Independent Bank Corp. $INDB Shares Bought by Rosenthal Henry Capital Advisors Inc.

Key Points

• Rosenthal Henry Capital Advisors increased its Independent Bank position by 1,133.3% in the third quarter, purchasing 17,000 additional shares for a total holding of 18,500 shares valued at approximately $1.43 million.
• Institutional investors and hedge funds own 83.4% of Independent Bank, while two directors recently sold shares, reducing their individual holdings by 23.89% and 17.52%, respectively.
• Independent Bank exceeded quarterly earnings expectations with $1.90 EPS and $261.95 million in revenue. The company maintains a $0.64 quarterly dividend, representing a 3.1% yield, and analysts have a consensus “Buy” rating with an average price target of $91.86.

Rosenthal Henry Capital Advisors Inc. raised its position in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 1,133.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,500 shares of the bank's stock after buying an additional 17,000 shares during the quarter. Rosenthal Henry Capital Advisors Inc.'s holdings in Independent Bank were worth $1,434,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of INDB. Hsbc Holdings PLC purchased a new stake in Independent Bank during the 2nd quarter valued at approximately $6,958,000. BlackRock Inc. acquired a new stake in Independent Bank during the 2nd quarter worth approximately $584,333,000. Bank of America Corp DE acquired a new stake in Independent Bank during the 2nd quarter worth approximately $44,640,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Independent Bank in the 2nd quarter valued at approximately $1,206,000. Finally, William John Sempolinski purchased a new position in shares of Independent Bank in the 2nd quarter valued at approximately $1,230,000. 83.40% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Gerard Nadeau sold 5,307 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $84.69, for a total value of $449,449.83. Following the completion of the sale, the director directly owned 16,907 shares of the company's stock, valued at $1,431,853.83. This trade represents a 23.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas R. Venables sold 3,750 shares of Independent Bank stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $83.00, for a total value of $311,250.00. Following the completion of the sale, the director owned 17,649 shares in the company, valued at approximately $1,464,867. This trade represents a 17.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.60% of the company's stock.

Independent Bank Trading Down 0.6%

Shares of Independent Bank stock opened at $82.72 on Thursday. The firm has a market cap of $3.92 billion, a price-to-earnings ratio of 12.25 and a beta of 0.78. Independent Bank Corp. has a 52-week low of $65.44 and a 52-week high of $87.50. The company's 50-day simple moving average is $81.05 and its 200-day simple moving average is $80.53. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.18.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings data on Thursday, October 15th. The bank reported $1.90 EPS for the quarter, beating analysts' consensus estimates of $1.85 by $0.05. Independent Bank had a net margin of 24.27% and a return on equity of 9.61%. The firm had revenue of $261.95 million during the quarter, compared to the consensus estimate of $261.27 million. As a group, equities research analysts anticipate that Independent Bank Corp. will post 7.25 earnings per share for the current year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Monday, September 28th were paid a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Monday, September 28th. Independent Bank's dividend payout ratio is 37.93%.

Analysts Set New Price Targets

INDB has been the topic of a number of recent research reports. Weiss Ratings reissued a "buy (b)" rating on shares of Independent Bank in a report on Wednesday, August 5th. Keefe, Bruyette & Woods cut their price target on Independent Bank from $99.00 to $96.00 and set an "outperform" rating for the company in a research note on Monday, July 20th. Finally, Piper Sandler raised Independent Bank from a "hold" rating to a "strong-buy" rating in a report on Friday, October 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $91.86.

Independent Bank Company Profile

Independent Bank Corp. is the bank holding company for Rockland Trust Company, a full-service community bank headquartered in Rockland, Massachusetts. Through Rockland Trust, the company provides banking and financial services to individuals, families, businesses, municipalities and nonprofit organizations.

Its offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, cash-management and treasury services, online and mobile banking, and wealth management.

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