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. More Details
Flawless balance sheet established dividend payer.
Share Price & News
How has Independent Bank's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: INDB is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 7% a week.
Volatility Over Time: INDB's weekly volatility (7%) has been stable over the past year.
7 Day Return
1 Year Return
Return vs Industry: INDB exceeded the US Banks industry which returned -8% over the past year.
Return vs Market: INDB underperformed the US Market which returned 24.3% over the past year.
Long-Term 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
2 weeks ago | Simply Wall StHave Insiders Been Selling Independent Bank Corp. (NASDAQ:INDB) Shares?
1 month ago | Simply Wall StIs Independent Bank Corp. (NASDAQ:INDB) Popular Amongst Institutions?
2 months ago | Simply Wall StDoes Independent Bank Corp. (NASDAQ:INDB) Have A Place In Your Dividend Portfolio?
Is Independent Bank undervalued compared to its fair value and its price relative to the market?
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: INDB ($76.52) is trading above our estimate of fair value ($65.75)
Significantly Below Fair Value: INDB is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: INDB is poor value based on its PE Ratio (21x) compared to the US Banks industry average (12.1x).
PE vs Market: INDB is good value based on its PE Ratio (21x) compared to the US market (21.2x).
Price to Earnings Growth Ratio
PEG Ratio: INDB is poor value based on its PEG Ratio (7.1x)
Price to Book Ratio
PB vs Industry: INDB is overvalued based on its PB Ratio (1.5x) compared to the US Banks industry average (1x).
How is Independent Bank forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: INDB's forecast earnings growth (3% per year) is above the savings rate (2%).
Earnings vs Market: INDB's earnings (3% per year) are forecast to grow slower than the US market (21.3% per year).
High Growth Earnings: INDB's earnings are forecast to grow, but not significantly.
Revenue vs Market: INDB's revenue (5.5% per year) is forecast to grow slower than the US market (10.6% per year).
High Growth Revenue: INDB's revenue (5.5% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: INDB's Return on Equity is forecast to be low in 3 years time (7.1%).
How has Independent Bank performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: INDB has high quality earnings.
Growing Profit Margin: INDB's current net profit margins (28.5%) are lower than last year (33.2%).
Past Earnings Growth Analysis
Earnings Trend: INDB's earnings have grown by 17% per year over the past 5 years.
Accelerating Growth: INDB's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: INDB had negative earnings growth (-26.6%) over the past year, making it difficult to compare to the Banks industry average (-2.6%).
Return on Equity
High ROE: INDB's Return on Equity (7.1%) is considered low.
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
Financial Institutions Analysis
Asset Level: INDB's Assets to Equity ratio (7.8x) is low.
Allowance for Bad Loans: INDB has a sufficient allowance for bad loans (170%).
Low Risk Liabilities: 96% 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 (70%).
Low Risk Deposits: INDB's Loans to Deposits ratio (84%) is appropriate.
Level of Bad Loans: INDB has an appropriate level of bad loans (0.7%).
What is Independent Bank current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: INDB's dividend (2.4%) is higher than the bottom 25% of dividend payers in the US market (1.39%).
High Dividend: INDB's dividend (2.4%) is low compared to the top 25% of dividend payers in the US market (3.87%).
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
Dividend Coverage: With its reasonable payout ratio (50.5%), INDB's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: INDB's dividends in 3 years are forecast to be well covered by earnings (47.9% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Chris Oddleifson (61 yo)
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
Compensation vs Market: Chris's total compensation ($USD3.72M) is about average for companies of similar size in the US market ($USD5.03M).
Compensation vs Earnings: Chris's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
|CEO, President & Director||17.92yrs||US$3.72m||0.29% |
|Chief Financial & Accounting Officer||1.75yrs||US$452.42k||0.011% |
|COO and Executive VP of Consumer & Business Banking||1.75yrs||US$1.21m||0.070% |
|Executive VP||20.5yrs||US$1.14m||0.040% |
|Executive VP and Chief Technology & Operations Officer||7.33yrs||US$655.88k||0.053% |
|Executive Assistant||no data||no data||no data|
|Senior VP & Director of Banking & Digital Operations - Rockland Trust Company||3.58yrs||no data||no data|
|MD & Chief Investment Officer of Investment Management Group - Rockland Trust Company||16yrs||no data||no data|
|Director of Human Resources of Rockland Trust||3.67yrs||no data||0.016% |
|Treasurer||no data||no data||no data|
|Deputy General Counsel & Corporate Secretary||no data||no data||no data|
Experienced Management: INDB's management team is seasoned and experienced (5.5 years average tenure).
|CEO, President & Director||17.92yrs||US$3.72m||0.29% |
|Independent Director||21yrs||US$131.87k||0.27% |
|Independent Director||15.75yrs||US$132.92k||0.051% |
|Independent Director||8.17yrs||US$117.12k||0.025% |
|Independent Director||11.75yrs||US$105.12k||0.053% |
|Independent Director||11.75yrs||US$123.17k||0.071% |
|Independent Chairperson of the Board||8.83yrs||US$155.37k||0.032% |
|Independent Director||3.75yrs||US$102.39k||0.0073% |
|Independent Director||5.5yrs||US$94.98k||0.032% |
|Independent Director||4.17yrs||US$109.92k||0.0094% |
Experienced Board: INDB's board of directors are considered experienced (8.5 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
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Independent Bank Corp.'s company bio, employee growth, exchange listings and data sources
- Name: Independent Bank Corp.
- Ticker: INDB
- Exchange: NasdaqGS
- Founded: 1907
- Industry: Regional Banks
- Sector: Banks
- Market Cap: US$2.523b
- Shares outstanding: 32.97m
- 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|
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
|Data||Last Updated (UTC time)|
|Company Analysis||2021/01/27 23:32|
|End of Day Share Price||2021/01/27 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.