Leeward Investments LLC MA Cuts Stock Position in Independent Bank Corp. $INDB

Leeward Investments LLC MA cut its holdings in Independent Bank Corp. (NASDAQ:INDB) by 2.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 266,073 shares of the bank’s stock after selling 7,317 shares during the quarter. Leeward Investments LLC MA’s holdings in Independent Bank were worth $20,011,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in INDB. HighTower Advisors LLC lifted its holdings in Independent Bank by 242.9% during the third quarter. HighTower Advisors LLC now owns 23,406 shares of the bank’s stock valued at $1,619,000 after purchasing an additional 16,581 shares in the last quarter. Rockland Trust Co. increased its stake in shares of Independent Bank by 84.1% during the fourth quarter. Rockland Trust Co. now owns 1,261,622 shares of the bank’s stock worth $92,199,000 after purchasing an additional 576,183 shares in the last quarter. Foster Dykema Cabot & Partners LLC purchased a new stake in shares of Independent Bank during the third quarter worth about $5,511,000. Vanguard Group Inc. raised its position in shares of Independent Bank by 14.9% during the 3rd quarter. Vanguard Group Inc. now owns 5,943,817 shares of the bank’s stock worth $411,134,000 after purchasing an additional 769,086 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D acquired a new position in shares of Independent Bank during the 3rd quarter worth about $2,197,000. 83.40% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Joseph C. Lerner sold 2,832 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $77.31, for a total value of $218,941.92. Following the completion of the transaction, the director directly owned 16,215 shares in the company, valued at approximately $1,253,581.65. This represents a 14.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.60% of the company’s stock.

Independent Bank Price Performance

Independent Bank stock opened at $82.96 on Wednesday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The company has a 50-day moving average price of $79.05 and a 200 day moving average price of $78.22. Independent Bank Corp. has a 12-month low of $57.01 and a 12-month high of $87.00. The stock has a market cap of $4.01 billion, a P/E ratio of 16.46 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, April 16th. The bank reported $1.68 earnings per share for the quarter, missing the consensus estimate of $1.70 by ($0.02). Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. The firm had revenue of $252.72 million during the quarter, compared to analyst estimates of $251.45 million. During the same quarter in the previous year, the firm earned $1.06 earnings per share. Sell-side analysts anticipate that Independent Bank Corp. will post 7.33 earnings per share for the current year.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Monday, June 29th will be issued a $0.64 dividend. The ex-dividend date is Monday, June 29th. This represents a $2.56 dividend on an annualized basis and a yield of 3.1%. Independent Bank’s dividend payout ratio is currently 50.79%.

Analyst Ratings Changes

INDB has been the topic of several research analyst reports. Stephens began coverage on Independent Bank in a report on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 price objective on the stock. Weiss Ratings raised Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 8th. Barclays raised their target price on Independent Bank from $80.00 to $82.00 and gave the company an “underweight” rating in a research report on Tuesday, April 7th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $97.00 price target on shares of Independent Bank in a research note on Friday, April 17th. Finally, Keefe, Bruyette & Woods dropped their price target on Independent Bank from $96.00 to $94.00 and set an “outperform” rating for the company in a research report on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Independent Bank has an average rating of “Moderate Buy” and a consensus price target of $90.71.

Independent Bank Company Profile

Independent Bank Group, Inc (NASDAQ:INDB) is a bank holding company headquartered in McKinney, Texas, that provides a range of financial services through its wholly owned subsidiary, Independent Bank. Tracing its roots to the late 19th century, the company has grown from a single community bank into a regional financial institution serving individuals, small businesses and commercial clients. Independent Bank Group became a bank holding company in 1983 and expanded its footprint through organic growth and strategic acquisitions.

The company’s primary business activities encompass retail and commercial banking, including deposit products, consumer and business lending and credit services.