Crestwood Advisors Group LLC Boosts Position in Independent Bank Corp. (NASDAQ:INDB)

Crestwood Advisors Group LLC increased its stake in Independent Bank Corp. (NASDAQ:INDB) by 5.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 99,981 shares of the bank’s stock after buying an additional 5,000 shares during the period. Crestwood Advisors Group LLC owned 0.23% of Independent Bank worth $6,580,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in INDB. Citigroup Inc. grew its holdings in Independent Bank by 12.0% during the 1st quarter. Citigroup Inc. now owns 41,709 shares of the bank’s stock worth $3,407,000 after acquiring an additional 4,461 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Independent Bank by 65.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,399 shares of the bank’s stock worth $522,000 after acquiring an additional 2,534 shares in the last quarter. Bank of Montreal Can grew its holdings in Independent Bank by 1.3% during the 1st quarter. Bank of Montreal Can now owns 13,404 shares of the bank’s stock worth $1,141,000 after acquiring an additional 172 shares in the last quarter. MetLife Investment Management LLC grew its holdings in Independent Bank by 54.9% during the 1st quarter. MetLife Investment Management LLC now owns 24,416 shares of the bank’s stock worth $1,995,000 after acquiring an additional 8,651 shares in the last quarter. Finally, Rhumbline Advisers boosted its holdings in shares of Independent Bank by 13.4% in the 1st quarter. Rhumbline Advisers now owns 159,365 shares of the bank’s stock valued at $13,019,000 after buying an additional 18,854 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Stock Performance

INDB stock traded up $0.43 during trading on Friday, reaching $48.64. The company had a trading volume of 306,074 shares, compared to its average volume of 298,163. The firm has a 50-day simple moving average of $51.35 and a 200-day simple moving average of $54.81. The company has a market cap of $2.06 billion, a price-to-earnings ratio of 8.97 and a beta of 0.83. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.97 and a current ratio of 0.97. Independent Bank Corp. has a twelve month low of $43.28 and a twelve month high of $68.75.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, January 18th. The bank reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Independent Bank had a net margin of 26.02% and a return on equity of 8.35%. The company had revenue of $177.16 million during the quarter, compared to analyst estimates of $176.75 million. As a group, sell-side analysts expect that Independent Bank Corp. will post 4.58 earnings per share for the current year.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Monday, April 1st were given a dividend of $0.57 per share. The ex-dividend date of this dividend was Thursday, March 28th. This is a positive change from Independent Bank’s previous quarterly dividend of $0.55. This represents a $2.28 dividend on an annualized basis and a yield of 4.69%. Independent Bank’s dividend payout ratio (DPR) is currently 42.07%.

Analyst Ratings Changes

A number of research firms have recently weighed in on INDB. TheStreet cut shares of Independent Bank from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th. Keefe, Bruyette & Woods lowered their price target on shares of Independent Bank from $66.00 to $64.00 and set a “market perform” rating on the stock in a report on Monday, January 22nd.

Insiders Place Their Bets

In other Independent Bank news, Director Donna L. Abelli sold 800 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $52.83, for a total transaction of $42,264.00. Following the completion of the transaction, the director now directly owns 11,640 shares of the company’s stock, valued at approximately $614,941.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.87% of the stock is currently owned by insiders.

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.