NasdaqGS:INDB

Stock Analysis Report

Executive Summary

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.

Snowflake

Fundamentals

Flawless balance sheet with reasonable growth potential and pays a dividend.


Similar Companies

Share Price & News

How has Independent Bank's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-2.8%

INDB

-1.1%

US Banks

-0.6%

US Market


1 Year Return

-15.9%

INDB

-6.9%

US Banks

0.6%

US Market

INDB underperformed the Banks industry which returned -6.4% over the past year.

INDB underperformed the Market in United States of America which returned 1.1% over the past year.


Share holder returns

INDBIndustryMarket
7 Day-2.8%-1.1%-0.6%
30 Day6.0%8.5%2.2%
90 Day-1.6%4.6%1.1%
1 Year-14.1%-15.9%-4.2%-6.9%2.9%0.6%
3 Year45.8%38.0%53.6%43.1%44.6%35.2%
5 Year126.2%104.4%63.8%46.1%61.9%44.2%

Price Volatility Vs. Market

How volatile is Independent Bank's share price compared to the market and industry in the last 5 years?


Simply Wall St News

1 week ago | Simply Wall St

Is It Too Late To Consider Buying Independent Bank Corp. (NASDAQ:INDB)?

Valuation

Is Independent Bank undervalued based on future cash flows and its price relative to the stock market?

16.91x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

Independent Bank's share price is above the future cash flow value, it's not available at a moderate discount (< 20%).

Independent Bank's share price is above the future cash flow value, it's not available at a substantial discount (< 40%).


Price Based on Earnings

Independent Bank is overvalued based on earnings compared to the US Banks industry average.

Independent Bank is good value based on earnings compared to the United States of America market.


Price Based on Expected Growth

Independent Bank is good value based on expected growth next year.


Price Based on Value of Assets

Independent Bank is overvalued based on assets compared to the US Banks industry average.


Next Steps

Future Growth

How is Independent Bank expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

25.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Independent Bank's revenue is expected to grow by 12.1% yearly, however this is not considered high growth (20% yearly).

Independent Bank's earnings are expected to grow significantly at over 20% yearly.

Independent Bank's revenue growth is expected to exceed the United States of America market average.

Independent Bank's earnings growth is expected to exceed the United States of America market average.

Independent Bank's earnings growth is expected to exceed the low risk savings rate of 2.7%.


Earnings per Share Growth Estimates


Future Return on Equity

Unable to establish if Independent Bank will efficiently use shareholders’ funds in the future without estimates of Return on Equity.


Next Steps

Past Performance

How has Independent Bank performed over the past 5 years?

18.1%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Independent Bank's year on year earnings growth rate has been positive over the past 5 years.

Independent Bank's 1-year earnings growth exceeds its 5-year average (23.2% vs 18.1%)

Independent Bank's earnings growth has not exceeded the US Banks industry average in the past year (23.2% vs 32%).


Return on Equity

Independent Bank has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Independent Bank used its assets more efficiently than the US Banks industry average last year based on Return on Assets.


Return on Capital Employed

Unable to establish if Independent Bank improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.


Next Steps

Financial Health

How is Independent Bank's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Information is not available.

Information is not available.


Financial Institutions Analysis

Independent Bank has an acceptable proportion of non-loan assets held.

Independent Bank has a sufficient allowance for bad loans.

Independent Bank's liabilities are made up of primarily low risk sources of funding.

Independent Bank's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).

Loans at Independent Bank are broadly funded by customer deposits.

Independent Bank has an acceptable level of bad loans (less than 2%).


Next Steps

Dividend

What is Independent Bank's current dividend yield, its reliability and sustainability?

2.29%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Independent Bank's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).

Independent Bank's dividend is below the markets top 25% of dividend payers in United States of America (3.71%).

Dividends per share have been stable in the past 10 years.

Dividends per share have increased over the past 10 years.


Current Payout to Shareholders

Dividends paid are well covered by earnings (2.7x coverage).


Future Payout to Shareholders

Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.


Next Steps

Management

What is the CEO of Independent Bank's salary, the management and board of directors tenure and is there insider trading?

4.3yrs

Average management tenure


CEO

Chris Oddleifson (60yo)

16.6yrs

Tenure

US$2,347,885

Compensation

Mr. Christopher Oddleifson, also known as Chris, is the Chief Executive Officer of Rockland Trust Company since 2003 and the President and Chief Executive Officer of its parent, Independent Bank Corp. Mr.  ...


CEO Compensation Analysis

Chris's remuneration is lower than average for companies of similar size in United States of America.

Chris's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

4.3yrs

Average Tenure

57yo

Average Age

The tenure for the Independent Bank management team is about average.


Board Age and Tenure

10.4yrs

Average Tenure

62yo

Average Age

The average tenure for the Independent Bank board of directors is over 10 years, this suggests they are a seasoned and experienced board.


