Reinhart Partners LLC. Sells 18,895 Shares of Independent Bank Corp. $INDB

Key Points

• Reinhart Partners reduced its Independent Bank stake by 2.9%, selling 18,895 shares in the third quarter while retaining 638,976 shares valued at approximately $49.6 million. Institutional investors collectively own 83.4% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Buy” rating and an average price target of $91.86; Piper Sandler upgraded the stock to “strong buy,” while Keefe, Bruyette & Woods lowered its target to $96.
• Independent Bank reported quarterly EPS of $1.70, below the $1.79 consensus estimate, but continues to pay a quarterly dividend of $0.64 per share, representing a 3.3% annualized yield.

Reinhart Partners LLC. reduced its stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 2.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 638,976 shares of the bank's stock after selling 18,895 shares during the period. Reinhart Partners LLC. owned approximately 1.35% of Independent Bank worth $49,616,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of INDB. GAMMA Investing LLC grew its position in shares of Independent Bank by 15.2% during the third quarter. GAMMA Investing LLC now owns 1,270 shares of the bank's stock valued at $99,000 after purchasing an additional 168 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Independent Bank in the second quarter worth about $1,461,000. Waverly Advisors LLC purchased a new stake in shares of Independent Bank in the second quarter worth about $217,000. Nykredit A S bought a new position in Independent Bank during the second quarter valued at approximately $140,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Independent Bank during the 2nd quarter valued at approximately $1,206,000. Hedge funds and other institutional investors own 83.40% of the company's stock.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

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

Independent Bank Price Performance

Independent Bank stock opened at $77.02 on Friday. The firm has a 50-day moving average price of $82.24 and a 200-day moving average price of $80.98. The firm has a market capitalization of $3.65 billion, a PE ratio of 13.90 and a beta of 0.78. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.20. Independent Bank Corp. has a 12-month low of $63.33 and a 12-month high of $87.50.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its quarterly earnings results on Thursday, July 16th. The bank reported $1.70 EPS for the quarter, missing the consensus estimate of $1.79 by ($0.09). Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. The firm had revenue of $253.32 million for the quarter, compared to the consensus estimate of $257.50 million. As a group, equities research analysts forecast that Independent Bank Corp. will post 7.17 EPS for the current year.

Independent Bank Announces Dividend

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. The ex-dividend date of this dividend was Monday, September 28th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.3%. Independent Bank's dividend payout ratio is currently 46.21%.

About Independent Bank

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, nonprofits and municipalities.

Its products and services include checking and savings accounts, certificates of deposit, residential and commercial lending, home equity loans, mortgages, cash management, online and mobile banking, and other treasury management solutions.

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