Leeward Investments LLC MA Reduces Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

Leeward Investments LLC MA lowered its position in Independent Bank Corp. (NASDAQ:INDB) by 28.6% in the 3rd quarter, Holdings Channel reports. The fund owned 187,309 shares of the bank’s stock after selling 74,975 shares during the quarter. Leeward Investments LLC MA’s holdings in Independent Bank were worth $11,076,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Quantbot Technologies LP purchased a new stake in shares of Independent Bank in the 1st quarter worth approximately $1,169,000. BNP Paribas Financial Markets raised its position in shares of Independent Bank by 89.8% in the 1st quarter. BNP Paribas Financial Markets now owns 23,769 shares of the bank’s stock worth $1,236,000 after purchasing an additional 11,244 shares during the last quarter. Edgestream Partners L.P. grew its position in Independent Bank by 462.0% during the 1st quarter. Edgestream Partners L.P. now owns 52,784 shares of the bank’s stock valued at $2,746,000 after purchasing an additional 43,391 shares during the last quarter. Virtu Financial LLC bought a new stake in Independent Bank during the 1st quarter valued at about $461,000. Finally, ProShare Advisors LLC raised its holdings in Independent Bank by 15.3% in the first quarter. ProShare Advisors LLC now owns 154,652 shares of the bank’s stock worth $8,045,000 after buying an additional 20,490 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Stock Up 15.4 %

INDB stock opened at $72.93 on Thursday. The business’s 50-day moving average is $61.17 and its two-hundred day moving average is $56.27. The company has a market cap of $3.10 billion, a price-to-earnings ratio of 15.85 and a beta of 0.73. Independent Bank Corp. has a fifty-two week low of $45.11 and a fifty-two week high of $73.28. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 0.95.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.02. Independent Bank had a net margin of 20.26% and a return on equity of 6.79%. The business had revenue of $250.07 million for the quarter, compared to the consensus estimate of $173.24 million. During the same period last year, the firm earned $1.38 earnings per share. As a group, analysts forecast that Independent Bank Corp. will post 4.5 earnings per share for the current year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were given a dividend of $0.57 per share. The ex-dividend date was Monday, September 30th. This represents a $2.28 annualized dividend and a dividend yield of 3.13%. Independent Bank’s payout ratio is 49.57%.

Analyst Upgrades and Downgrades

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

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.