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    Independent Bank (INDB)

    Market Price (7/22/2026): $85.11 | Market Cap: $4.2 BilSector: Financials | Industry: Regional Banks

    Independent Bank (INDB)

    Market Price (7/22/2026): $85.11
    Market Cap: $4.2 Bil
    Sector: Financials
    Industry: Regional Banks

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.4%, Dividend Yield is 2.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.9%, FCF Yield is 8.1%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11%

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37%

    Low stock price volatility
    Vol 12M is 25%

    Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology.

    Trading close to highs
    Dist 52W High is -2.3%, Dist 3Y High is -2.3%

    Key risks
    INDB key risks include [1] its elevated exposure to commercial real estate and the resulting pressure on asset quality, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.4%, Dividend Yield is 2.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.9%, FCF Yield is 8.1%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11%
    2 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33%
    3 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37%
    4 Low stock price volatility
    Vol 12M is 25%
    5 Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology.
    6 Trading close to highs
    Dist 52W High is -2.3%, Dist 3Y High is -2.3%
    7 Key risks
    INDB key risks include [1] its elevated exposure to commercial real estate and the resulting pressure on asset quality, Show more.

    INDB in ETFs

    Weight = INDB's share of each fund

    VTI0.01%
    ITOT0.01%
    IWM0.13%
    IJR0.23%
    VIG0.02%
    VYM0.02%
    VB0.05%
    KRE0.89%
    +15 more covered ETFs

    Valuation & Metrics

    FYE: 12/31INDB [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$919.3 Mil—
    FY 2026 Sales$1.0 Bil—
    FY 2027 Sales$1.1 Bil—
    FY 2026 Sales Growth13.8%—
    FY 2027 Sales Growth5.3%8.2%
    EARNINGS
    LTM Net Income (GAAP) [3]$240.6 Mil—
    FY 2026 Net Income (Non-GAAP)$363.0 Mil—
    FY 2027 Net Income (Non-GAAP)$412.3 Mil—
    FY 2027 Net Income Growth13.6%16.4%
    FY 2026 EPS (Non-GAAP)$7.32—
    FY 2027 EPS (Non-GAAP)$8.34—
    FY 2027 EPS Growth13.9%—
    VALUATION
    FY 2026 P/S4.03.2
    FY 2027 P/S3.8—
    FY 2026 P/E11.519.6
    FY 2027 P/E10.1—

    [1] INDB forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 7/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    INDBS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)0.9
    Rev Chg Q42.1%8.9%
    Rev Chg LTM33.2%7.5%
    Rev Chg 3Y Avg8.6%5.9%
    PROFITABILITYGOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.4
    Net Inc LTM ($ Bil)0.2
    CFO/Rev LTM38.6%21.4%
    Net Inc Mgn26.2%13.0%
    VALUATIONMODERATE
    P/S4.53.3
    P/CFO11.715.2
    P/FCF12.320.0
    P/E17.324.3

    AI Analysis | Feedback

    MetricValueDateSource
    Assets Under Administration9.2 billion9302025Link
    Number of Branches1222282024Link
    Efficiency Ratio59.84%7172025Link
    Nonperforming Assets to Total Assets Ratio0.35%9302025Link
    Annualized Net Charge-off Rate0.18%6302025Link
    Number of Employees17909302025Link

    Price Chart

    Recent
    7/16/2026Earnings ReleaseRev: $253 Mil (A) vs. $257 Mil (E)
    EPS: 1.70 (A) vs. $1.79 (E)
    Upcoming
    10/15/2026Earnings ReleaseRev: $264 Mil (E)
    EPS: $1.84 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 7/16/2026

    Independent Bank (INDB) stock has gained about 15% since 3/31/2026 because of the following key factors:

    1. Robust Financial Performance in Fiscal Q2 2026, Despite Earnings Miss. Independent Bank (INDB) reported a net income of $81.8 million, or $1.70 per diluted share, for fiscal Q2 2026 (ended June 30, 2026). This represented a 2.4% increase from fiscal Q1 2026 and a significant 60.15% increase compared to fiscal Q2 2025, demonstrating strong year-over-year profitability growth. Despite missing analyst EPS and revenue estimates, the stock traded up 2.3% following the announcement on July 16, 2026, indicating investor confidence in the underlying operational improvements.

    2. Significant Capital Return to Shareholders Through Share Repurchases. In fiscal Q2 2026, Independent Bank repurchased approximately 964,000 shares for $75.0 million, at an average price of $77.79 per share. This substantial share repurchase program signals management's confidence in the company's valuation and commitment to enhancing shareholder value, which likely contributed positively to the stock's appreciation during the period.

