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Investment Firm Builds New $70.7 Million Position in Bank Stock, According to Recent SEC Filing
Key Points
Acquired 939,667 shares in Independent Bank; estimated trade value $73.65 million (based on quarterly average pricing)
Quarter-end position value increased by $70.67 million, reflecting both trading and stock price movement
Transaction equivalent to 1.89% of Channing Capital's 13F AUM
Post-trade, Channing Capital holds 939,667 shares valued at $70.67 million
This new position represents 1.81% of the fund’s reportable assets, placing it outside the fund’s top five holdings
On May 13, 2026, Channing Capital Management, LLC disclosed a new position in Independent Bank (NASDAQ:INDB), acquiring 939,667 shares in an estimated $73.65 million trade based on the quarterly average price.
What happened
According to a SEC filing dated May 13, 2026, Channing Capital Management, LLC initiated a new stake in Independent Bank, purchasing 939,667 shares. The estimated transaction value was $73.65 million, based on the average first-quarter 2026 closing price. At the end of the quarter, the position was valued at $70.67 million, reflecting both the purchase and subsequent price movement.
What else to know
This new position accounts for 1.8098% of Channing Capital’s 13F assets under management as of March 31, 2026
Top five holdings after the filing:
- NASDAQ:LFUS: $99.92 million (2.6% of AUM)
- NYSE:MSA: $99.59 million (2.6% of AUM)
- NYSE:VVV: $99.10 million (2.5% of AUM)
- NYSE:SWX: $96.18 million (2.5% of AUM)
- NYSE:TKR: $93.55 million (2.4% of AUM)
As of May 13, 2026, shares of Independent Bank were priced at $76.17, up 20.87% over the past year, underperforming the S&P 500 by 5.60 percentage points in that period
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $1.25 billion |
| Net Income (TTM) | $240.62 million |
| Dividend Yield | 3.31% |
| Price (as of market close May 13, 2026) | $76.17 |
Company Snapshot
- Offers a full suite of commercial banking products and services, including checking and savings accounts, commercial and consumer loans, investment management, and trust services.
- Generates revenue primarily through net interest income on loans and deposits, as well as fee-based income from wealth management and transaction services.
- Serves individuals, small-to-medium-sized businesses, and institutional clients, with a primary focus on the Eastern Massachusetts region.
Independent Bank is a leading regional bank holding company, operating through Rockland Trust Company with a significant presence in Eastern Massachusetts. The company offers a diversified range of products and services, including commercial banking, wealth management, and trust services. The company provides comprehensive financial services to clients across Eastern Massachusetts.
What this transaction means for investors
Channing Capital Management, a Chicago-based investment firm, recently bought nearly 940,000 shares of Independent Bank Corp (INDB) during the first quarter (the three months ended March 31, 2026). Here are some important takeaways for investors.
To begin, INDB, a financial stock, has advanced about 89% over the past three years, equating to a compound annual growth rate (CAGR) of 23.6%. The S&P 500, on the other hand, has generated a total return of 89% and a CAGR of 23.6%. To put it another way, INDB has generated a solid return over the last three years — right on par with the broader market.
As for recent news, the company reported better-than-expected earnings. Management also gave the green light to a new $200 million share buyback plan. Finally, the stock boasts a solid 3.4% dividend yield, making it attractive to income-seeking investors.
Finally, INDB’s price-to-earnings (P/E) ratio is 15.2x, slightly below its 10-year average of 17.2x.
Jake Lerch has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.