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Independent Bank Corp. (INDB)

NEUTRAL
Financial ServicesBanks - RegionalUnited States

Fundamental

61

Price

$83.17

Market Cap

$3.96B

Part 1 · What the company is worth

Overview

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. It provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit. The company also offers commercial real estate and construction, commercial and industrial, small business, secured and unsecured commercial, and consumer real estate loans; term loans and revolving/nonrevolving lines of credit; overdraft protection and letters of credit; and residential mortgages and home equity loans and lines. In addition, it provides cash management services, such as ACH transaction processing, positive pay, and remote deposit services; investment management and trust services to individuals, institutions, small businesses, and charitable institutions; interchange fees; ATM fees; mobile, online, and telephone banking; estate settlement, financial planning, tax services, and other services; debit and credit cards; and mutual fund and unit investment trust shares, third party model portfolios, general securities, fixed and variable annuities, and life insurance products, as well as advisory platforms. Further, the company invests in low-income housing tax credit projects; holds, maintains, and disposes foreclosed properties; and operates as an investment advisor. The company was founded in 1907 and is headquartered in Rockland, Massachusetts.

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Direct competitors

Who this company fights with for the same customers

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No competitor list for this company yet.

Balance Sheet & Liquidity

Revenue

$1.00B

Trailing 12 months (through 6/30/2026)

Net Income

$271M

Trailing 12 months (through 6/30/2026)

Free Cash Flow

$239M

Total Equity

$3.57B

Total Liabilities

$21.35B

Current Ratio

-

Interest Coverage

0.42

Debt/EBITDA

-

Earnings Per Share

Revenue & Net Income

Free Cash Flow

Income Breakdown

Historical statement

Margins over time

Debt over time

Growth grid

Growth — Revenue

Fair Value Estimation

BankOvervalued

Fair Value

$63.15

Current Price

$83.17

Margin of Safety

-31.7%

Fair Value Range

$45.16 - $81.14

Estimation Methods

Analyst price target:$93.43
Discounted cash flow (DCF):Not applicable to this type of company
Earnings multiple (P/E):$59.44
Graham growth formula:Not applicable to this type of company
Earnings power value (EPV):Not applicable to this type of company
Justified P/B:$53.74
Dividend discount (Gordon):$44.97
P/FFO, funds from operations:Not applicable to this type of company
Mid-cycle earnings:Not applicable to this type of company
Revenue multiple:Not applicable to this type of company
Analyst Consensus:Strong Buy (10B / 2H / 1S)
Last Earnings Surprise:-6.15%

Valuation Metrics

P/E Ratio

15.10

ROE

5.8%

P/B Ratio

1.13

P/FCF

13.02

Gross Margin

-

ROIC

-

Profitability Radar

Value Creation (Economic Moat)

ROIC

-

WACC

9.6%

ROIC − WACC

-

Fundamental Analysis Criteria

Passed (14)

  • EPS shows upward trend
  • EPS CAGR 10.64%
  • P/FCF 13.02
  • P/B Ratio 1.13
  • Operating Margin 34.9%
  • Positive Free Cash Flow
  • CapEx intensity
  • Low reliance on intangibles
  • Price below Graham Number
  • ROE 7.7%
  • Revenue Growth 5Y 18.3%
  • Analyst Consensus 77% Buy
  • Earnings Quality (OCF/NI) 1.19
  • Net Margin Trend 27.0% vs 26.5%

Failed (9)

  • Price CAGR 1.74%
  • Debt/Equity ratio
  • Interest Coverage
  • Return on Tangible Assets
  • DCF valuation (Overvalued)
  • Earnings Surprise avg -1.7%
  • PEG Ratio 3.68
  • Share Dilution 8.7%
  • Piotroski F-Score 3/9

Unavailable (5)

  • ROIC NaN%
  • Gross Margin NaN%
  • Dividend Payout NaN%
  • Current Ratio
  • Debt/EBITDA

Piotroski F-Score

3/9

Serious financial concerns

score
criteria

Earnings Quality

1.19

High quality: earnings backed by cash

Share Dilution

8.7%

Issuing new shares, diluting ownership

Governance

Executive Team

NameTitleAge
Mr. Jeffrey J. TengelPresident, CEO & Director62
Mr. Mark J. Ruggiero CPAChief Financial Officer48
Ms. Patricia M. Natale Esq.Executive VP, General Counsel & Corporate Secretary59
Mr. Lee C. PowlusExecutive VP & Chief Administrative Officer of Rockland Trust Company64
Mr. James RizzoExecutive VP & Chief Commercial Banking Officer of Rockland Trust Company62
Mr. David Byron Smith C.F.A.Executive VP & Chief Investment Officer-
Ms. Maureen A. GaffneySenior VP, Controller & Principal Accounting Officer46
Mr. Alastair IronsideExecutive VP & Chief Marketing Officer-
Ms. Maria S. HarrisExecutive VP & Chief Human Resource Officer of Rockland Trust Company54
Mr. Timothy C. LaneExecutive VP & Chief Internal Auditor-

Audit Risk

4

Board Risk

1

Compensation Risk

2

Shareholder Rights Risk

6

Part 2 · The price and when to enter

This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.

Latest News

Recent headlines for INDB, sourced from Markets Gazette.

No recent news for INDB.