    Show more
    Updated on 7/16/2026

    Independent Bank (INDB) stock has gained about 15% since 3/31/2026 because of the following key factors:

    1. Robust Financial Performance in Fiscal Q2 2026, Despite Earnings Miss. Independent Bank (INDB) reported a net income of $81.8 million, or $1.70 per diluted share, for fiscal Q2 2026 (ended June 30, 2026). This represented a 2.4% increase from fiscal Q1 2026 and a significant 60.15% increase compared to fiscal Q2 2025, demonstrating strong year-over-year profitability growth. Despite missing analyst EPS and revenue estimates, the stock traded up 2.3% following the announcement on July 16, 2026, indicating investor confidence in the underlying operational improvements.

    2. Significant Capital Return to Shareholders Through Share Repurchases. In fiscal Q2 2026, Independent Bank repurchased approximately 964,000 shares for $75.0 million, at an average price of $77.79 per share. This substantial share repurchase program signals management's confidence in the company's valuation and commitment to enhancing shareholder value, which likely contributed positively to the stock's appreciation during the period.

    3. Solid Deposit Growth and Increased Noninterest Income. The bank experienced a 1.5% increase in total deposits, reaching $20.4 billion at June 30, 2026, driven primarily by inflows in municipal and business accounts. Core deposits comprised a strong 84.1% of total deposits. Concurrently, noninterest income rose by 5.3%, fueled by stronger interchange and wealth management fees, with wealth management assets under administration increasing to $9.5 billion. These factors highlight a strengthened funding profile and diversified revenue streams.

    4. Positive Analyst Sentiment and Upgraded Price Targets. Analyst sentiment remained generally positive, with a consensus rating of "Moderate Buy" and an average target price of $91.57. Several analysts revised their price targets upwards, including Piper Sandler raising its target to $90 on June 26, 2026, and Hovde Group setting a target of $95 on May 15, 2026. This positive outlook from the analyst community likely bolstered investor confidence and contributed to the stock's upward trend.

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    Stock Movement Drivers

    Fundamental Drivers

    The 14.1% change in INDB stock from 3/31/2026 to 7/21/2026 was primarily driven by a 8.8% change in the company's Total Revenues ($ Mil).
    (LTM values as of)33120267212026Change
    Stock Price ($)74.6485.1414.1%
    Change Contribution By: 
    Total Revenues ($ Mil)8459198.8%
    Net Income Margin (%)24.3%26.2%7.8%
    P/E Multiple18.017.3-3.8%
    Shares Outstanding (Mil)49491.1%
    Cumulative Contribution14.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 7/21/2026
    ReturnCorrelation
    INDB14.1% 
    Market (SPY)15.1%17.8%
    Sector (XLF)13.7%59.8%

    Fundamental Drivers

    The 18.4% change in INDB stock from 12/31/2025 to 7/21/2026 was primarily driven by a 19.4% change in the company's Total Revenues ($ Mil).
    (LTM values as of)123120257212026Change
    Stock Price ($)71.9085.1418.4%
    Change Contribution By: 
    Total Revenues ($ Mil)77091919.4%
    Net Income Margin (%)23.4%26.2%12.1%
    P/E Multiple20.017.3-13.2%
    Shares Outstanding (Mil)50492.0%
    Cumulative Contribution18.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    12/31/2025 to 7/21/2026
    ReturnCorrelation
    INDB18.4% 
    Market (SPY)10.0%29.7%
    Sector (XLF)3.0%62.2%

    Fundamental Drivers

    The 39.9% change in INDB stock from 6/30/2025 to 7/21/2026 was primarily driven by a 33.2% change in the company's Total Revenues ($ Mil).
    (LTM values as of)63020257212026Change
    Stock Price ($)60.8885.1439.9%
    Change Contribution By: 
    Total Revenues ($ Mil)69091933.2%
    Net Income Margin (%)27.3%26.2%-4.3%
    P/E Multiple13.717.326.2%
    Shares Outstanding (Mil)4349-13.1%
    Cumulative Contribution39.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2025 to 7/21/2026
    ReturnCorrelation
    INDB39.9% 
    Market (SPY)22.1%37.3%
    Sector (XLF)8.4%62.0%

    Fundamental Drivers

    The 113.9% change in INDB stock from 6/30/2023 to 7/21/2026 was primarily driven by a 163.0% change in the company's P/E Multiple.
    (LTM values as of)63020237212026Change
    Stock Price ($)39.8185.14113.9%
    Change Contribution By: 
    Total Revenues ($ Mil)74391923.7%
    Net Income Margin (%)36.6%26.2%-28.5%
    P/E Multiple6.617.3163.0%
    Shares Outstanding (Mil)4549-8.1%
    Cumulative Contribution113.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2023 to 7/21/2026
    ReturnCorrelation
    INDB113.9% 
    Market (SPY)74.8%46.2%
    Sector (XLF)73.9%64.3%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    INDB Return14%6%-19%2%18%18%39%
    Peers Return31%-13%-2%19%14%23%87%
    S&P 500 Return27%-19%24%23%16%9%98%

