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

Leeward Investments LLC MA trimmed its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 7.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 174,265 shares of the bank’s stock after selling 13,044 shares during the quarter. Leeward Investments LLC MA’s holdings in Independent Bank were worth $11,186,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its holdings in Independent Bank by 5.7% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 24,552 shares of the bank’s stock worth $1,452,000 after acquiring an additional 1,316 shares in the last quarter. GHP Investment Advisors Inc. increased its holdings in Independent Bank by 2.3% in the 3rd quarter. GHP Investment Advisors Inc. now owns 32,222 shares of the bank’s stock worth $1,905,000 after acquiring an additional 713 shares in the last quarter. US Bancorp DE increased its holdings in Independent Bank by 45.1% in the 3rd quarter. US Bancorp DE now owns 10,001 shares of the bank’s stock worth $591,000 after acquiring an additional 3,107 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in Independent Bank in the 3rd quarter worth $257,000. Finally, Entropy Technologies LP purchased a new stake in Independent Bank in the 3rd quarter worth $435,000. 83.40% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the company’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the transaction, the director now owns 12,516 shares of the company’s stock, valued at $876,495.48. This represents a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.87% of the stock is currently owned by corporate insiders.

Independent Bank Trading Down 2.3 %

Shares of INDB stock opened at $67.90 on Friday. The company’s 50-day moving average price is $66.49 and its 200-day moving average price is $64.94. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The stock has a market cap of $2.89 billion, a price-to-earnings ratio of 15.02 and a beta of 0.77. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $77.23.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. As a group, equities analysts predict that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Monday, December 30th were given a dividend of $0.57 per share. The ex-dividend date was Monday, December 30th. This represents a $2.28 annualized dividend and a dividend yield of 3.36%. Independent Bank’s payout ratio is 50.44%.

Analysts Set New Price Targets

Several brokerages recently commented on INDB. StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Raymond James reaffirmed a “strong-buy” rating and set a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a report on Tuesday, January 21st. Two analysts have rated the stock with a hold rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $79.00.

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.