Reinhart Partners LLC. Takes Position in Independent Bank Corp. $INDB

Key Points

• Reinhart Partners LLC acquired 507,696 shares of Independent Bank Corp. for roughly $31.9 million, representing about 1.19% of the company's stock.
• Independent Bank Corp. reported earnings of $1.25 per share, exceeding analysts' expectations, and posted a revenue of $181.8 million for the last quarter.
• The stock rating for Independent Bank has been mixed, with Zacks Research downgrading it to a "hold" while Wall Street Zen upgraded it, reflecting a consensus rating of "Moderate Buy" with a target price of $71.00.

Reinhart Partners LLC. purchased a new position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 507,696 shares of the bank's stock, valued at approximately $31,927,000. Reinhart Partners LLC. owned about 1.19% of Independent Bank as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. GAMMA Investing LLC increased its holdings in shares of Independent Bank by 156.9% in the 1st quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock valued at $27,000 after acquiring an additional 262 shares during the period. Quarry LP increased its holdings in shares of Independent Bank by 1,328.6% in the 1st quarter. Quarry LP now owns 1,300 shares of the bank's stock valued at $81,000 after acquiring an additional 1,209 shares during the period. KBC Group NV grew its stake in Independent Bank by 15.3% during the 1st quarter. KBC Group NV now owns 2,204 shares of the bank's stock worth $138,000 after buying an additional 293 shares during the last quarter. Xponance Inc. purchased a new position in Independent Bank during the 1st quarter worth $203,000. Finally, Landscape Capital Management L.L.C. purchased a new position in Independent Bank during the 1st quarter worth $217,000. 83.40% of the stock is owned by institutional investors.

Independent Bank Price Performance

NASDAQ:INDB traded down $1.71 during trading hours on Friday, hitting $71.13. 1,012,941 shares of the stock were exchanged, compared to its average volume of 275,770. Independent Bank Corp. has a 52-week low of $52.15 and a 52-week high of $77.23. The firm's fifty day moving average price is $68.00 and its 200 day moving average price is $63.86. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25. The company has a market cap of $3.55 billion, a P/E ratio of 16.06 and a beta of 0.91.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The bank reported $1.25 EPS for the quarter, topping the consensus estimate of $1.20 by $0.05. Independent Bank had a return on equity of 6.39% and a net margin of 18.93%.The company had revenue of $181.80 million during the quarter, compared to analyst estimates of $179.47 million. As a group, equities research analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 7th. Shareholders of record on Monday, September 29th will be paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 3.3%. The ex-dividend date is Monday, September 29th. Independent Bank's payout ratio is 53.27%.

Wall Street Analysts Forecast Growth

INDB has been the topic of several research analyst reports. Wall Street Zen upgraded Independent Bank from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Zacks Research downgraded Independent Bank from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, Independent Bank presently has an average rating of "Moderate Buy" and an average target price of $71.00.

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.