    Monthly Win Rates [3]
    INDB Win Rate42%50%33%42%67%71% 
    Peers Win Rate62%50%42%46%58%71% 
    S&P 500 Win Rate75%42%67%75%67%43% 

    Max Drawdowns [4]
    INDB Max Drawdown-30%-15%-47%-29%-23%-14% 
    Peers Max Drawdown-23%-28%-42%-20%-28%-12% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: EBC, WBS.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 7/21/2026 (YTD)

    How Low Can It Go

    EventINDBS&P 500
    2025 US Tariff Shock
      % Loss-22.5%-18.8%
      % Gain to Breakeven29.0%23.1%
      Time to Breakeven98 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-20.3%-9.5%
      % Gain to Breakeven25.5%10.5%
      Time to Breakeven38 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-45.2%-6.7%
      % Gain to Breakeven82.3%7.1%
      Time to Breakeven909 days31 days
    2020 COVID-19 Crash
      % Loss-31.8%-33.7%
      % Gain to Breakeven46.6%50.9%
      Time to Breakeven48 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-20.1%-19.2%
      % Gain to Breakeven25.2%23.8%
      Time to Breakeven58 days105 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-14.5%-12.2%
      % Gain to Breakeven16.9%13.9%
      Time to Breakeven124 days62 days

    Compare to EBC, WBS

    In The Past

    Independent Bank's stock fell -22.5% during the 2025 US Tariff Shock. Such a loss loss requires a 29.0% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventINDBS&P 500
    2025 US Tariff Shock
      % Loss-22.5%-18.8%
      % Gain to Breakeven29.0%23.1%
      Time to Breakeven98 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-20.3%-9.5%
      % Gain to Breakeven25.5%10.5%
      Time to Breakeven38 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-45.2%-6.7%
      % Gain to Breakeven82.3%7.1%
      Time to Breakeven909 days31 days
    2020 COVID-19 Crash
      % Loss-31.8%-33.7%
      % Gain to Breakeven46.6%50.9%
      Time to Breakeven48 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-20.1%-19.2%
      % Gain to Breakeven25.2%23.8%
      Time to Breakeven58 days105 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-25.0%-17.9%
      % Gain to Breakeven33.4%21.8%
      Time to Breakeven67 days123 days
    2008-2009 Global Financial Crisis
      % Loss-61.2%-53.4%
      % Gain to Breakeven157.4%114.4%
      Time to Breakeven408 days1085 days

    Compare to EBC, WBS

    In The Past

    Independent Bank's stock fell -22.5% during the 2025 US Tariff Shock. Such a loss loss requires a 29.0% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Independent Bank (INDB)

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    Independent Bank Corp. (INDB) is a bank holding company that primarily operates through its subsidiary, Rockland Trust Company. The company functions as a full-service commercial bank, offering a comprehensive range of financial products and services to individuals, small-to-medium sized businesses, and various institutions. Its core business involves gathering deposits and extending loans to support its diverse customer base.

    The company accepts various deposit types including interest checking, money market, savings accounts, demand deposits, and time certificates of deposit. On the lending side, INDB provides commercial and industrial loans, commercial real estate and construction loans, small business loans, consumer real estate loans, and personal loans, catering to both business and individual financial needs.

    Beyond traditional banking, Independent Bank also delivers investment management and trust services, estate settlement, financial planning, and tax services. It provides modern conveniences such as Internet and mobile banking, ATM and debit cards, and offers a selection of investment and insurance products, including mutual funds, unit investment trusts, general securities, fixed and variable annuities, and life insurance. The bank's operations are concentrated in Eastern Massachusetts, serving ten counties with a network of 119 retail branches as of December 31, 2021.

    ```

    AI Analysis | Feedback

    A regional Bank of America serving individuals and businesses in Eastern Massachusetts.

    The local version of a full-service bank like JPMorgan Chase, but operating across Eastern Massachusetts.

