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

Leeward Investments LLC MA decreased its stake in Independent Bank Corp. (NASDAQ:INDB) by 4.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 280,916 shares of the bank’s stock after selling 12,820 shares during the period. Independent Bank comprises about 0.9% of Leeward Investments LLC MA’s investment portfolio, making the stock its 29th biggest position. Leeward Investments LLC MA owned 0.66% of Independent Bank worth $17,665,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently made changes to their positions in INDB. GAMMA Investing LLC raised its position in shares of Independent Bank by 156.9% during the 1st quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock valued at $27,000 after buying an additional 262 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake 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 acquiring an additional 2,092 shares in the last quarter. Illinois Municipal Retirement Fund raised its stake 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 acquiring an additional 953 shares in the last quarter. KBC Group NV raised its stake 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 acquiring an additional 293 shares in the last quarter. Finally, New York State Teachers Retirement System raised its stake 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 acquiring an additional 1,121 shares in the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on INDB shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Independent Bank in a research note on Saturday. Keefe, Bruyette & Woods raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $80.00 to $83.00 in a research note on Tuesday, October 21st. Independent Research set a $83.00 target price on shares of Independent Bank in a research note on Tuesday. Zacks Research downgraded shares of Independent Bank from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 19th. Finally, Wall Street Zen raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Sunday, August 10th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Independent Bank currently has an average rating of “Moderate Buy” and an average target price of $76.75.

Independent Bank Stock Up 1.6%

Shares of Independent Bank stock opened at $69.20 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The company’s fifty day simple moving average is $69.61 and its two-hundred day simple moving average is $65.12. The company has a market cap of $3.45 billion, a P/E ratio of 16.84 and a beta of 0.85. Independent Bank Corp. has a 12-month low of $52.15 and a 12-month high of $77.23.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Wednesday, February 12th. The bank reported $1.01 earnings per share (EPS) for the quarter. The business had revenue of $175.25 million for the quarter. Independent Bank had a net margin of 16.64% and a return on equity of 7.19%. Research analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current 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 issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date was Monday, September 29th. Independent Bank’s payout ratio is 57.42%.

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.