Independent Bank Corp. (NASDAQ:INDB) Shares Purchased by Leeward Investments LLC MA

Leeward Investments LLC MA raised its stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 68.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 293,736 shares of the bank's stock after acquiring an additional 119,471 shares during the quarter. Independent Bank makes up 1.0% of Leeward Investments LLC MA's portfolio, making the stock its 25th biggest holding. Leeward Investments LLC MA owned approximately 0.69% of Independent Bank worth $18,403,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC increased its position in Independent Bank by 156.9% during 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. Smartleaf Asset Management LLC boosted its stake in shares of Independent Bank by 105.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank's stock worth $68,000 after purchasing an additional 542 shares during the last quarter. Sterling Capital Management LLC grew its holdings in shares of Independent Bank by 810.2% during the fourth quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank's stock worth $86,000 after buying an additional 1,191 shares in the last quarter. KBC Group NV raised its position in shares of Independent Bank by 15.3% in the first quarter. KBC Group NV now owns 2,204 shares of the bank's stock valued at $138,000 after buying an additional 293 shares during the last quarter. Finally, Cibc World Markets Corp purchased a new position in shares of Independent Bank during the fourth quarter valued at approximately $255,000. 83.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

INDB has been the subject of several recent analyst reports. Keefe, Bruyette & Woods lowered their target price on shares of Independent Bank from $80.00 to $72.00 and set a "market perform" rating for the company in a research note on Monday, April 21st. Wall Street Zen downgraded Independent Bank from a "hold" rating to a "sell" rating in a research report on Saturday, April 26th. Finally, Piper Sandler lowered their price objective on Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Independent Bank presently has an average rating of "Moderate Buy" and an average price target of $71.00.

Independent Bank Trading Up 1.2%

Shares of NASDAQ INDB traded up $0.80 on Friday, reaching $66.95. 483,211 shares of the company traded hands, compared to its average volume of 298,013. Independent Bank Corp. has a fifty-two week low of $47.43 and a fifty-two week high of $77.23. The company has a 50 day moving average of $62.72 and a 200 day moving average of $63.35. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $2.85 billion, a PE ratio of 15.08 and a beta of 0.84.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its quarterly earnings data on Thursday, April 17th. The bank reported $1.06 EPS for the quarter, missing analysts' consensus estimates of $1.18 by ($0.12). The company had revenue of $178.04 million for the quarter, compared to analyst estimates of $175.03 million. Independent Bank had a net margin of 19.12% and a return on equity of 6.41%. On average, equities research analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 7th. Shareholders of record on Monday, June 30th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.36 annualized dividend and a yield of 3.53%. Independent Bank's dividend payout ratio is presently 53.15%.

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.