    AI Analysis | Feedback

    • Deposit Accounts: Provides various accounts including checking, savings, money market, demand deposits, and time certificates of deposit.
    • Loans: Offers a range of loans such as commercial, industrial, real estate, construction, small business, consumer real estate, and personal loans.
    • Investment Management & Trust Services: Delivers investment management and trust services to individuals, institutions, businesses, and charities.
    • Digital Banking Services: Supplies Internet and mobile banking services for customer convenience.
    • Financial Planning & Advisory Services: Offers estate settlement, financial planning, and tax services.
    • Payment Cards: Provides automated teller machine (ATM) and debit cards.
    • Investment Products: Sells mutual funds, unit investment trusts, general securities, annuities, and life insurance.

    AI Analysis | Feedback

    Independent Bank Corp. (INDB) primarily serves individuals and small-to-medium sized businesses within its operating region in Eastern Massachusetts. Its major customers can be categorized as follows:

    • Individuals: This category includes consumers seeking personal banking services such as checking accounts, savings accounts, money market accounts, demand deposits, time certificates of deposit, consumer real estate loans, personal loans, investment management, trust services, financial planning, and other related banking products.
    • Small-to-Medium Sized Businesses: This category encompasses various enterprises that utilize commercial banking products and services, including commercial and industrial loans, commercial real estate and construction loans, and small business loans.
    • Institutions and Charitable Organizations: Independent Bank also provides investment management and trust services to a range of institutions and charitable bodies.

    AI Analysis | Feedback

    Jack Henry & Associates (JKHY)

    AI Analysis | Feedback

    The management team members for Independent Bank (symbol: INDB) are as follows:

    Jeff Tengel, Chief Executive Officer and President

    Mr. Tengel was appointed CEO in February 2023. Prior to joining Independent Bank Corp., he served as head of commercial specialty banking at M&T Bank. Before M&T's acquisition of People's United Financial in 2022, Mr. Tengel was president of People's United, where he was responsible for commercial banking, retail banking, and wealth management. He joined People's United in 2010, having previously held executive positions at other large regional banks.

    Mark Ruggiero, Chief Financial Officer

    Mr. Ruggiero was appointed Executive Vice President and Chief Financial Officer on September 14, 2020. Before his role at Independent Bank Corp., he served as Chief Financial Officer of Star Financial Bank in Fort Wayne, Indiana. Mr. Ruggiero holds an undergraduate degree from Miami (Ohio) University and an MBA from Indiana University.

    Gerard Nadeau, President, Rockland Trust Company

    Mr. Nadeau serves as the President of Rockland Trust Company. He is also a Director of the company.

    Patricia Natale, General Counsel and Corporate Secretary

    Ms. Natale holds the positions of General Counsel and Corporate Secretary. She was appointed General Counsel on August 23, 2023.

    Kathryn O'Malley, Chief Credit Officer, Rockland Trust Company

    Ms. O'Malley serves as the Chief Credit Officer for Rockland Trust Company.

    AI Analysis | Feedback

    Here are the key risks to the business of Independent Bank (INDB):

    1. Interest Rate Risk and Net Interest Margin (NIM) Compression: Independent Bank faces significant risks related to fluctuations in interest rates, which can adversely affect its financial condition and operating results. Factors such as inflation and global instability can impact interest rates, affecting loan demand and leading to net interest margin compression due to rising deposit costs.
    2. Geographic Concentration and Regional Economic Downturns: The company's lending activities are heavily concentrated in its operating footprint, primarily in Eastern Massachusetts, Worcester County, and Rhode Island. This geographic concentration makes the bank vulnerable to adverse economic conditions or downturns in the real estate market within this specific region, potentially impacting its substantial real estate-secured loan portfolio.
    3. Regulatory, Compliance, and Competitive Pressures: Independent Bank operates in a highly regulated and competitive environment. Increased regulatory scrutiny in the financial services industry can lead to higher compliance costs and potential changes in laws affecting the company. Additionally, the bank faces intense competition from various financial institutions, including larger banks, credit unions, and online lenders, which can hinder its ability to grow and maintain profitability. The need to keep pace with rapid technological advancements and address cybersecurity threats further adds to these operational challenges.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    Independent Bank (symbol: INDB) operates primarily in Massachusetts and provides a range of commercial banking products and services, as well as investment management and trust services. The addressable markets for its main offerings in Massachusetts are as follows:

    • Commercial Banking: The market size for the Commercial Banking industry in Massachusetts is estimated to be $34.3 billion in 2026. This market encompasses services such as deposits (interest checking, money market, savings accounts, demand deposits, and time certificates of deposit) and various types of loans, including commercial and industrial, commercial real estate and construction, small business, consumer real estate, and personal loans.
    • Investment Management and Trust Services: The market size for the Portfolio Management & Investment Advice industry in Massachusetts is projected to be $52.7 billion in 2026. This includes services like investment management, trust services, fee-based financial investment advice, and financial planning, which cover mutual funds, unit investment trusts, general securities, fixed and variable annuities, and life insurance products.

