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Independent Bank (INDB) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Independent Bank stock $60.45, price $84.10, that is 28.1% below the price, quality 54 out of 100. Rating: overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

6 models, one by oneBear $47.06 to bull $64.83 Growth analysisrevenue history, year by year Quality 54/100 in detail37 factors, each one shown Compared with its peersrank on every measure, side by side

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Financial Services US

Broad data Nov 7, 2026

Independent Bank

INDB · US

Solid, but expensive

Our calculation puts a fair price 28% below what the stock costs today.

Healthy Growth (revenue 5y +18.1 %/yr in USD)

Highly profitable · 32.7% net margin (TTM)

3.0% dividend yield · Low payout

Upbeat coverage

Broad data

Last quarter vs. a year ago: revenue +25%, profit +177%.

Quality 54/100

Mixed vs. peers (6/15)

Wide moat 65/100 · thin data

Insiders sold $979,642 (6M)

Fair value $60.45 · Overvalued

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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.

How to read this chart

60‑month range $38.70 – $86.48 · fair‑value band $47.06 – $64.83 · the $84.10 price screens above the $60.45 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.

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Company profile

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.

Show moreShow less

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.

Stock analysis

Independent Bank (INDB) currently trades at $84.10, while our model-based Fair Value estimate is $60.45, 28% below the price, so the stock looks overvalued today.

Valuation

Bull case: the Multiples group reads highest at a median of $62.75 per share, and 0 of the 6 models we run sit above the $84.10 price.

Bear case: the Asset-Based group reads lowest at $33.12, and 6 of the 6 models stay below the price. Data coverage for this calculation is high.

Scenario range: $47.06 (bear) to $64.83 (bull), the price of $84.10 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 54/100 (solid quality), in the Financial Services sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Independent Bank reported revenue of $1.2B in FY2025 versus $516M in FY2021, a compound +22.6%/yr. Reported net income was $205M in FY2025, compounding +14.1%/yr from FY2021.

Key figures

Market cap $4.0B Mid · P/E ratio 12.4 · P/S ratio 4.05 · EPS (TTM) $6.79 · Dividend yield 3.0% · Net margin 32.7% · Return on equity 9.3% · Return on assets (EBIT) 1.3% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 65 out of 100 (low confidence).

What moves the price

The share trades about 3% below its 52-week high and 31% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at −28%, INDB screens richer than that median.

Fair Value models

Bear $47.06 Fair Value $60.45 Bull $64.83

Price $84.10 · Downside -28.1%

Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($3.67 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.

Best data coverage

Residual Income $58.77 $60.45 $64.83 76

DDM Multi-Stage $19.70 $34.24 $42.21 67

Gordon GGM $19.70 $40.10 $62.11 66

All 6 models by family

Dividend Discount

Gordon GGM $19.70 $40.10 $62.11 66

DDM Multi-Stage $19.70 $34.24 $42.21 67

Multiples

P/E Multiple $42.22 $56.29 $70.37 63

P/B Multiple $51.90 $69.20 $86.51 55

Asset-Based

NCAV (Graham) $24.72 $33.12 $49.43 54

Economic Profit

Residual Income $58.77 $60.45 $64.83 76

Open the full fair value analysis →

Quality Score breakdown

Overall quality 54/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 27

How much profit the company makes from its sales and capital

Quality Growth 52

Are margins and returns getting better?

Cashflow 77

Do the profits arrive as real cash?

Financial strength 3

Debt, balance sheet and risk of trouble

Investment 73

Does it invest with discipline instead of growing at any price?

Low Volatility 81

How calm the share price moves, does not count

Price momentum 50

Price momentum of the last 3 to 12 months, does not count

Near the 52-week high 75

Distance to the 52-week high, does not count

New shares 77

Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, 3 officers or directors sold shares worth $979,642 and none bought.

SaleThomas R VenablesDirector2× since Dec 5, 2025: 4,155 shares, avg. $82.12$341,192Aug 25, 2026
SaleGerard F NadeauDirector3× since Nov 21, 2025: 10,307 shares, avg. $78.36$807,670Aug 3, 2026
SaleJoseph C LernerDirector2,832 shares at $77.31$218,942May 18, 2026
SaleJohn J MorrisseyDirector1,988 shares at $85.70$170,372Feb 6, 2026
SaleDonna L AbelliDirector524 shares at $85.00$44,517Feb 4, 2026
SaleKen S AnsinDirector2× since Nov 10, 2025: 197,000 shares, avg. $69.70$13.7MNov 14, 2025

Plus 14 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 95/100

Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Revenue growth 1 year

+19.8%

Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.

+15.9%

Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.

+18.1%

Start year 2020 (pandemic). Over 10 years: +14.3% a year

Revenue growth 34 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.

+7.4%

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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.

+4.9%

Earnings growth per share plus dividend.

