2.20 dividend on an annualized basis and a yield of 4.82%. Independent Bank’s dividend payout ratio is 37.04%.

Insider Activity at Independent Bank

In related news, Director Scott Smith sold 1,300 shares of the firm’s stock in a transaction on Thursday, April 27th. The stock was sold at an average price of $55.83, for a total transaction of $72,579.00. Following the completion of the sale, the director now directly owns 2,695 shares of the company’s stock, valued at approximately $150,461.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CTO Barry H. Jensen acquired 1,000 shares of the firm’s stock in a transaction on Tuesday, May 2nd. The shares were purchased at an average cost of $50.66 per share, for a total transaction of $50,660.00. Following the transaction, the chief technology officer now owns 25,049 shares of the company’s stock, valued at $1,268,982.34. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Scott Smith sold 1,300 shares of the stock in a transaction on Thursday, April 27th. The shares were sold at an average price of $55.83, for a total value of $72,579.00. Following the completion of the transaction, the director now owns 2,695 shares in the company, valued at $150,461.85. The disclosure for this sale can be found here. Insiders acquired 4,069 shares of company stock valued at $207,131 in the last three months. Corporate insiders own 0.87% of the company’s stock.

Independent Bank Company Profile

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Independent Bank Corp. operates as a bank holding company. The company provides commercial banking, retail banking, and wealth management services and is engaged in the sale of retail investments and insurance products in Massachusetts. It offers deposit products, including demand deposits, interest checking, money market accounts, savings accounts, and time certificates of deposit.