    AI Analysis | Feedback

    Independent Bank (INDB) is expected to drive future revenue growth over the next two to three years through several key strategies:

    1. Strategic Acquisitions: The successful integration of the Enterprise Bancorp acquisition, completed in the fourth quarter of 2025, is a significant driver. This merger is anticipated to expand Independent Bank's footprint into northern Massachusetts and New Hampshire, leading to sustained growth in net interest income and enhanced profitability. The acquisition is projected to increase total assets to approximately $25 billion.
    2. Commercial and Industrial (C&I) Loan Growth: The company is forecasting strong growth in its commercial and industrial loan portfolio. Following a 14.2% year-over-year expansion in commercial balances in Q4 2025, the bank expects commercial balances to continue rising at a low double-digit pace in 2026, contributing significantly to overall revenue growth. The company's C&I loan production was up 28% in 2024, and it is also expanding into a newly established not-for-profit vertical within its commercial banking business.
    3. Net Interest Margin (NIM) Expansion: Independent Bank anticipates continued expansion of its net interest margin, a crucial measure of lending profitability. The net interest margin increased to 3.77% in Q4 2025, driven by lower deposit costs. The bank projects net interest income growth of 7-8% in 2026, with a full-year margin expansion of approximately 18-23 basis points, supported by an improved funding mix and disciplined asset pricing.
    4. Core Deposit Growth: Expected growth in core deposits will provide a stable and cost-effective funding source, supporting loan growth and overall profitability. The company's 2026 guidance includes a forecast for low- to mid-single digit growth in core deposits. In Q1 2025, deposits grew by 2.4% to $15.7 billion, and core households experienced net growth in 2024.
    5. Growth in Investment Management and Trust Services: Independent Bank's wealth management segment is a driver of non-interest income. The Investment Management Group surpassed $7 billion in Assets Under Administration as of August 31, 2024. Analysts expect "Investment management and advisory" income to reach $11.46 million, contributing to an anticipated "Total Non-Interest Income" of $38.68 million. This growth reflects the company's ability to attract and manage client assets, diversifying its revenue streams.

    AI Analysis | Feedback

    Share Repurchases

    • Independent Bank Corp. announced a new share repurchase program of up to $150 million in July 2025.
    • Under this program, the company repurchased approximately 913,000 shares for $60.9 million in the second half of 2025, and about 626,000 shares for $50.0 million in the first quarter of 2026 through March 6.
    • In the fourth quarter of 2023, Independent Bank Corp. bought back approximately 1.28 million shares at a total cost of $69 million.

    Share Issuance

    • As part of the acquisition of Enterprise Bancorp, Inc. in July 2025, Independent Bank Corp. issued approximately 7.5 million shares of its common stock to former Enterprise Bancorp Inc. shareholders.
    • The number of shares outstanding for Independent Bank Corp. increased by 16.37% in 2025 to 49.45 million, largely due to the Enterprise Bancorp acquisition.
    • Share issuances also occurred in previous years, with shares outstanding increasing by 22.42% in 2021 to 40.35 million and by 13.1% in 2022 to 45.64 million, primarily associated with acquisitions and capital raises.

    Outbound Investments

    • Independent Bank Corp. completed the acquisition of Enterprise Bancorp, Inc. in a cash-and-stock transaction valued at approximately $562 million, which closed on July 1, 2025.
    • This acquisition significantly expanded the bank's footprint into northern Massachusetts and enhanced its wealth management business, boosting total assets to $25.0 billion and wealth assets under administration to $9.2 billion by September 30, 2025.
    • In April 2021, the company acquired East Boston Savings Bank, which further deepened its presence in eastern Massachusetts.

    Capital Expenditures

    • Capital expenditures for Independent Bank Corp. were $12.14 million in the last twelve months (as of March 2026).
    • Annual capital expenditures were reported as $12 million in 2025, $20 million in 2024, and $16 million in 2023.
    • A key focus of capital expenditures includes investments in new technology platforms and upgrading the core operating system, with one-time costs of $4-5 million expected in 2026 for a core system upgrade.