Earnings per share, growth per year+1.9%

Dividend (yield on the price)3.0%

Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.2.6% vs 5.2%, steady

Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.30% → 23%

Pace: the 5-year rate starts in 2020 (pandemic)

INDB screens overvalued: fair value 28% below the price. Compare with China Merchants Bank Co →

Earlier news

News mood ⓘNews mood, the average tone of recent news (95 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Hype

Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.

3 Reasons to avoid INDB and 1 stock to buy instead Yahoo Finance · Oct 22, 2026
Independent Bank Corporation Announces Quarterly Cash Dividend on Common Stock Yahoo Finance · Oct 20, 2026
Independent Bank (INDB) Stock Climbs As Q3 Earnings Meet Credit Strain Yahoo Finance · Oct 17, 2026
Independent Bank (INDB) Could Be 21% Undervalued On Its Earnings Beat Yahoo Finance · Oct 16, 2026

Note from the team Oct 11, 2026

AI conclusion: The regional bank's strength is recent margin expansion and fee income support, but weak evidence for competitive position and potential shortfall in offsetting CRE runoff with new originations limit quality assessment.

Main risk: The biggest risk is that new loan originations fail to convert quickly enough to offset commercial real estate runoff and rising deposit costs, thereby pressuring profitability.

Independent Bank heads into its earnings with a sharply expanded commercial lending pipeline that must offset ongoing commercial real estate runoff and rising deposit costs. Margin expansion and fee income have supported recent results, yet balance sheet growth remains the open variable. Will the new originations convert fast enough to stabilize earning assets and sustain profitability gains, or will the offsets fall short?

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 996 stocks

Beats the industry median on 6/15 measures

A mixed picture versus its industry peers.

Valuation

Quality Score 54 · Below median

Fair Value upside −28.1% · Below median

Profitability

Return on equity (12 months) 9.3% · Below median

Return on assets 0.8% · Below median

Net margin (12 months) 32.7% · Above median

Operating margin (12 months) 50.1% · Above median

Growth and dividend

Revenue growth (quarter YoY) 24.5% · Top 25%

Dividend yield (12 months) 3.0% · Above median

Balance sheet

Debt / equity 0.22× · Below median

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 12.4× · Pricier than median

P/B 1.13× · Cheaper than median

P/S (12 months) 4.05× · Pricier than median

Price / free cash flow (fiscal year) 16.9× · Priciest 25%

EV/EBITDA 15.0× · Priciest 25%

PEG 11.00× · Priciest 25%

Strength profile in five axes (Snowflake)

This stock

Sector peers

VALUE (fair-value potential)0 · sector 8

FUTURE (revenue growth)100 · sector 47

PAST (return on equity)37 · sector 43

HEALTH (low debt)–

DIVIDEND (yield)60 · sector 53

VALUE 0: the price sits above our fair-value range.

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock	Price	Fair Value	vs Fair Value	Compare
Postal Savings Bank of China Co 601658	¥5.53	¥7.59	+37%	vs INDB
China Merchants Bank Co 600036	¥42.88	¥52.73	+23%	vs INDB
BNP Paribas SA BNP	€91.93	€106.01	+15%	vs INDB
Intesa Sanpaolo S.p.A ISP	€6.18	€4.49	−27%	vs INDB
State Bank of India SBIN	₹1,019	₹736.65	−28%	vs INDB
UniCredit S.p.A UCG	€76.80	€50.44	−34%	vs INDB
Mizuho Financial Group MFG	$9.40	$5.89	−37%	vs INDB
DBS Group D05	69.72 SGD	40.39 SGD	−42%	vs INDB
HDFC Bank Limited HDFCBANK	₹788.25	₹406.39	−48%	vs INDB
ICICI Bank Limited ICICIBANK	₹1,571	₹615.63	−61%	vs INDB

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Cite: Fair Value Calculator (2026). "Independent Bank Fair Value". https://www.fairvalue-calculator.com/stock/INDB

Frequently asked questions

Is Independent Bank (INDB) overvalued or undervalued?

As of Nov 7, 2026, our model estimates a fair value of $60.45 versus a price of $84.10, about 28% lower (overvalued).

What is the fair value of INDB?

Our model-based fair value for Independent Bank is $60.45 (as of Nov 7, 2026), built from audited fundamentals. The current price: $84.10.

What is the quality score of INDB?

Independent Bank has a Quality Score of 54/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.

What is the price target for Independent Bank (INDB)?

Our model-based price target is the fair value of $60.45 (as of Nov 7, 2026) from 6 valuation models. Cautious scenario $47.06, optimistic scenario $64.83. It is a calculation from audited fundamentals, not an analyst target.

What is the Independent Bank stock forecast for 2026?

Our models put fair value at $60.45, about 28% lower versus a price of $84.10 (overvalued). Cautious scenario $47.06, optimistic scenario $64.83. The calculation is refreshed regularly with new filings.

What is the revenue of Independent Bank (INDB)?

Independent Bank reported trailing-twelve-month revenue of about $999M (latest available figure, as of Nov 7, 2026).

Does Independent Bank pay a dividend?

Independent Bank currently shows a dividend yield of 2.98% relative to its recent price (as of Nov 7, 2026).

