INDB Stock 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 primarily in Massachusetts.
Independent Bank Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||US$77.65|
|52 Week High||US$93.52|
|52 Week Low||US$74.11|
|1 Month Change||-2.80%|
|3 Month Change||-3.05%|
|1 Year Change||5.05%|
|3 Year Change||3.46%|
|5 Year Change||4.02%|
|Change since IPO||813.53%|
Recent News & Updates
Independent Bank declares $0.51 dividend
Independent Bank (NASDAQ:INDB) declares $0.51/share quarterly dividend, in line with previous. Forward yield 2.63% Payable Oct. 7; for shareholders of record Sept. 26; ex-div Sept. 23. See INDB Dividend Scorecard, Yield Chart, & Dividend Growth.
|INDB||US Banks||US Market|
Return vs Industry: INDB exceeded the US Banks industry which returned -21.7% over the past year.
Return vs Market: INDB exceeded the US Market which returned -23.1% over the past year.
|INDB Average Weekly Movement||2.7%|
|Banks Industry Average Movement||3.4%|
|Market Average Movement||6.9%|
|10% most volatile stocks in US Market||15.8%|
|10% least volatile stocks in US Market||2.8%|
Stable Share Price: INDB is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 3% a week.
Volatility Over Time: INDB's weekly volatility (3%) has been stable over the past year.
About the Company
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. It also offers commercial and industrial, commercial real estate and construction, small business, consumer real estate, and personal loans.
Independent Bank Fundamentals Summary
|INDB fundamental statistics|
Is INDB overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|INDB income statement (TTM)|
|Cost of Revenue||US$0|
Last Reported Earnings
Jun 30, 2022
Next Earnings Date
|Earnings per share (EPS)||3.41|
|Net Profit Margin||26.96%|
How did INDB perform over the long term?See historical performance and comparison
2.6%Current Dividend Yield
Is INDB undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score 3/6
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Key Valuation Metric
Which metric is best to use when looking at relative valuation for INDB?
Other financial metrics that can be useful for relative valuation.
|What is INDB's n/a Ratio?|
Price to Earnings Ratio vs Peers
How does INDB's PE Ratio compare to its peers?
|INDB PE Ratio vs Peers|
|Company||PE||Estimated Growth||Market Cap|
CBU Community Bank System
UMPQ Umpqua Holdings
FINN First National of Nebraska
CVBF CVB Financial
INDB Independent Bank
Price-To-Earnings vs Peers: INDB is expensive based on its Price-To-Earnings Ratio (22.8x) compared to the peer average (14x).
Price to Earnings Ratio vs Industry
How does INDB's PE Ratio compare vs other companies in the US Banks Industry?
Price-To-Earnings vs Industry: INDB is expensive based on its Price-To-Earnings Ratio (22.8x) compared to the US Banks industry average (9.7x)
Price to Earnings Ratio vs Fair Ratio
What is INDB's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
|Current PE Ratio||22.8x|
|Fair PE Ratio||18.4x|
Price-To-Earnings vs Fair Ratio: INDB is expensive based on its Price-To-Earnings Ratio (22.8x) compared to the estimated Fair Price-To-Earnings Ratio (18.4x).
Share Price vs Fair Value
What is the Fair Price of INDB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: INDB ($77.65) is trading below our estimate of fair value ($130.78)
Significantly Below Fair Value: INDB is trading below fair value by more than 20%.
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.
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How is Independent Bank forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?
Future Growth Score4/6
Future Growth Score 4/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: INDB's forecast earnings growth (26.3% per year) is above the savings rate (1.9%).
Earnings vs Market: INDB's earnings (26.3% per year) are forecast to grow faster than the US market (14.7% per year).
High Growth Earnings: INDB's earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: INDB's revenue (17.5% per year) is forecast to grow faster than the US market (7.6% per year).
High Growth Revenue: INDB's revenue (17.5% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if INDB's Return on Equity is forecast to be high in 3 years time
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How has Independent Bank performed over the past 5 years?
Past Performance Score2/6
Past Performance Score 2/6
Growing Profit Margin
Earnings vs Industry
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: INDB has high quality earnings.
Growing Profit Margin: INDB's current net profit margins (27%) are lower than last year (31.1%).
Past Earnings Growth Analysis
Earnings Trend: INDB's earnings have grown by 9.7% per year over the past 5 years.
