Independent Bank Corp. (NASDAQ:INDB) Shares Sold by Amalgamated Bank

Amalgamated Bank lowered its holdings in Independent Bank Corp. (NASDAQ:INDB) by 4.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,489 shares of the bank’s stock after selling 548 shares during the period. Amalgamated Bank’s holdings in Independent Bank were worth $738,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Louisiana State Employees Retirement System grew its holdings in Independent Bank by 0.9% during the 2nd quarter. Louisiana State Employees Retirement System now owns 21,400 shares of the bank’s stock valued at $1,085,000 after purchasing an additional 200 shares in the last quarter. CWM LLC increased its holdings in shares of Independent Bank by 2.7% in the 2nd quarter. CWM LLC now owns 8,704 shares of the bank’s stock worth $441,000 after acquiring an additional 232 shares during the period. Aries Wealth Management increased its stake in Independent Bank by 1.5% during the 2nd quarter. Aries Wealth Management now owns 16,122 shares of the bank’s stock valued at $818,000 after buying an additional 232 shares during the period. Stablepoint Partners LLC increased its stake in Independent Bank by 1.2% during the 3rd quarter. Stablepoint Partners LLC now owns 23,033 shares of the bank’s stock valued at $1,362,000 after buying an additional 283 shares during the period. Finally, Tidal Investments LLC grew its stake in shares of Independent Bank by 6.1% in the 1st quarter. Tidal Investments LLC now owns 9,184 shares of the bank’s stock worth $480,000 after purchasing an additional 532 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Keefe, Bruyette & Woods raised their price target on shares of Independent Bank from $62.00 to $65.00 and gave the stock a “market perform” rating in a report on Monday, October 21st. Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price on the stock in a research report on Monday, October 21st. Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 22nd. Finally, StockNews.com downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.50.

Independent Bank Stock Up 0.5 %

INDB opened at $72.22 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22. The stock has a market cap of $3.07 billion, a PE ratio of 15.70 and a beta of 0.73. The stock’s fifty day simple moving average is $62.39 and its 200 day simple moving average is $57.09. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $75.63.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.02. The business had revenue of $250.07 million for the quarter, compared to analyst estimates of $173.24 million. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. During the same period last year, the firm posted $1.38 earnings per share. As a group, research analysts expect that Independent Bank Corp. will post 4.5 earnings per share for the current year.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date was Monday, September 30th. Independent Bank’s payout ratio is 49.57%.

About Independent Bank

Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.