Siena Capital Partners GP LLC Sells 22,030 Shares of Independent Bank Corp. $INDB

Siena Capital Partners GP LLC lessened its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 34.2% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 42,370 shares of the bank’s stock after selling 22,030 shares during the period. Siena Capital Partners GP LLC’s holdings in Independent Bank were worth $3,096,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Harbor Capital Advisors Inc. grew its holdings in shares of Independent Bank by 1.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 12,731 shares of the bank’s stock worth $930,000 after purchasing an additional 134 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Independent Bank by 26.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 705 shares of the bank’s stock worth $52,000 after purchasing an additional 146 shares during the last quarter. Profund Advisors LLC grew its holdings in shares of Independent Bank by 5.0% during the third quarter. Profund Advisors LLC now owns 3,732 shares of the bank’s stock worth $258,000 after purchasing an additional 177 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Independent Bank by 0.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 24,246 shares of the bank’s stock worth $1,821,000 after purchasing an additional 177 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in shares of Independent Bank by 0.7% during the fourth quarter. State of Alaska Department of Revenue now owns 27,006 shares of the bank’s stock worth $1,973,000 after purchasing an additional 193 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Insiders Place Their Bets

In other Independent Bank news, Director Joseph C. Lerner sold 2,832 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $77.31, for a total value of $218,941.92. Following the transaction, the director owned 16,215 shares of the company’s stock, valued at approximately $1,253,581.65. This represents a 14.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.60% of the company’s stock.

Independent Bank Price Performance

Independent Bank stock opened at $79.57 on Monday. The business’s 50-day simple moving average is $77.96 and its 200 day simple moving average is $77.34. The stock has a market cap of $3.85 billion, a price-to-earnings ratio of 15.79 and a beta of 0.78. Independent Bank Corp. has a 12-month low of $57.01 and a 12-month high of $87.00. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.22.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, April 16th. The bank reported $1.68 earnings per share for the quarter, missing the consensus estimate 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 analyst estimates of $251.45 million. During the same period in the previous year, the company posted $1.06 EPS. As a group, research analysts anticipate that Independent Bank Corp. will post 7.33 earnings per share for the current year.

Independent Bank Increases Dividend

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

Analyst Upgrades and Downgrades

INDB has been the topic of several research analyst reports. Keefe, Bruyette & Woods decreased their target price on Independent Bank from $96.00 to $94.00 and set an “outperform” rating on the stock in a report on Monday, April 20th. Piper Sandler began coverage on Independent Bank in a report on Monday, March 16th. They issued a “neutral” rating and a $84.00 price target on the stock. Independent Research set a $95.00 price target on Independent Bank in a report on Friday, May 15th. Weiss Ratings upgraded Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 8th. Finally, Raymond James Financial reiterated a “strong-buy” rating and issued a $97.00 price target on shares of Independent Bank in a report on Friday, April 17th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Independent Bank presently has an average rating of “Moderate Buy” and an average price target of $90.71.

Independent Bank 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.