Amalgamated Bank lowered its stake in Independent Bank Corp. (NASDAQ:INDB – Get Rating) by 4.2% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 21,131 shares of the bank's stock after selling 934 shares during the quarter. Amalgamated Bank's holdings in Independent Bank were worth $1,726,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in INDB. Swiss National Bank boosted its stake in Independent Bank by 7.4% during the 1st quarter. Swiss National Bank now owns 112,278 shares of the bank's stock worth $9,172,000 after purchasing an additional 7,700 shares during the last quarter. Strs Ohio boosted its stake in Independent Bank by 38.5% during the 1st quarter. Strs Ohio now owns 3,600 shares of the bank's stock worth $294,000 after purchasing an additional 1,000 shares during the last quarter. California Public Employees Retirement System acquired a new stake in Independent Bank during the 1st quarter worth $546,000. IndexIQ Advisors LLC acquired a new stake in Independent Bank during the 1st quarter worth $397,000. Finally, Boston Financial Mangement LLC boosted its position in shares of Independent Bank by 2.2% during the 1st quarter. Boston Financial Mangement LLC now owns 8,202 shares of the bank's stock valued at $670,000 after acquiring an additional 175 shares during the last quarter. Institutional investors and hedge funds own 81.45% of the company's stock.

Independent Bank Trading Down 0.3 %

Shares of INDB stock opened at $77.39 on Tuesday. The company's 50-day moving average price is $81.39 and its 200-day moving average price is $80.73. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.05. The stock has a market cap of $3.62 billion, a price-to-earnings ratio of 20.97 and a beta of 0.83. Independent Bank Corp. has a twelve month low of $74.11 and a twelve month high of $93.52.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 7th. Investors of record on Monday, September 26th will be issued a $0.51 dividend. The ex-dividend date is Friday, September 23rd. This represents a $2.04 annualized dividend and a yield of 2.64%. Independent Bank's dividend payout ratio (DPR) is currently 55.28%.

Analyst Upgrades and Downgrades

Separately, Compass Point boosted their price target on shares of Independent Bank to $107.00 in a research report on Monday, July 25th.

Insider Activity at Independent Bank

In related news, General Counsel Edward H. Seksay sold 700 shares of the business's stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $88.26, for a total value of $61,782.00. Following the sale, the general counsel now directly owns 7,336 shares in the company, valued at approximately $647,475.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, General Counsel Edward H. Seksay sold 700 shares of the business's stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $88.26, for a total value of $61,782.00. Following the sale, the general counsel now directly owns 7,336 shares in the company, valued at approximately $647,475.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Donna L. Abelli sold 750 shares of the business's stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $83.10, for a total transaction of $62,325.00. Following the completion of the sale, the director now owns 10,734 shares in the company, valued at $891,995.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 4,058 shares of company stock worth $350,236. Company insiders own 1.02% of the company's stock.

About Independent Bank

(Get Rating)

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 primarily in Massachusetts. The company accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.

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