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    VICRVicor9.8-18.8%95.9%
    PNRPentair10.0-18.8%-40.6%
    ABSIAbsci1.3-18.7%138.4%
    BLZEBackblaze0.8-18.5%189.3%

    Top Gainers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    CRNXCrinetics Pharmaceuticals8.7133.9%80.2%
    TRAXFirst Tracks Biotherapeutics1.3114.5%100.9%
    UTZUtz Brands1.2101.2%37.8%
    DFTXDefinium Therapeutics, Inc.4.984.2%233.7%
    PBFPBF Energy7.777.1%147.1%
    ATAIAtaiBeckley2.675.7%74.4%
    MNPRMonopar Therapeutics1.068.3%73.9%
    ALITAlight9.965.0%-51.8%
    BLZEBackblaze0.864.6%189.3%
    ZBIOZenas BioPharma1.863.6%-10.9%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    FACFactorial Energy0.6-64.0%24.5%
    HTZHertz Global0.6-63.4%-64.0%
    AIAIAIAI0.5-59.2%-55.1%
    HYLNHyliion0.7-52.1%110.9%
    ALOYREalloys0.5-49.4%-4.7%
    ABTCAmerican Bitcoin6.6-49.3%-74.6%
    NVTSNavitas Semiconductor2.9-46.6%79.6%
    WOLFWolfspeed1.2-44.7%82.3%
    EOSEEos Energy Enterprises1.4-44.6%-63.0%
    YSSYork Space Systems2.2-41.6%-46.5%

    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    INDBEBCWBSMedian
    NameIndepend.Eastern .Webster . 
    Mkt Price85.1422.9476.0776.07
    Mkt Cap4.25.112.15.1
    Rev LTM9191,0492,9171,049
    Op Inc LTM----
    FCF LTM3393551,200355
    FCF 3Y Avg2582751,130275
    CFO LTM3553761,252376
    CFO 3Y Avg2752891,172289

    Growth & Margins

    INDBEBCWBSMedian
    NameIndepend.Eastern .Webster . 
    Rev Chg LTM33.2%104.0%11.0%33.2%
    Rev Chg 3Y Avg8.6%55.3%3.5%8.6%
    Rev Chg Q42.1%630.3%4.4%42.1%
    QoQ Delta Rev Chg LTM8.8%46.6%1.1%8.8%
    Op Inc Chg LTM----
    Op Inc Chg 3Y Avg----
    Op Mgn LTM----
    Op Mgn 3Y Avg----
    QoQ Delta Op Mgn LTM----
    CFO/Rev LTM38.6%35.8%42.9%38.6%
    CFO/Rev 3Y Avg35.3%41.3%42.9%41.3%
    FCF/Rev LTM36.9%33.8%41.2%36.9%
    FCF/Rev 3Y Avg33.1%39.4%41.4%39.4%

    Valuation

    INDBEBCWBSMedian
    NameIndepend.Eastern .Webster . 
    Mkt Cap4.25.112.15.1
    P/S4.54.94.24.5
    P/Op Inc----
    P/EBIT----
    P/E17.313.711.913.7
    P/CFO11.713.69.711.7
    Total Yield8.4%9.5%10.6%9.5%
    Dividend Yield2.6%2.2%2.2%2.2%
    FCF Yield 3Y Avg9.0%8.2%12.0%9.0%
    D/E0.20.10.50.2
    Net D/E-0.10.10.20.1

    Returns

    INDBEBCWBSMedian
    NameIndepend.Eastern .Webster . 
    1M Rtn5.8%11.4%0.6%5.8%
    3M Rtn10.4%13.4%5.9%10.4%
    6M Rtn14.7%21.4%21.3%21.3%
    12M Rtn28.0%46.0%29.3%29.3%
    3Y Rtn71.3%84.1%85.7%84.1%
    1M Excs Rtn5.7%11.2%0.5%5.7%
    3M Excs Rtn2.6%4.6%-0.9%2.6%
    6M Excs Rtn5.0%11.9%11.0%11.0%
    12M Excs Rtn7.3%28.2%8.9%8.9%
    3Y Excs Rtn27.5%26.7%36.9%27.5%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
    Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
    Filing Date5/6/20262/27/202611/5/20258/5/20255/7/20252/28/202511/7/20248/6/20245/8/20242/28/202411/2/20238/3/2023
    Key Financials Quarterly            
    Total Revenue250245244180176170175169165175181181
    Net Income807534514450435148556163
    EPS1.631.520.691.201.041.181.011.211.121.261.381.42
    Key Financials TTM            
    Total Revenue TTM919845770701690679684690702722746754
    Net Income TTM241205180189189192197215226240262273
    Growth Rates Quarterly            
    Total Revenue Growth42.1%44.2%39.1%6.6%6.8%-2.7%-3.2%-6.9%-10.9%-11.9%-4.1%6.0%
    Net Income Growth79.9%50.6%-20.2%-0.4%-7.0%-8.7%-29.4%-18.1%-22.0%-28.9%-15.4%1.4%
    Margins Quarterly            
    Net Income Margin31.9%30.7%14.1%28.4%25.2%29.4%24.5%30.4%29.0%31.3%33.6%34.6%
    Cash & Debt            
    Total Cash1,2431,2091,2872,1882,0011,4711,6721,5351,4941,5591,5741,681
    Total Debt7768267757598607016636931,0251,2181,000901
    Net Debt / (Cash)-467-383-512-1,428-1,141-769-1,008-841-469-340-574-780
    Cash Flows Quarterly            
    FCF from Operations11779521071343706651548191
    Cash Flows TTM            
    FCF from Operations TTM355251215233192230241252277277339391
    Returns to Shareholders Quarterly            
    Dividends292925252424242424242424
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC18.2%15.7%7.6%47.7%25.4%19.0%20.9%21.6%14.5%14.8%19.2%23.5%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM13.7%10.7%9.9%44.0%26.9%18.3%23.9%22.6%17.2%16.2%20.7%25.6%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Community banking849683722720502
    Total849683722720502


