Siena Capital Partners GP LLC Has $3.10 Million Holdings in Independent Bank Corp. $INDB

Key Points

• Siena Capital Partners GP LLC reduced its stake in Independent Bank Corp. by 34.2% in the fourth quarter, selling 22,030 shares and ending with 42,370 shares valued at about $3.1 million.
• Independent Bank reported mixed quarterly results, with earnings per share of $1.68 coming in slightly below estimates, while revenue of $252.72 million edged above expectations.
• The bank boosted its quarterly dividend to $0.64 per share from $0.59, implying an annualized yield of 3.2% and a payout ratio of 50.79%.

Siena Capital Partners GP LLC cut its holdings in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 34.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,370 shares of the bank's stock after selling 22,030 shares during the quarter. Siena Capital Partners GP LLC owned about 0.09% of Independent Bank worth $3,096,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Brandywine Global Investment Management LLC raised its stake in shares of Independent Bank by 7.9% in the fourth quarter. Brandywine Global Investment Management LLC now owns 29,709 shares of the bank's stock valued at $2,171,000 after purchasing an additional 2,167 shares in the last quarter. Reinhart Partners LLC. raised its stake in shares of Independent Bank by 15.1% in the fourth quarter. Reinhart Partners LLC. now owns 622,957 shares of the bank's stock valued at $45,527,000 after purchasing an additional 81,543 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Independent Bank by 10.9% in the fourth quarter. Bank of New York Mellon Corp now owns 492,017 shares of the bank's stock valued at $35,957,000 after purchasing an additional 48,242 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Independent Bank by 17.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 810,155 shares of the bank's stock valued at $59,206,000 after purchasing an additional 120,362 shares in the last quarter. Finally, Natixis Advisors LLC raised its stake in shares of Independent Bank by 10.1% in the fourth quarter. Natixis Advisors LLC now owns 21,077 shares of the bank's stock valued at $1,540,000 after purchasing an additional 1,941 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Stock Performance

Shares of NASDAQ:INDB opened at $79.57 on Monday. The business's fifty day moving average price is $77.96 and its two-hundred day moving average price is $77.34. Independent Bank Corp. has a fifty-two week low of $57.01 and a fifty-two week high of $87.00. The stock has a market capitalization of $3.85 billion, a price-to-earnings ratio of 15.79 and a beta of 0.78. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings results on Thursday, April 16th. The bank reported $1.68 earnings per share for the quarter, missing analysts' consensus estimates of $1.70 by ($0.02). Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. The company had revenue of $252.72 million during the quarter, compared to the consensus estimate of $251.45 million. During the same quarter last year, the company earned $1.06 earnings per share. As a group, analysts predict that Independent Bank Corp. will post 7.33 EPS for the current fiscal year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 9th. Shareholders of record on Monday, March 30th were given a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 3.2%. This is a positive change from Independent Bank's previous quarterly dividend of $0.59. The ex-dividend date was Monday, March 30th. Independent Bank's dividend payout ratio (DPR) is currently 50.79%.

Analysts Set New Price Targets

A number of research analysts recently commented on INDB shares. Keefe, Bruyette & Woods cut their target price on Independent Bank from $96.00 to $94.00 and set an "outperform" rating for the company in a research note on Monday, April 20th. Raymond James Financial restated a "strong-buy" rating and issued a $97.00 target price on shares of Independent Bank in a research note on Friday, April 17th. Hovde Group started coverage on Independent Bank in a research note on Friday, May 15th. They issued an "outperform" rating and a $95.00 target price for the company. Barclays upped their target price on Independent Bank from $80.00 to $82.00 and gave the company an "underweight" rating in a research note on Tuesday, April 7th. Finally, Independent Research set a $95.00 target price on Independent Bank in a research note on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Independent Bank currently has a consensus rating of "Moderate Buy" and a consensus target price of $90.71.

Insiders Place Their Bets

In other Independent Bank news, Director Joseph C. Lerner sold 2,832 shares of the company's stock in a transaction on Monday, May 18th. The stock was sold at an average price of $77.31, for a total value of $218,941.92. Following the sale, the director directly owned 16,215 shares in the company, valued at $1,253,581.65. This represents a 14.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.60% of the stock is owned by company insiders.

Independent Bank Company Profile

Independent Bank Group, Inc NASDAQ: INDB is a bank holding company headquartered in McKinney, Texas, that provides a range of financial services through its wholly owned subsidiary, Independent Bank. Tracing its roots to the late 19th century, the company has grown from a single community bank into a regional financial institution serving individuals, small businesses and commercial clients. Independent Bank Group became a bank holding company in 1983 and expanded its footprint through organic growth and strategic acquisitions.

The company's primary business activities encompass retail and commercial banking, including deposit products, consumer and business lending and credit services.

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