How much is the dividend of Independent Bank (INDB) and when is the ex-dividend date?

Independent Bank pays a dividend of $2.51 per share a year, a dividend yield of 3.0%. The last ex-dividend date was Sep 28, 2026. A dividend has been paid every year since 1994. The payout ratio is 32.5% of earnings (on adjusted earnings, reported 37.0%). Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.

What is the intrinsic value of Independent Bank (INDB)?

Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Independent Bank it is $60.45 per share (as of Nov 7, 2026), against a price of $84.10. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).

Is Independent Bank stock overvalued or undervalued in 2026?

As of Nov 7, 2026, INDB trades above its calculated fair value: price $84.10, fair value $60.45, a gap of about −28% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.

Is fair value the same as the market price of INDB?

No. The price is what the market pays today ($84.10); the fair value is what the company's own numbers justify ($60.45). For Independent Bank the two are $23.65 per share apart. That gap is exactly why we show both numbers side by side.

How much is Independent Bank worth?

The market values Independent Bank at about $4.0B (market capitalisation, as of Nov 7, 2026). Per share that is $84.10; our models calculate a fair value of $60.45 per share.

What do the bullish and bearish scenarios say about INDB?

Our models span a range for Independent Bank: cautious scenario $47.06, base $60.45, optimistic $64.83 per share (as of Nov 7, 2026, price $84.10). The range comes from different growth and margin assumptions, not from analyst opinions.

What is the P/E ratio of INDB?

Independent Bank trades at a price-to-earnings ratio of 12.4 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $60.45 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 17.8 (reported for FY2025: 20.3). Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, 6 of the years ex one-offs: 15.2. Other multiples: PEG 11.0, P/B 1.1, P/S 4.0, EV/EBITDA 15.0.

What is the PEG ratio of INDB?

The PEG ratio of Independent Bank is 11.00 (P/E divided by earnings growth, as of Nov 7, 2026). That is above 1, so the growth is already paid for in the price.

How solid is the balance sheet of Independent Bank (INDB)?

Balance-sheet figures for Independent Bank (as of Nov 7, 2026): return on equity 9.3%, debt of 0.22 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.

How far is INDB from its 52-week high?

Independent Bank trades at $84.10, about 3% below its 52-week high of $86.48 and 31% above the low of $64.37 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $60.45 is for.

Which stocks are comparable to Independent Bank?

From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.

Is Independent Bank stock attractive at the current price?

The data as of Nov 7, 2026: price $84.10, calculated fair value $60.45 (−28%), Quality Score 54/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.

How is the fair value of INDB calculated?

We run Independent Bank through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of $60.45 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.

Is it still worth investing in stocks now?

The global stock market currently sits 13.3% above its aggregate fair value. Independent Bank itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.

What is the share price of Independent Bank (INDB)?

The closing price on Nov 6, 2026 was $84.10. Our model-based fair value is $60.45, about 28% lower (overvalued). We carry closing prices from our data provider, not a live tick.

What should I pay attention to with Independent Bank right now?

The price sits above even our optimistic bull case ($64.83). The favourable scenario is already priced in. Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Where does the earnings growth of Independent Bank (INDB) come from?

Earnings per share at Independent Bank grew +6.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.7 %, EBIT margin −1.1 %, tax rate +1.1 %, residual (interest, one-offs) −0.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Independent Bank

How large is the market capitalisation of Independent Bank (INDB)?

The market capitalisation of Independent Bank is $4.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.

What is the P/S ratio of Independent Bank (INDB)?

The price-to-sales ratio of Independent Bank is 4.05 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.

What are the earnings per share of Independent Bank (INDB)?

Earnings per share at Independent Bank are $6.79 (price ÷ EPS = P/E 12.4). Earnings per share over the last twelve months: total profit spread across every single share.

What is the dividend yield of Independent Bank (INDB)?

The dividend yield of Independent Bank is 3.0% (payout 32.5%, on adjusted earnings, reported 37.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.

What is the net margin of Independent Bank (INDB)?

The net margin of Independent Bank is 32.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.

What is the return on equity of Independent Bank (INDB)?

The return on equity (ROE) of Independent Bank is 9.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.

What is the EBIT return on assets of Independent Bank (INDB)?

On an EBIT basis the return on assets of Independent Bank is 1.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.

What is the operating margin of Independent Bank (INDB)?

The operating margin of Independent Bank is 50.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.

How fast is revenue growing at Independent Bank (INDB)?

Revenue at Independent Bank is growing +24.5% versus a year earlier (3y avg +15.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.

How fast are earnings growing at Independent Bank (INDB)?

Earnings per share at Independent Bank are growing +177% versus a year earlier. How much earnings per share grew versus a year earlier.

How much free cash flow does Independent Bank (INDB) generate?

The free cash flow of Independent Bank is $240M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.

How much net debt does Independent Bank (INDB) carry?

The net debt of Independent Bank is $671M (fiscal year 2025, ≈ 2.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.

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