Leeward Investments LLC MA Sells 12,820 Shares of Independent Bank Corp. $INDB

Leeward Investments LLC MA decreased its position in Independent Bank Corp. (NASDAQ:INDB) by 4.4% during the second quarter, HoldingsChannel.com reports. The firm owned 280,916 shares of the bank’s stock after selling 12,820 shares during the quarter. Independent Bank makes up approximately 0.9% of Leeward Investments LLC MA’s holdings, making the stock its 29th largest holding. Leeward Investments LLC MA’s holdings in Independent Bank were worth $17,665,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Personalized Indexing Management LLC boosted its stake in Independent Bank by 2.9% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 7,862 shares of the bank’s stock worth $495,000 after purchasing an additional 218 shares in the last quarter. HighTower Advisors LLC boosted its stake in Independent Bank by 3.3% in the 1st quarter. HighTower Advisors LLC now owns 7,049 shares of the bank’s stock worth $442,000 after purchasing an additional 226 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Independent Bank by 3.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,616 shares of the bank’s stock worth $414,000 after purchasing an additional 232 shares in the last quarter. GAMMA Investing LLC boosted its stake in Independent Bank by 156.9% in the 1st quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock worth $27,000 after purchasing an additional 262 shares in the last quarter. Finally, KBC Group NV boosted its stake in Independent Bank by 15.3% in the 1st quarter. KBC Group NV now owns 2,204 shares of the bank’s stock worth $138,000 after purchasing an additional 293 shares in the last quarter. Institutional investors own 83.40% of the company’s stock.

Independent Bank Price Performance

NASDAQ INDB opened at $69.20 on Friday. The company has a 50-day moving average price of $69.61 and a 200-day moving average price of $65.12. The firm has a market capitalization of $3.45 billion, a P/E ratio of 16.84 and a beta of 0.85. Independent Bank Corp. has a 52 week low of $52.15 and a 52 week high of $77.23. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.22.

Independent Bank (NASDAQ:INDB) last released its earnings results on Wednesday, February 12th. The bank reported $1.01 earnings per share (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%. Equities research analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 7th. Investors of record on Monday, September 29th were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Monday, September 29th. Independent Bank’s dividend payout ratio is currently 57.42%.

Analyst Ratings Changes

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

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.