Insider Trading

No 3 month open market individual insider trading information.


Recent Insider Transactions

SellUS$129,50830 May 19
Daniel O'Brien
EntityIndividual
Role
Member of the Board of Directors
Director
Shares1,780
Max PriceUS$72.94
SellUS$317,83209 May 19
Kevin Jones
EntityIndividual
Role
Member of the Board of Directors
Director
Shares4,000
Max PriceUS$80.55
SellUS$97,53301 May 19
Gerard Nadeau
EntityIndividual
Role
Member of the Board of Directors
Director
Shares1,215
Max PriceUS$80.27
SellUS$64,00030 Apr 19
Donna Abelli
EntityIndividual
Role
Chairman of the Board
Chairperson of the Board
Shares800
Max PriceUS$80.00
SellUS$259,66714 Mar 19
Robert Cozzone
EntityIndividual
Role
Chief Operating Officer
Executive VP & COO
Shares3,205.51
Max PriceUS$81.01
SellUS$204,23612 Mar 19
Gerard Nadeau
EntityIndividual
Role
Member of the Board of Directors
Director
Shares2,500
Max PriceUS$81.69
SellUS$160,74005 Feb 19
Kevin Jones
EntityIndividual
Role
Member of the Board of Directors
Director
Shares2,000
Max PriceUS$80.37
SellUS$83,16930 Jan 19
Christopher Oddleifson
EntityIndividual
Role
Chief Executive Officer
CEO, President & Director
Shares1,050
Max PriceUS$79.21
SellUS$116,97829 Jan 19
Christopher Oddleifson
EntityIndividual
Role
Chief Executive Officer
CEO, President & Director
Shares1,500
Max PriceUS$77.99
SellUS$7,92014 Nov 18
Mark Ruggiero
EntityIndividual
Role
Chief Financial Officer
Senior VP
Shares100
Max PriceUS$79.20

Ownership Breakdown


Management Team

  • Ed Seksay (61yo)

    General Counsel & Corporate Secretary

    • Tenure: 19.2yrs
    • Compensation: US$699.26k
  • Chris Oddleifson (60yo)

    CEO, President & Director

    • Tenure: 16.6yrs
    • Compensation: US$2.35m
  • David Smith

    Senior VP

    • Tenure: 14.7yrs
  • Gerry Nadeau (61yo)

    Director

    • Tenure: 2.5yrs
    • Compensation: US$1.07m
  • Rob Cozzone (48yo)

    Executive VP & COO

    • Tenure: 0.4yrs
    • Compensation: US$1.02m
  • Barry Jensen (54yo)

    Chief Technology Officer

    • Tenure: 6yrs
    • Compensation: US$655.88k
  • Mark Ruggiero (42yo)

    Senior VP

    • Tenure: 0.4yrs
  • Kathryn Robson

    Chief Internal Auditor & Senior VP

    • Tenure: 0yrs
  • Debra Smith

    Senior VP & Director of Banking & Digital Operations - Rockland Trust Company

    • Tenure: 2.3yrs
  • Meagan Silva

    Executive Assistant

    • Tenure: 0yrs

Board Members

  • Kevin Jones (68yo)

    Director

    • Tenure: 19.7yrs
    • Compensation: US$153.62k
  • Brian Tedeschi (69yo)

    Director

    • Tenure: 39.7yrs
    • Compensation: US$101.87k
  • Eileen Miskell (61yo)

    Director

    • Tenure: 14.4yrs
    • Compensation: US$123.92k
  • Chris Oddleifson (60yo)

    CEO, President & Director

    • Tenure: 16.6yrs
    • Compensation: US$2.35m
  • John Morrissey (52yo)

    Director

    • Tenure: 6.8yrs
  • Thomas Venables (64yo)

    Director

    • Tenure: 10.4yrs
    • Compensation: US$109.87k
  • Daniel O'Brien (63yo)

    Director

    • Tenure: 10.4yrs
    • Compensation: US$118.17k
  • Donna Abelli (61yo)

    Chairperson of the Board

    • Tenure: 7.5yrs
    • Compensation: US$158.62k
  • Gerry Nadeau (61yo)

    Director

    • Tenure: 2.5yrs
    • Compensation: US$1.07m
  • Fred Taw (69yo)

    Director

    • Tenure: 4.2yrs
    • Compensation: US$100.00k

Company Information

Independent Bank Corp.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Independent Bank Corp.
  • Ticker: INDB
  • Exchange: NasdaqGS
  • Founded: 1907
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$2.541b
  • Shares outstanding: 34.37m
  • Website: https://www.rocklandtrust.com

Number of Employees


Location

  • Independent Bank Corp.
  • 288 Union Street
  • Rockland
  • Massachusetts
  • 2370
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
INDBNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDMay 1986

Biography

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 i ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/09/20 23:37
End of Day Share Price2019/09/20 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.