    Operating Income by Segment
    $ Mil1999
    Community banking19
    Other17
    Total36


    Assets by Segment
    $ Mil1999
    Community banking1,587
    Other159
    Total1,746


    Price Behavior

    Price Behavior
    Market Price$85.14 
    Market Cap ($ Bil)4.2 
    First Trading Date03/27/1990 
    Distance from 52W High-2.3% 
       50 Days200 Days
    DMA Price$80.83$75.71
    DMA Trendupup
    Distance from DMA5.3%12.5%
     3M1YR
    Volatility20.5%25.1%
    Downside Capture18.3561.45
    Upside Capture56.7577.14
    Correlation (SPY)12.6%38.1%
    INDB Betas & Captures as of 6/30/2026

     1M2M3M6M1Y3Y
    Beta-0.200.000.260.470.770.98
    Up Beta-1.13-0.260.410.531.041.04
    Down Beta-0.21-0.12-0.310.200.781.00
    Up Capture45%37%48%59%72%91%
    Bmk +ve Days11244067140429
    Stock +ve Days14233664124365
    Down Capture-29%-13%17%50%63%97%
    Bmk -ve Days10172358112321
    Stock -ve Days7182760126382

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with INDB
    INDB26.7%25.1%0.90-
    Sector ETF (XLF)8.1%14.6%0.3262.9%
    Equity (SPY)20.3%12.6%1.1938.0%
    Gold (GLD)21.6%28.1%0.694.1%
    Commodities (DBC)31.4%19.1%1.30-11.2%
    Real Estate (VNQ)15.0%14.0%0.7639.0%
    Bitcoin (BTCUSD)-44.6%42.9%-1.2518.6%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with INDB
    INDB7.3%31.7%0.26-
    Sector ETF (XLF)10.7%18.5%0.4562.2%
    Equity (SPY)12.9%17.1%0.5845.7%
    Gold (GLD)17.3%18.4%0.76-2.2%
    Commodities (DBC)8.9%19.5%0.357.5%
    Real Estate (VNQ)2.9%18.9%0.0545.1%
    Bitcoin (BTCUSD)14.9%53.4%0.4618.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with INDB
    INDB9.4%33.1%0.35-
    Sector ETF (XLF)13.7%22.0%0.5668.7%
    Equity (SPY)15.2%17.9%0.7252.1%
    Gold (GLD)11.2%16.1%0.57-7.1%
    Commodities (DBC)7.2%17.9%0.3215.6%
    Real Estate (VNQ)5.1%20.7%0.2146.5%
    Bitcoin (BTCUSD)58.7%66.2%0.9913.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date6302026
    Short Interest: Shares Quantity2.0 Mil
    Short Interest: % Change Since 6152026-3.2%
    Average Daily Volume0.5 Mil
    Days-to-Cover Short Interest3.7 days
    Basic Shares Quantity49.0 Mil
    Short % of Basic Shares4.2%

