Independent Bank Corp. $INDB Stock Sold by Leeward Investments LLC MA

Leeward Investments LLC MA lowered its holdings in Independent Bank Corp. (NASDAQ:INDB) by 5.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 245,922 shares of the bank’s stock after selling 14,423 shares during the period. Leeward Investments LLC MA’s holdings in Independent Bank were worth $19,096,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of INDB. Isthmus Partners LLC increased its position in shares of Independent Bank by 0.3% during the 3rd quarter. Isthmus Partners LLC now owns 42,190 shares of the bank’s stock valued at $3,276,000 after purchasing an additional 130 shares during the last quarter. 55 North Private Wealth LLC boosted its holdings in shares of Independent Bank by 4.8% in the 3rd quarter. 55 North Private Wealth LLC now owns 2,878 shares of the bank’s stock worth $223,000 after buying an additional 133 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Independent Bank by 15.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,270 shares of the bank’s stock worth $99,000 after buying an additional 168 shares during the last quarter. Squarepoint Ops LLC purchased a new position in shares of Independent Bank in the 2nd quarter worth about $1,461,000. Finally, Waverly Advisors LLC bought a new position in Independent Bank during the second quarter valued at about $217,000. Institutional investors own 83.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Keefe, Bruyette & Woods decreased their price objective on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a report on Monday, July 20th. Piper Sandler raised shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 2nd. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Independent Bank in a research note on Wednesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $91.86.

Insiders Place Their Bets

In related news, Director Thomas R. Venables sold 3,750 shares of Independent Bank stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total value of $311,250.00. Following the completion of the sale, the director owned 17,649 shares of the company’s stock, valued at approximately $1,464,867. This trade represents a 17.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Gerard F. Nadeau sold 5,307 shares of Independent Bank stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $84.69, for a total value of $449,449.83. Following the completion of the sale, the director directly owned 16,907 shares of the company’s stock, valued at approximately $1,431,853.83. This trade represents a 23.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is owned by corporate insiders.

Independent Bank Price Performance

Independent Bank stock opened at $83.72 on Monday. The business’s 50 day simple moving average is $81.16 and its 200 day simple moving average is $81.31. Independent Bank Corp. has a 12 month low of $65.44 and a 12 month high of $87.50. The company has a market cap of $3.97 billion, a price-to-earnings ratio of 12.40 and a beta of 0.78. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.18.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, October 15th. The bank reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.05. Independent Bank had a return on equity of 9.61% and a net margin of 24.27%. The business had revenue of $261.95 million during the quarter, compared to the consensus estimate of $261.27 million. Sell-side analysts forecast that Independent Bank Corp. will post 7.25 EPS for the current year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Monday, September 28th were given a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Monday, September 28th. Independent Bank’s dividend payout ratio is currently 37.93%.

Independent Bank Profile

Independent Bank Corp. is the bank holding company for Rockland Trust Company, a full-service community bank headquartered in Rockland, Massachusetts. Through Rockland Trust, the company provides banking and financial services to individuals, families, businesses, municipalities and nonprofit organizations.

Its offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, cash-management and treasury services, online and mobile banking, and wealth management.