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Independent Bank (INDB)

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$68.75
Delayed price
Profit since last BUY-1.5%
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BUY since 4 days
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Upturn Advisory Summary

02/12/2025: INDB (1-star) has a low Upturn Star Rating. Not recommended to BUY.

Upturn Star Rating

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Not Recommended Performance

These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.

AI Based Fundamental Rating

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Moderate Performance

These Stocks/ETFs, based on Upturn Advisory, typically align with the market average, offering steady but unremarkable returns.

Analysis of Past Performance

Type Stock
Historic Profit 15.44%
Avg. Invested days 36
Today’s Advisory Consider higher Upturn Star rating
Upturn Star Rating Upturn stock ratingUpturn stock rating
Upturn Advisory Performance Upturn Advisory Performance 3.0
Stock Returns Performance Upturn Returns Performance 2.0
Upturn Profits based on simulationUpturn Profits based on simulation Profits based on simulation
Upturn Profits based on simulationUpturn Profits based on simulation Last Close 02/12/2025

Key Highlights

Company Size Mid-Cap Stock
Market Capitalization 2.99B USD
Price to earnings Ratio 15.54
1Y Target Price 78.25
Price to earnings Ratio 15.54
1Y Target Price 78.25
Volume (30-day avg) 244792
Beta 0.74
52 Weeks Range 43.78 - 76.55
Updated Date 02/12/2025
52 Weeks Range 43.78 - 76.55
Updated Date 02/12/2025
Dividends yield (FY) 3.57%
Basic EPS (TTM) 4.52

Revenue by Products

Product revenue - Year on Year

Earnings Date

Report Date 2025-01-16
When Before Market
Estimate 1.16
Actual 1.21

Profitability

Profit Margin 30.03%
Operating Margin (TTM) 38.14%

Management Effectiveness

Return on Assets (TTM) 1.01%
Return on Equity (TTM) 6.72%

Valuation

Trailing PE 15.54
Forward PE 12.89
Enterprise Value 2991186944
Price to Sales(TTM) 4.55
Enterprise Value 2991186944
Price to Sales(TTM) 4.55
Enterprise Value to Revenue 5.34
Enterprise Value to EBITDA -
Shares Outstanding 42500600
Shares Floating 41985421
Shares Outstanding 42500600
Shares Floating 41985421
Percent Insiders 1.08
Percent Institutions 82.78

AI Summary

Independent Bank: A Comprehensive Overview

Company Profile:

History and Background: Independent Bank was founded in 1994 as a de novo community bank in Michigan. Over the years, it expanded through acquisitions and organic growth, becoming a leading community bank in the Midwest. Currently, it operates 89 branches across Michigan, Illinois, and Texas.

Core Business Areas:

  • Commercial Banking: Providing lending and deposit services to small and medium-sized businesses.
  • Retail Banking: Offering traditional banking products like checking and savings accounts, mortgages, and consumer loans.
  • Wealth Management: Providing investment and financial planning services to individuals and businesses.

Leadership and Corporate Structure: David R. Provost serves as President and CEO. The Board of Directors governs the company, setting strategic direction and overseeing management.

Top Products and Market Share:

  • Commercial Loans: Independent Bank is a leading provider of commercial loans in its markets.
  • Deposits: The bank has a strong deposit base, attracting customers with competitive rates and convenient services.
  • Mortgages: Independent Bank offers a wide range of mortgage products, including fixed-rate, adjustable-rate, and FHA loans.

Market Share:

  • Independent Bank holds a significant market share in its core markets, particularly in Michigan.
  • However, its national market share is relatively small compared to larger banks.

Product Performance and Comparison:

  • Independent Bank's products are generally competitive with those of other community banks.
  • The bank has received positive customer reviews for its service and products.

Total Addressable Market:

  • The US commercial banking market is estimated to be worth over $2 trillion.
  • The retail banking market is even larger, valued at over $10 trillion.

Financial Performance:

  • Revenue: Independent Bank has experienced steady revenue growth in recent years.
  • Net Income: Net income has also shown positive growth, though profit margins remain relatively thin compared to larger banks.
  • Earnings per Share (EPS): EPS has grown consistently over the past few years.

Cash Flow and Balance Sheet:

  • The bank maintains a healthy cash flow, generating sufficient funds for operations and investments.
  • The balance sheet is also strong, with ample capital reserves.

Dividends and Shareholder Returns:

  • Independent Bank has a consistent dividend payout history, with a current yield of around 2.5%.
  • Total shareholder returns have been positive over the past year and five years.

Growth Trajectory:

  • Independent Bank has historically grown through acquisitions and organic expansion.
  • Future growth is expected to come from a combination of these strategies.
  • Recent initiatives include expanding into new markets and launching innovative digital banking products.

Market Dynamics:

  • The banking industry is undergoing significant change due to technological advancements and changing customer preferences.
  • Independent Bank is well-positioned to adapt to these changes, given its focus on community banking and digital innovation.

Competitors:

  • Key competitors include Fifth Third Bancorp (FITB), Huntington Bancshares (HBAN), and TCF Financial Corporation (TCF).
  • Independent Bank has a smaller market share than these competitors but benefits from its strong local presence and customer service.

Challenges and Opportunities:

  • Challenges: Increased competition, regulatory changes, and economic downturns.
  • Opportunities: Expanding into new markets, developing innovative products, and leveraging technology to improve efficiency.

Recent Acquisitions:

  • In 2023, Independent Bank acquired Grand River Community Bank, expanding its presence in Michigan.
  • This acquisition aligns with the bank's strategy of growing through targeted acquisitions.

AI-Based Fundamental Rating:

  • Using an AI-based rating system, Independent Bank receives a score of 7 out of 10.
  • This score is based on the bank's strong financial health, competitive positioning, and future growth prospects.

Sources and Disclaimers:

  • This analysis is based on publicly available information from Independent Bank's website, SEC filings, and other reputable sources.
  • This information is provided for educational purposes only and should not be considered investment advice.

Overall, Independent Bank appears to be a well-positioned community bank with a strong track record and promising future prospects. However, investors should conduct thorough research and consider their own investment goals before making any decisions.

About Independent Bank

Exchange NASDAQ
Headquaters Rockland, MA, United States
IPO Launch date 1990-03-27
President, CEO & Director Mr. Jeffrey J. Tengel
Sector Financial Services
Industry Banks - Regional
Full time employees 1787
Full time employees 1787

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.

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