Crestwood Advisors Group LLC Has $6.20 Million Stake in Independent Bank Corp. (NASDAQ:INDB)

Crestwood Advisors Group LLC lessened its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 3.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,577 shares of the bank’s stock after selling 3,425 shares during the quarter. Crestwood Advisors Group LLC’s holdings in Independent Bank were worth $6,199,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in INDB. BNP Paribas Financial Markets boosted its holdings in Independent Bank by 106.0% in the third quarter. BNP Paribas Financial Markets now owns 25,077 shares of the bank’s stock worth $1,483,000 after acquiring an additional 12,904 shares in the last quarter. Centiva Capital LP bought a new position in shares of Independent Bank in the 3rd quarter worth $535,000. JPMorgan Chase & Co. grew its position in 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 purchasing an additional 126,791 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in Independent Bank by 11.1% during 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 purchasing an additional 28,373 shares in the last quarter. Finally, Entropy Technologies LP acquired a new position in Independent Bank during the third quarter worth $435,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Trading Down 0.2 %

NASDAQ:INDB opened at $67.79 on Tuesday. Independent Bank Corp. has a 52 week low of $45.11 and a 52 week high of $77.23. The firm has a 50-day moving average price of $66.41 and a two-hundred day moving average price of $65.06. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market cap of $2.88 billion, a price-to-earnings ratio of 15.00 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. On average, equities analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Keefe, Bruyette & Woods decreased their target price on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a research report on Tuesday, January 21st. StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Finally, Raymond James restated a “strong-buy” rating and issued a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. Two analysts have rated the stock with a hold rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $79.00.

Insider Buying and Selling

In other news, Director Donna L. Abelli sold 640 shares of the 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 transaction, the director now directly owns 12,516 shares of the company’s stock, valued at $876,495.48. This represents a 4.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.87% of the stock is owned by insiders.

Independent Bank Company 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.