Independent Bank draws $1.8M bet from Jupiter Topco as Q2 profit misses
What's the deal? Jupiter Topco LLCDealroom has a profile for this one. Try Dealroom → acquired a new position in Independent Bank Corp.Dealroom has a profile for this one. Try Dealroom → (NASDAQ:INDB), buying 21,482 shares worth roughly $1,799,000 during the second quarter, according to its latest Form 13F filing with the Securities and Exchange Commission.
The numbers: Independent Bank reported $1.70 earnings per share for the quarter ended July 16, missing the $1.79 consensus by $0.09. Revenue was $253.32 million, short of the $257.50 million estimate.
The context: The bank posted a 9.19% return on equity and a 20.31% net margin. It carries a market capitalisation of $3.93 billion, a PE ratio of 14.96, and a debt-to-equity ratio of 0.20.
Where the stock stands: Shares opened at $82.88 on Friday, near a 52-week high of $87.50 and above the low of $63.33. The stock trades close to its 50-day moving average of $84.17.
Who else is buying? Jupiter Topco joins a crowd of institutional holders. BlackRock opened a new position worth $584,333,000 in the second quarter, while Geode Capital ManagementDealroom has a profile for this one. Try Dealroom → lifted its stake 1.7% to 1,232,467 shares valued at $90,082,000. Institutions own 83.40% of the stock.
What could go wrong? Insiders have been selling. Director Gerard Nadeau sold 5,307 shares at an average $84.69 on August 3, a 23.89% cut to his holding, and Director Thomas R. Venables sold 3,750 shares at $83.00 on August 25.
The dividend: Independent Bank paid a quarterly dividend of $0.64 per share on July 9, an annualised $2.56 for a 3.1% yield. Its payout ratio stands at 46.21%.
The signal: Heavy institutional ownership and fresh buying signal continued confidence in the regional lender, even as an earnings miss and insider selling temper the outlook. Analysts expect Independent Bank to post 7.11 earnings per share for the current fiscal year.
Read more: americanbankingnews.com
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