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

Reinhart Partners LLC. trimmed its stake in Independent Bank Corp. (NASDAQ:INDB) by 2.9% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 638,976 shares of the bank’s stock after selling 18,895 shares during the period. Reinhart Partners LLC.’s holdings in Independent Bank were worth $49,616,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Ballast Advisors LLC bought a new stake in shares of Independent Bank during the first quarter valued at approximately $30,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Independent Bank in the second quarter valued at approximately $48,000. Motiv8 Investments LLC bought a new position in Independent Bank in the fourth quarter worth approximately $54,000. Rockefeller Capital Management L.P. grew its stake in Independent Bank by 76.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 836 shares of the bank’s stock worth $61,000 after purchasing an additional 362 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in Independent Bank by 27.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 898 shares of the bank’s stock worth $68,000 after purchasing an additional 193 shares during the period. 83.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on INDB. Piper Sandler raised Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 2nd. Weiss Ratings restated a “buy (b)” rating on shares of Independent Bank in a research note on Wednesday, August 5th. Finally, Keefe, Bruyette & Woods decreased their price objective on Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a report on Monday, July 20th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Independent Bank has an average rating of “Buy” and an average price target of $91.86.

Independent Bank Stock Down 0.1%

Independent Bank stock opened at $77.02 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.20. The firm has a market cap of $3.65 billion, a P/E ratio of 13.90 and a beta of 0.78. The business has a fifty day moving average of $82.24 and a two-hundred day moving average of $80.98. Independent Bank Corp. has a twelve month low of $63.33 and a twelve month high of $87.50.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.09). The company had revenue of $253.32 million during the quarter, compared to analysts’ expectations of $257.50 million. Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. On average, analysts forecast that Independent Bank Corp. will post 7.17 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Monday, September 28th were issued a $0.64 dividend. The ex-dividend date was Monday, September 28th. This represents a $2.56 dividend on an annualized basis and a yield of 3.3%. Independent Bank’s payout ratio is currently 46.21%.

Insider Transactions at Independent Bank

In other news, Director Gerard F. Nadeau sold 5,307 shares of Independent Bank stock in a transaction that occurred 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 $1,431,853.83. The trade was a 23.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas R. Venables sold 3,750 shares of the business’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 transaction, the director 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.60% of the company’s stock.

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, 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.