Victory Capital Management Inc. Has $61.48 Million Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Victory Capital Management Inc. lowered its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 38.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,039,694 shares of the bank’s stock after selling 661,462 shares during the quarter. Victory Capital Management Inc. owned 2.45% of Independent Bank worth $61,477,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. EntryPoint Capital LLC bought a new position in Independent Bank in the first quarter valued at approximately $47,000. Innealta Capital LLC bought a new stake in Independent Bank in the 2nd quarter valued at $73,000. Profund Advisors LLC acquired a new position in Independent Bank in the 2nd quarter worth $229,000. Los Angeles Capital Management LLC bought a new position in Independent Bank during the 3rd quarter worth about $257,000. Finally, Vanguard Personalized Indexing Management LLC raised its stake in shares of Independent Bank by 29.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock valued at $273,000 after purchasing an additional 1,231 shares during the period. Institutional investors own 83.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on INDB shares. Raymond James upgraded Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price objective for the company in a report on Monday, October 21st. Seaport Res Ptn raised shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 22nd. Keefe, Bruyette & Woods boosted their price objective on shares of Independent Bank from $62.00 to $65.00 and gave the stock a “market perform” rating in a research report on Monday, October 21st. Finally, StockNews.com downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $69.50.

Independent Bank Stock Down 1.3 %

INDB stock opened at $71.89 on Friday. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $75.63. The company has a market cap of $3.05 billion, a price-to-earnings ratio of 15.61 and a beta of 0.73. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. The business has a 50 day moving average price of $62.17 and a two-hundred day moving average price of $56.99.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.02. The business had revenue of $250.07 million for the quarter, compared to the consensus estimate of $173.24 million. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. During the same period in the previous year, the company earned $1.38 earnings per share. Analysts anticipate that Independent Bank Corp. will post 4.5 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were paid a $0.57 dividend. The ex-dividend date was Monday, September 30th. This represents a $2.28 annualized dividend and a yield of 3.17%. Independent Bank’s dividend payout ratio (DPR) is currently 49.57%.

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.