Mutual of America Capital Management LLC Sells 713 Shares of Independent Bank Corp. $INDB

Mutual of America Capital Management LLC lowered its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 11.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 5,475 shares of the bank’s stock after selling 713 shares during the period. Mutual of America Capital Management LLC’s holdings in Independent Bank were worth $344,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. GAMMA Investing LLC increased its position in shares of Independent Bank by 156.9% during the first quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock worth $27,000 after buying an additional 262 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in shares of Independent Bank by 9.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 25,359 shares of the bank’s stock worth $1,589,000 after buying an additional 2,092 shares during the period. Illinois Municipal Retirement Fund increased its position in shares of Independent Bank by 4.2% during the first quarter. Illinois Municipal Retirement Fund now owns 23,867 shares of the bank’s stock worth $1,495,000 after buying an additional 953 shares during the period. KBC Group NV increased its position in shares of Independent Bank by 15.3% during the first quarter. KBC Group NV now owns 2,204 shares of the bank’s stock worth $138,000 after buying an additional 293 shares during the period. Finally, New York State Teachers Retirement System increased its position in shares of Independent Bank by 3.2% during the first quarter. New York State Teachers Retirement System now owns 35,706 shares of the bank’s stock worth $2,237,000 after buying an additional 1,121 shares during the period. Institutional investors own 83.40% of the company’s stock.

Independent Bank Trading Down 0.0%

NASDAQ:INDB opened at $68.29 on Wednesday. The stock has a market capitalization of $3.41 billion, a price-to-earnings ratio of 16.62 and a beta of 0.85. The firm has a fifty day simple moving average of $69.67 and a two-hundred day simple moving average of $65.33. Independent Bank Corp. has a 12 month low of $52.15 and a 12 month high of $77.23. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Wednesday, February 12th. The bank reported $1.01 EPS for the quarter. The company had revenue of $175.25 million during the quarter. Independent Bank had a net margin of 16.64% and a return on equity of 7.19%. Analysts expect that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 7th. Stockholders of record on Monday, September 29th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, September 29th. This represents a $2.36 annualized dividend and a dividend yield of 3.5%. Independent Bank’s payout ratio is presently 57.42%.

Analysts Set New Price Targets

Several research firms have recently weighed in on INDB. Wall Street Zen upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Sunday, August 10th. Keefe, Bruyette & Woods upgraded shares of Independent Bank from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $80.00 to $83.00 in a research report on Tuesday, October 21st. Independent Research set a $83.00 price objective on shares of Independent Bank in a research report on Tuesday, October 21st. Weiss Ratings restated a “hold (c+)” rating on shares of Independent Bank in a report on Wednesday, October 8th. Finally, Zacks Research cut shares of Independent Bank from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $76.75.

Independent Bank 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.