Independent Bank (INDB) Stock Price, News & Analysis

Company 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. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit. It 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, the company 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; mobile, online, and telephone banking; estate settlement, financial planning, tax services, and other services; automated teller machines; 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, it invests in low-income housing tax credit projects; holds, maintains, and disposes foreclosed properties; and operates as an investment advisor. Independent Bank Corp. was founded in 1907 and is headquartered in Rockland, Massachusetts.

Key Stats

• Today's Range: $64.78 to $67.04
• 50-Day Range: $60.80 to $74.97
• 52-Week Range: $45.11 to $77.23
• Volume: 607,474 shs
• Average Volume: 281,433 shs
• Market Capitalization: $2.81 billion
• P/E Ratio: 14.35
• Dividend Yield: 3.45%
• Price Target: $78.00
• Consensus Rating: Buy

Independent Bank Stock Analysis - MarketRank™

Independent Bank scored higher than 81% of companies evaluated by MarketBeat, and ranked 215th out of 937 stocks in the finance sector. Scores are calculated by averaging available category scores, with extra weight given to analysis and valuation.

Analyst's Opinion

• Score: 2.7 / 5
• Analyst Rating: Buy

Consensus Rating

Independent Bank has received a consensus rating of Buy. The company's average rating score is 3.33, and is based on no buy ratings, 1 hold rating, and no sell ratings.

Amount of Analyst Coverage

Independent Bank has only been the subject of 2 research reports in the past 90 days.

Earnings and Valuation

• Score: 3.1 / 5
• Proj. Earnings Growth: 17.11%

Earnings Growth

Earnings for Independent Bank are expected to grow by 17.11% in the coming year, from $4.50 to $5.27 per share.

Price to Earnings Ratio vs. the Market

The P/E ratio of Independent Bank is 14.35, which means that it is trading at a less expensive P/E ratio than the market average P/E ratio of about 128.72.

Price to Earnings Ratio vs. Sector

The P/E ratio of Independent Bank is 14.35, which means that it is trading at a less expensive P/E ratio than the Finance sector average P/E ratio of about 46.86.

Price to Book Value per Share Ratio

Independent Bank has a P/B Ratio of 1.00. P/B Ratios below 3 indicates that a company is reasonably valued with respect to its assets and liabilities.

Short Interest

• Score: 3.0 / 5
• Short Interest Level: Healthy

Percentage of Shares Shorted

2.33% of the outstanding shares of Independent Bank have been sold short.

Short Interest Ratio / Days to Cover

Independent Bank has a short interest ratio ("days to cover") of 3.4, which is generally considered an acceptable ratio of short interest to trading volume.

Change versus previous month

Short interest in Independent Bank has recently increased by 22.72%, indicating that investor sentiment is decreasing significantly.

Dividend

• Score: 4.2 / 5
• Dividend Strength: Strong

Dividend Yield

Independent Bank pays a meaningful dividend of 3.18%, higher than the bottom 25% of all stocks that pay dividends.

Dividend Growth

Independent Bank has been increasing its dividend for 14 years.

Dividend Coverage

The dividend payout ratio of Independent Bank is 49.57%. This payout ratio is at a healthy, sustainable level, below 75%.

Dividend Sustainability

Based on earnings estimates, Independent Bank will have a dividend payout ratio of 43.26% next year. This indicates that Independent Bank will be able to sustain or increase its dividend.

Sustainability and ESG

• Score: N/A
• Environmental Score: N/A

Percentage of Shares Shorted

2.33% of the outstanding shares of Independent Bank have been sold short.

Short Interest Ratio / Days to Cover

Independent Bank has a short interest ratio ("days to cover") of 3.4, which is generally considered an acceptable ratio of short interest to trading volume.

Change versus previous month

Short interest in Independent Bank has recently increased by 22.72%, indicating that investor sentiment is decreasing significantly.

News and Social Media

• Score: 1.9 / 5
• News Sentiment: 0.47

News Sentiment

Independent Bank has a news sentiment score of 0.47. This score is calculated as an average of sentiment of articles about the company over the last seven days and ranges from 2 (good news) to -2 (bad news). This is a lower news sentiment than the 0.80 average news sentiment score of Finance companies.

News Coverage This Week

MarketBeat has tracked 8 news articles for Independent Bank this week, compared to 4 articles on an average week.