Accelerating Growth: INDB's earnings growth over the past year (5.2%) is below its 5-year average (9.7% per year).
Earnings vs Industry: INDB earnings growth over the past year (5.2%) underperformed the Banks industry 8.7%.
Return on Equity
High ROE: INDB's Return on Equity (5.5%) is considered low.
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How is Independent Bank's financial position? (This company is analysed differently as a bank or financial institution)
Financial Health Score6/6
Financial Health Score 6/6
Allowance for Bad Loans
Low Risk Liabilities
Low Risk Deposits
Level of Bad Loans
Financial Position Analysis
Debt to Equity History and Analysis
Financial Institutions Analysis
Asset Level: INDB's Assets to Equity ratio (7x) is low.
Allowance for Bad Loans: INDB has a sufficient allowance for bad loans (258%).
Low Risk Liabilities: 97% of INDB's liabilities are made up of primarily low risk sources of funding.
Loan Level: INDB has an appropriate level of Loans to Assets ratio (68%).
Low Risk Deposits: INDB's Loans to Deposits ratio (81%) is appropriate.
Level of Bad Loans: INDB has an appropriate level of bad loans (0.4%).
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What is Independent Bank current dividend yield, its reliability and sustainability?
Dividend Score 4/6
Future Dividend Coverage
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: INDB's dividend (2.63%) is higher than the bottom 25% of dividend payers in the US market (1.65%).
High Dividend: INDB's dividend (2.63%) is low compared to the top 25% of dividend payers in the US market (4.57%).
Stability and Growth of Payments
Stable Dividend: INDB's dividends per share have been stable in the past 10 years.
Growing Dividend: INDB's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Earnings Coverage: With its reasonable payout ratio (52.9%), INDB's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years or that it will be covered by earnings.
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How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Chris Oddleifson (63 yo)
Mr. Christopher Oddleifson is the Chief Executive Officer of Rockland Trust Company and the President and Chief Executive Officer of its parent, Independent Bank Corp. Active in industry and community affa...
CEO Compensation Analysis
Compensation vs Market: Chris's total compensation ($USD2.78M) is below average for companies of similar size in the US market ($USD6.95M).
Compensation vs Earnings: Chris's compensation has been consistent with company performance over the past year.
Experienced Management: INDB's management team is seasoned and experienced (5.3 years average tenure).
Experienced Board: INDB's board of directors are seasoned and experienced ( 11.6 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: INDB insiders have only sold shares in the past 3 months.
Recent Insider Transactions
|16 Aug 22||SellUS$75,387||Eileen Miskell||Individual||858||US$87.86|
|16 Aug 22||SellUS$61,784||Edward Seksay||Individual||700||US$88.26|
|27 Jul 22||SellUS$62,325||Donna Abelli||Individual||750||US$83.10|
|09 Jun 22||SellUS$242,572||Christopher Oddleifson||Individual||3,000||US$80.86|
|09 Jun 22||SellUS$91,012||Eileen Miskell||Individual||1,123||US$81.04|
|15 Mar 22||SellUS$127,410||Gerard Nadeau||Individual||1,500||US$84.94|
|24 Feb 22||SellUS$84,525||Christopher Oddleifson||Individual||1,050||US$80.50|
|08 Feb 22||SellUS$77,490||Scott Smith||Individual||900||US$86.10|
|18 Nov 21||SellUS$85,950||Robert Cozzone||Individual||1,000||US$85.95|
|08 Nov 21||SellUS$737,366||Edward Seksay||Individual||8,000||US$93.43|
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 38.9%.
|Ownership||Name||Shares||Current Value||Change %||Portfolio %|
Independent Bank Corp.'s employee growth, exchange listings and data sources
- Name: Independent Bank Corp.
- Ticker: INDB
- Exchange: NasdaqGS
- Founded: 1907
- Industry: Regional Banks
- Sector: Banks
- Implied Market Cap: US$3.564b
- Shares outstanding: 45.90m
- Website: https://www.rocklandtrust.com
Number of Employees
- Independent Bank Corp.
- 288 Union Street
- United States
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|INDB||NasdaqGS (Nasdaq Global Select)||Yes||Common Stock||US||USD||May 1986|
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/09/25 00:00|
|End of Day Share Price||2022/09/23 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.