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

Leeward Investments LLC MA reduced its position in Independent Bank Corp. (NASDAQ:INDB) by 7.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 174,265 shares of the bank’s stock after selling 13,044 shares during the period. Leeward Investments LLC MA owned 0.41% of Independent Bank worth $11,186,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. BNP Paribas Financial Markets boosted its holdings in shares of Independent Bank by 106.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 25,077 shares of the bank’s stock valued at $1,483,000 after buying an additional 12,904 shares in the last quarter. Centiva Capital LP bought a new stake in shares of Independent Bank in the 3rd quarter valued at about $535,000. JPMorgan Chase & Co. boosted its holdings in shares of Independent Bank by 59.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank’s stock valued at $20,024,000 after buying an additional 126,791 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in shares of Independent Bank by 11.1% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 283,661 shares of the bank’s stock valued at $16,773,000 after buying an additional 28,373 shares in the last quarter. Finally, Entropy Technologies LP bought a new stake in shares of Independent Bank in the 3rd quarter valued at about $435,000. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Stock Down 2.3 %

INDB stock opened at $67.90 on Friday. The firm has a 50 day moving average of $66.49 and a 200 day moving average of $64.94. The stock has a market capitalization of $2.89 billion, a PE ratio of 15.02 and a beta of 0.77. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank Corp. has a 52 week low of $45.11 and a 52 week high of $77.23.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 EPS 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%. Sell-side analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on INDB. Keefe, Bruyette & Woods lowered their price target on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a report on Tuesday, January 21st. StockNews.com upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Finally, Raymond James reiterated a “strong-buy” rating and issued a $78.00 target price (up from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Two research analysts have rated the stock with a hold rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $79.00.

Insider Buying and Selling at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the sale, the director now directly owns 12,516 shares in the company, valued at approximately $876,495.48. The trade was a 4.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.87% of the company’s stock.

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.