Company Ownership

• Score: 1.7 / 5
• Insider Trading: N/A

Insider Buying vs. Insider Selling

In the past three months, Independent Bank insiders have not sold or bought any company stock.

Percentage Held by Insiders

Only 0.87% of the stock of Independent Bank is held by insiders.

Percentage Held by Institutions

83.40% of the stock of Independent Bank is held by institutions. High institutional ownership can be a signal of strong market trust in this company.

INDB Stock Analysis - Frequently Asked Questions

How have INDB shares performed this year?

Independent Bank's stock was trading at $65.81 at the start of the year. Since then, INDB stock has increased by 0.3% and is now trading at $66.02.
View the best growth stocks for 2024 here.

How were Independent Bank's earnings last quarter?

Independent Bank Corp. (NASDAQ:INDB) announced its earnings results on Thursday, October, 17th. The bank reported $1.01 earnings per share for the quarter, beating analysts' consensus estimates of $0.99 by $0.02. The bank earned $250.07 million during the quarter, compared to analysts' expectations of $173.24 million. Independent Bank had a net margin of 20.26% and a trailing twelve-month return on equity of 6.74%.

Who are Independent Bank's major shareholders?

Top institutional investors of Independent Bank include State Street Corp (5.38%), Victory Capital Management Inc. (2.45%), Geode Capital Management LLC (2.39%) and Rockland Trust Co. (1.52%). Insiders that own company stock include Christopher Oddleifson, Barry H Jensen, Robert D Cozzone, Jeffrey J Tengel, Eileen C Miskell, Donna L Abelli, John J Morrissey, Mark J Ruggiero, Edward H Seksay, Scott Smith, Lee C Powlus and Gerard F Nadeau.
View institutional ownership trends.

How do I buy shares of Independent Bank?

Shares of INDB stock can be purchased through any online brokerage account. Popular online brokerages with access to the U.S. stock market include Charles Schwab, E*TRADE, Fidelity, and Vanguard Brokerage Services.
Compare Top Brokerages Here.

What other stocks do shareholders of Independent Bank own?

Based on aggregate information from My MarketBeat watchlists, some other companies that Independent Bank investors own include NVIDIA (NVDA), Meta Platforms (META), Advanced Micro Devices (AMD), Netflix (NFLX), Broadcom (AVGO), Tesla (TSLA) and First Solar (FSLR).

Company Calendar

• Ex-Dividend for 10/4 Dividend: 9/30/2024
• Dividend Payable: 10/04/2024
• Last Earnings: 10/17/2024
• Today: 12/21/2024
• Ex-Dividend for 1/6 Dividend: 12/30/2024
• Fiscal Year End: 12/31/2024
• Dividend Payable: 1/06/2025

Industry, Sector and Symbol

• Stock Exchange: NASDAQ
• Sector: Finance
• Industry: State commercial banks
• Sub-Industry: Regional Banks
• Current Symbol: NASDAQ:INDB
• CUSIP: 45383610
• CIK: 776901
• Web: www.rocklandtrust.com
• Phone: (781) 878-6100
• Fax: 781-982-6130
• Employees: 1,787
• Year Founded: 1864

Price Target and Rating

• Average Stock Price Target: $78.00
• High Stock Price Target: $82.00
• Low Stock Price Target: $74.00
• Potential Upside/Downside: +18.1%
• Consensus Rating: Buy
• Rating Score (0-4): 3.33
• Research Coverage: 3 Analysts

Profitability

• EPS (Most Recent Fiscal Year): $4.60
• Trailing P/E Ratio: 14.35
• Forward P/E Ratio: 14.67
• P/E Growth: N/A
• Net Income: $239.50 million
• Net Margins: 20.26%
• Pretax Margin: 26.26%
• Return on Equity: 6.74%
• Return on Assets: 1.02%

Debt

• Debt-to-Equity Ratio: 0.22
• Current Ratio: 0.95
• Quick Ratio: 0.95

Sales & Book Value

• Annual Sales: $683.06 million
• Price / Sales: 4.11
• Cash Flow: $5.81 per share
• Price / Cash Flow: 11.36
• Book Value: $66.02 per share
• Price / Book: 1.00

Miscellaneous

• Outstanding Shares: 42,493,000
• Free Float: 42,123,000
• Market Cap: $2.81 billion
• Optionable: Optionable
• Beta: 0.76