    Returns Analyses

    Earnings Returns History

    Updated 7/21/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/16/2026-3.1%  
    4/16/2026-0.6%-0.2%-3.0%
    1/22/2026-2.8%-0.0%-0.7%
    10/16/20252.9%5.8%7.4%
    7/17/20255.8%1.4%0.6%
    4/17/2025-2.2%3.9%15.8%
    1/16/20254.9%4.2%9.4%
    10/17/2024-5.4%-3.5%11.0%
    ...
    SUMMARY STATS   
    # Positive131518
    # Negative1296
    Median Positive3.0%3.9%7.2%
    Median Negative-2.5%-2.8%-4.4%
    Max Positive5.8%12.4%25.1%
    Max Negative-5.4%-10.8%-23.6%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/16/2026-3.1%  
    4/16/2026-0.6%-0.2%-3.0%
    1/22/2026-2.8%-0.0%-0.7%
    10/16/20252.9%5.8%7.4%
    7/17/20255.8%1.4%0.6%
    4/17/2025-2.2%3.9%15.8%
    1/16/20254.9%4.2%9.4%
    10/17/2024-5.4%-3.5%11.0%
    7/18/20242.5%11.3%6.0%
    4/18/20242.2%5.9%7.1%
    1/18/2024-1.3%-3.3%-11.9%
    10/19/2023-4.6%1.7%19.3%
    7/20/20234.0%12.4%3.7%
    4/20/2023-3.4%-10.8%-23.6%
    1/19/2023-2.9%-1.3%2.3%
    10/20/20223.9%6.8%7.6%
    7/21/20220.4%3.1%4.9%
    4/21/2022-2.1%-2.0%-0.6%
    1/20/20224.5%3.6%6.7%
    10/21/20211.7%1.0%1.6%
    7/22/20210.7%2.8%12.9%
    4/22/20213.0%5.1%0.7%
    1/21/2021-0.8%-2.8%8.1%
    10/22/20204.7%1.8%25.1%
    7/23/2020-1.2%-2.9%-5.8%
    SUMMARY STATS   
    # Positive131518
    # Negative1296
    Median Positive3.0%3.9%7.2%
    Median Negative-2.5%-2.8%-4.4%
    Max Positive5.8%12.4%25.1%
    Max Negative-5.4%-10.8%-23.6%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    03/31/202605/06/202610-Q
    12/31/202502/27/202610-K
    09/30/202511/05/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/07/202510-Q
    12/31/202402/28/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/08/202410-Q
    12/31/202302/28/202410-K
    09/30/202311/02/202310-Q
    06/30/202308/03/202310-Q
    03/31/202305/04/202310-Q
    12/31/202202/28/202310-K
    09/30/202211/03/202210-Q
    06/30/202208/04/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    03/31/202605/06/202610-Q
    12/31/202502/27/202610-K
    09/30/202511/05/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/07/202510-Q
    12/31/202402/28/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/08/202410-Q
    12/31/202302/28/202410-K
    09/30/202311/02/202310-Q
    06/30/202308/03/202310-Q
    03/31/202305/04/202310-Q
    12/31/202202/28/202310-K
    09/30/202211/03/202210-Q
    06/30/202208/04/202210-Q
    03/31/202205/05/202210-Q
    12/31/202102/28/202210-K
    09/30/202111/04/202110-Q
    06/30/202108/04/202110-Q
    03/31/202105/06/202110-Q
    12/31/202002/26/202110-K
    09/30/202011/05/202010-Q
    06/30/202008/06/202010-Q
    03/31/202005/07/202010-Q
    12/31/201902/27/202010-K
    09/30/201911/05/201910-Q
    06/30/201908/06/201910-Q

    Insider Activity

    Updated 5/21/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Morrissey, John J DirectSell209202685.701,988170,3721,092,425Form
    2Abelli, Donna L DirectSell205202685.0052444,5171,125,968Form
    3Venables, Thomas R DirectSell1208202573.9340529,9421,519,820Form
    4Nadeau, Gerard F DirectSell1204202574.112,000148,2261,511,539Form
    5Nadeau, Gerard F DirectSell1124202570.003,000210,0001,567,650Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Morrissey, John J DirectSell209202685.701,988170,3721,092,425Form
    2Abelli, Donna L DirectSell205202685.0052444,5171,125,968Form
    3Venables, Thomas R DirectSell1208202573.9340529,9421,519,820Form
    4Nadeau, Gerard F DirectSell1204202574.112,000148,2261,511,539Form
    5Nadeau, Gerard F DirectSell1124202570.003,000210,0001,567,650Form
    6Ansin, Ken S Trust for Ronald M. Ansin GrandchildrenSell1117202569.0653,0003,660,1963,711,162Form
    7Ansin, Ken S Trust for Ronald M. Ansin Family MembersSell1112202569.94144,00010,070,81320,175,265Form
    8Ansin, Ken S TrustSell911202569.7225,0001,742,9532,851,052Form
    9Ansin, Ken S TrustSell911202570.1725,0001,754,1584,623,538Form
    10Obrien, Daniel F DirectSell818202566.883,781252,8751,529,557Form
    11Nadeau, Gerard F DirectSell814202567.511,500101,2721,714,531Form
    12Nadeau, Gerard F DirectSell814202566.003,500231,0011,775,075Form
    13Venables, Thomas R DirectSell616202564.521,00064,5151,352,372Form
    14Miskell, Eileen C DirectSell611202565.6893861,612834,230Form

    Industry Resources

    External Quote Links


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    Core Cache Last Updated: 7/21/2026