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

Leeward Investments LLC MA reduced its position in Independent Bank Corp. (NASDAQ:INDB) by 2.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 266,073 shares of the bank’s stock after selling 7,317 shares during the quarter. Leeward Investments LLC MA owned about 0.55% of Independent Bank worth $20,011,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Salomon & Ludwin LLC grew its position in Independent Bank by 167.2% during the 4th quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock worth $27,000 after purchasing an additional 224 shares during the last quarter. Advisory Services Network LLC purchased a new position in shares of Independent Bank in the third quarter worth $32,000. EverSource Wealth Advisors LLC raised its holdings in shares of Independent Bank by 233.3% in the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock worth $35,000 after buying an additional 385 shares during the last quarter. Danske Bank A S acquired a new stake in shares of Independent Bank during the third quarter worth $42,000. Finally, First Horizon Corp lifted its stake in shares of Independent Bank by 47.8% during the fourth quarter. First Horizon Corp now owns 659 shares of the bank’s stock worth $48,000 after buying an additional 213 shares during the period. 83.40% of the stock is owned by institutional investors and hedge funds.

Independent Bank Price Performance

NASDAQ:INDB opened at $82.96 on Wednesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market cap of $4.01 billion, a price-to-earnings ratio of 16.46 and a beta of 0.77. 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 1-year low of $57.01 and a 1-year high of $87.00.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, April 16th. The bank reported $1.68 earnings per share (EPS) 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 prior year, the firm earned $1.06 earnings per share. Equities research analysts forecast that Independent Bank Corp. will post 7.33 EPS for the current year.

Independent Bank Dividend Announcement

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

Insider Buying and Selling at Independent Bank

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

Analyst Ratings Changes

Several research firms recently issued reports on INDB. Stephens assumed coverage on Independent Bank in a research report on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 target price on the stock. Weiss Ratings upgraded Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 8th. Piper Sandler started coverage on shares of Independent Bank in a report on Monday, March 16th. They issued a “neutral” rating and a $84.00 price target on the stock. Barclays raised their price target on shares of Independent Bank from $80.00 to $82.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 7th. Finally, Independent Research set a $95.00 price objective on shares of Independent Bank in a research note on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $90.71.

Independent Bank 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.