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Independent Bank Corp (INDB) stock analysis

INDBNasdaqState Commercial BanksFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 9, 2026Score 15/303% below fair value
$84.62−0.19 (-0.22%)

Close on Nov 11, 2026Market cap $4.01BP/E 12.5Yield 2.79%

StockData Score

Prices as of Nov 11, 2026How the score works

Value3Growth2Performance4Health3Dividend3

Solid15 of 30 checks passed

Independent Bank passes 15 of the 30 checks behind our score; 6 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
3/6
Growth
2/6
Past performance
4/6
Financial health
3/6
Dividend
3/6

What stands out

  • Trading below fair value

    The share price of $84.62 is below our fair value estimate of $87.60.

  • Earnings grew over 5 years

    Net income grew 11.1% a year on average over the last five fiscal years.

  • Earnings growth accelerating

    Net income grew 81.8% over the last twelve months, against a 5-year average of 11.1% a year.

  • P/E below its 5-year median

    Independent Bank's P/E of 12.5 is below its own 5-year median of 15.0.

What to watch

  • Margin of safety under 20%

    The price is 3.4% below fair value, less than the 20% cushion we look for.

  • Return on equity under 15%

    Return on equity was 9.3% over the last twelve months and averaged 7.0% over five years; we look for 15% on both.

  • Revenue growing under 10% a year

    Revenue grew 5.6% a year over the last three fiscal years, short of the 10% we look for.

  • EPS growing under 10% a year

    Diluted EPS grew -7.9% a year over the last three fiscal years.

Valuation3/6

  • P/E below its 5-year median

    Independent Bank's P/E of 12.5 is below its own 5-year median of 15.0.

  • P/E above the industry

    Independent Bank's P/E of 12.5 is above the Commercial Banks median of 12.1.

  • P/S above the industry

    Independent Bank's price-to-sales of 3.92 is above the Commercial Banks median of 3.60.

  • P/B below the industry

    Independent Bank's price-to-book of 1.16 is below the Commercial Banks median of 1.29.

  • Trading below fair value

    The share price of $84.62 is below our fair value estimate of $87.60.

  • Margin of safety under 20%

    The price is 3.4% below fair value, less than the 20% cushion we look for.

Growth2/6

  • Revenue growing under 10% a year

    Revenue grew 5.6% a year over the last three fiscal years, short of the 10% we look for.

  • EPS growing under 10% a year

    Diluted EPS grew -7.9% a year over the last three fiscal years.

  • Earnings growth accelerating

    Net income grew 81.8% over the last twelve months, against a 5-year average of 11.1% a year.

  • Growing faster than the industry

    Revenue grew 30.9% over the last twelve months; the Commercial Banks median is 11.3%.

  • Company guidance

    No outlook found in earnings releases from the last twelve months.

  • Gross margin trend

    Banks and insurers do not report gross profit.

Past performance4/6

  • Return on equity under 15%

    Return on equity was 9.3% over the last twelve months and averaged 7.0% over five years; we look for 15% on both.

  • Return on assets over 1%

    Return on assets was 1.3%; for a bank or insurer, 1% or more is considered good.

  • Return on equity below the industry

    Independent Bank's return on equity of 9.3% is below the Commercial Banks median of 11.5%.

  • Earnings grew over 5 years

    Net income grew 11.1% a year on average over the last five fiscal years.

  • Net margin above its 5-year average

    Net margin was 32.0% over the last twelve months, against a 5-year average of 28.9%.

  • Net margin above the industry

    Independent Bank's net margin of 32.0% is above the Commercial Banks median of 30.3%.

Financial health3/6

  • Well capitalized

    Equity is 13.8% of total assets; 8% or more is a comfortable cushion.

  • Loans funded by deposits

    Needs loans and deposits.

  • Adequate loan-loss reserve

    The allowance for credit losses is not reported.

  • Efficient operations

    Non-interest expense takes 56.4% of revenue; under 60% is efficient for a bank.

  • Deposits growing

    Deposits grew 1.1% over the past year.

  • Borrowings

    Needs debt and equity figures.

Dividend3/6

  • Pays a dividend

    Independent Bank paid dividends worth 3.0% of the share price over the last twelve months.

  • Yield below Treasuries

    The 3.0% yield is below the 4.4% on a 1-year Treasury.

  • Yield below the top quarter

    The top quarter of US dividend payers yield 3.8% or more; Independent Bank yields 3.0%.

  • Dividend stability

    Fewer than five years of dividend history.

  • Covered by earnings

    Dividends take 36.7% of net income.

  • Covered by free cash flow

    Dividends take 33.9% of free cash flow.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$87.60

The share price is 3% below this estimate.

20%+ below
Near fair value
20%+ above
$84.62Price
MethodMultiple usedOwn 5Y medianIndustry medianValue per shareWeight
P/E13.6×15.0×12.1×$91.6350%
P/B1.1×1.0×1.3×$83.5850%
Fair value$87.60100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

  • P/E at month end
  • Own 5-year median 15.0
  • Commercial Banks median 12.1

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day
$35.69M
Value traded per 1% price move
$27.94M

Downside

Low risk

Typical loss in a bad month
10.3%
Volatility (annualized)
22%
Sharpe ratio, 1 year
0.77
Beta to the S&P 500 (5Y)
0.69

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2011 to 2025

Net margin

23.9%−1.4 pts over 5 years

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