Vanguard Trims Independent Bank Corp Stake to 4.7%
Ticker: INDB · Form: SC 13G/A · Filed: Feb 13, 2024 · CIK: 776901
Complexity: simple
Sentiment: bearish
Topics: institutional-ownership, stake-reduction, amendment, banking
TL;DR
**Vanguard cut its stake in Independent Bank Corp to 4.7%, signaling a potential shift in sentiment.**
AI Summary
The Vanguard Group, a major investment firm, filed an amended SC 13G/A on February 13, 2024, disclosing its ownership in Independent Bank Corp. As of December 29, 2023, Vanguard beneficially owned 1,777,419 shares of Common Stock, representing 4.7% of the company's outstanding shares. This is a decrease from their previous filing, indicating Vanguard has reduced its stake, which could signal a shift in their investment strategy or outlook for Independent Bank Corp.
Why It Matters
This filing shows that a major institutional investor, Vanguard, has reduced its ownership in Independent Bank Corp, which could be interpreted as a less bullish outlook on the stock's future performance.
Risk Assessment
Risk Level: medium — A large institutional investor reducing its stake can sometimes precede further price declines or reflect concerns about the company's future.
Analyst Insight
An investor might consider researching the reasons behind Vanguard's reduction in stake and re-evaluating their own position in Independent Bank Corp, especially if they are a long-term holder.
Key Numbers
- 1,777,419 — Shares Beneficially Owned (Represents Vanguard's total ownership in Independent Bank Corp as of December 29, 2023.)
- 4.7% — Percentage of Class Owned (Indicates Vanguard's current ownership percentage of Independent Bank Corp's Common Stock.)
- 38,616 — Shared Voting Power (The number of shares over which Vanguard has shared voting power.)
- 1,738,803 — Shared Dispositive Power (The number of shares over which Vanguard has shared dispositive power.)
Key Players & Entities
- The Vanguard Group (company) — reporting person, investment firm
- Independent Bank Corp (company) — subject company, issuer of securities
- 1,777,419 (dollar_amount) — total shares beneficially owned by Vanguard
- 4.7% (dollar_amount) — percentage of class owned by Vanguard
- December 29, 2023 (date) — date of event requiring the filing
Forward-Looking Statements
- Independent Bank Corp's stock price may experience downward pressure due to Vanguard's reduced stake. (Independent Bank Corp) — medium confidence, target: Q1 2024
- Other institutional investors might re-evaluate their positions in Independent Bank Corp following Vanguard's move. (Institutional Investors) — low confidence, target: Q2 2024
FAQ
What is the primary purpose of this SC 13G/A filing?
This SC 13G/A filing is an amendment (Amendment No. 13) to a Schedule 13G, indicating a change in the beneficial ownership of Common Stock in Independent Bank Corp by The Vanguard Group, as required by Rule 13d-1(b) of the Securities Exchange Act of 1934.
Who is the reporting person in this filing and what is their IRS Identification Number?
The reporting person is The Vanguard Group, and their IRS Identification Number is 23-1945930, as stated in Item 1 of the filing.
What was the date of the event that triggered this filing?
The date of the event which required the filing of this statement was December 29, 2023, as specified in the filing.
How many shares of Independent Bank Corp Common Stock does The Vanguard Group beneficially own, and what percentage does this represent?
The Vanguard Group beneficially owns a total of 1,777,419 shares of Common Stock, which represents 4.7% of the class, as detailed in Items 9 and 11 of the filing.
What are the voting and dispositive powers held by The Vanguard Group over these shares?
The Vanguard Group holds 0 shares with sole voting power, 38,616 shares with shared voting power, 0 shares with sole dispositive power, and 1,738,803 shares with shared dispositive power, according to Items 5-8 of the filing.
Filing Stats: 808 words · 3 min read · ~3 pages · Grade level 11.5 · Accepted 2024-02-13 17:06:19
Filing Documents
- tv01175-independentbankcorp.htm (SC 13G/A) — 11KB
- 0001104659-24-021177.txt ( ) — 13KB
(a) - Name of Issuer
Item 1(a) - Name of Issuer: Independent Bank Corp
(b) - Address of Issuer's Principal Executive Offices
Item 1(b) - Address of Issuer's Principal Executive Offices: 288 Union Street Rockland, MA 02370
(a) - Name of Person Filing
Item 2(a) - Name of Person Filing: The Vanguard Group - 23-1945930
(b) – Address of Principal Business Office or, if none, residence
Item 2(b) – Address of Principal Business Office or, if none, residence: 100 Vanguard Blvd. Malvern, PA 19355
(c) – Citizenship
Item 2(c) – Citizenship: Pennsylvania
(d) - Title of Class of Securities
Item 2(d) - Title of Class of Securities: Common Stock
(e) - CUSIP Number
Item 2(e) - CUSIP Number 453836108
- Type of Filing
Item 3 - Type of Filing: This statement is being filed pursuant to Rule 13d-1. An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E).
- Ownership
Item 4 - Ownership: (a) Amount Beneficially Owned: (b) Percent of Class: (c) Number of shares as to which such person has: (i) sole power to vote or direct to vote: (ii) shared power to vote or direct to vote: (iii) sole power to dispose of or to direct the disposition of: (iv) shared power to dispose or to direct the disposition of: Comments: The responses to questions 5 through 9 and 11 on the cover page(s) are incorporated by reference into this Item 4.
- Ownership of Five Percent or Less of a Class
Item 5 - Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following
- Ownership of More Than Five Percent on Behalf of Another Person
Item 6 - Ownership of More Than Five Percent on Behalf of Another Person: The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%. Item 7 - Identification and Classification of the Subsidiary Which Acquired The Security Being Reported on by the Parent Holding Company: Not applicable
- Identification and Classification of Members of Group
Item 8 - Identification and Classification of Members of Group: Not applicable
- Notice of Dissolution of Group
Item 9 - Notice of Dissolution of Group: Not applicable
- Certification
Item 10 - Certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11. Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 13, 2024 By /s/ Ashley Grim Name: Ashley Grim Title: Head of Global Fund Administration