Independent Bank (INDB)
Market Price (6/7/2026): $79.59 | Market Cap: $3.9 BilSector: Financials | Industry: Regional Banks
Independent Bank (INDB)
Market Price (6/7/2026): $79.59Market Cap: $3.9 BilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.0%, Dividend Yield is 2.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.7%, FCF Yield is 8.7% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33% Attractive cash flow generationCFO/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 volatilityVol 12M is 27% Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology. | Key risksINDB key risks include [1] its elevated exposure to commercial real estate and the resulting pressure on asset quality, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.0%, Dividend Yield is 2.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.7%, FCF Yield is 8.7% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33% |
| Attractive cash flow generationCFO/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 volatilityVol 12M is 27% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology. |
| Key risksINDB key risks include [1] its elevated exposure to commercial real estate and the resulting pressure on asset quality, Show more. |
Qualitative Assessment
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Updated on 6/1/2026
Independent Bank (INDB) stock has gained about 5% since 2/28/2026 because of the following key factors:
1. Mixed First Quarter 2026 Earnings Performance. Independent Bank reported a diluted Earnings Per Share (EPS) of $1.68 for Q1 2026, slightly missing analysts' consensus estimates of $1.70. While quarterly revenue of $252.72 million surpassed estimates, and net income increased significantly to $79.9 million from $44.4 million a year earlier, the slight EPS miss, combined with a rise in nonperforming loans to $96.6 million from $83.6 million in the prior quarter, presented a mixed financial picture. This balanced outcome likely contributed to neutral investor sentiment, preventing any significant directional stock movement.
2. Prevailing Macroeconomic Uncertainty for the Banking Sector. The broader banking industry faced headwinds during the period, including deposit competition and moderated loan demand due to sustained high borrowing costs. Expectations of interest rate easing shifted towards a potentially prolonged higher-rate environment, influenced by renewed inflation concerns and geopolitical tensions, notably the Iran-Israel-U.S. conflict. This macroeconomic uncertainty created a cautious market environment for bank stocks, including INDB, thereby limiting upward momentum.
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Independent Bank (INDB) stock has gained about 5% since 2/28/2026 because of the following key factors:
1. Mixed First Quarter 2026 Earnings Performance. Independent Bank reported a diluted Earnings Per Share (EPS) of $1.68 for Q1 2026, slightly missing analysts' consensus estimates of $1.70. While quarterly revenue of $252.72 million surpassed estimates, and net income increased significantly to $79.9 million from $44.4 million a year earlier, the slight EPS miss, combined with a rise in nonperforming loans to $96.6 million from $83.6 million in the prior quarter, presented a mixed financial picture. This balanced outcome likely contributed to neutral investor sentiment, preventing any significant directional stock movement.
2. Prevailing Macroeconomic Uncertainty for the Banking Sector. The broader banking industry faced headwinds during the period, including deposit competition and moderated loan demand due to sustained high borrowing costs. Expectations of interest rate easing shifted towards a potentially prolonged higher-rate environment, influenced by renewed inflation concerns and geopolitical tensions, notably the Iran-Israel-U.S. conflict. This macroeconomic uncertainty created a cautious market environment for bank stocks, including INDB, thereby limiting upward momentum.
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Stock Movement Drivers
Fundamental Drivers
The 2.8% change in INDB stock from 2/28/2026 to 6/6/2026 was primarily driven by a 8.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 6062026 | Change |
|---|---|---|---|
| Stock Price ($) | 77.39 | 79.57 | 2.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 845 | 919 | 8.8% |
| Net Income Margin (%) | 24.3% | 26.2% | 7.8% |
| P/E Multiple | 18.7 | 16.2 | -13.3% |
| Shares Outstanding (Mil) | 49 | 49 | 1.1% |
| Cumulative Contribution | 2.8% |
Market Drivers
2/28/2026 to 6/6/2026| Return | Correlation | |
|---|---|---|
| INDB | 2.8% | |
| Market (SPY) | 7.8% | 40.3% |
| Sector (XLF) | 2.2% | 68.3% |
Fundamental Drivers
The 12.3% change in INDB stock from 11/30/2025 to 6/6/2026 was primarily driven by a 19.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 11302025 | 6062026 | Change |
|---|---|---|---|
| Stock Price ($) | 70.87 | 79.57 | 12.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 770 | 919 | 19.4% |
| Net Income Margin (%) | 23.4% | 26.2% | 12.1% |
| P/E Multiple | 19.7 | 16.2 | -17.7% |
| Shares Outstanding (Mil) | 50 | 49 | 2.0% |
| Cumulative Contribution | 12.3% |
Market Drivers
11/30/2025 to 6/6/2026| Return | Correlation | |
|---|---|---|
| INDB | 12.3% | |
| Market (SPY) | 8.5% | 37.7% |
| Sector (XLF) | -1.1% | 62.9% |
Fundamental Drivers
The 33.9% change in INDB stock from 5/31/2025 to 6/6/2026 was primarily driven by a 33.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312025 | 6062026 | Change |
|---|---|---|---|
| Stock Price ($) | 59.43 | 79.57 | 33.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 690 | 919 | 33.2% |
| Net Income Margin (%) | 27.3% | 26.2% | -4.3% |
| P/E Multiple | 13.4 | 16.2 | 20.9% |
| Shares Outstanding (Mil) | 43 | 49 | -13.1% |
| Cumulative Contribution | 33.9% |
Market Drivers
5/31/2025 to 6/6/2026| Return | Correlation | |
|---|---|---|
| INDB | 33.9% | |
| Market (SPY) | 26.6% | 43.4% |
| Sector (XLF) | 4.2% | 62.9% |
Fundamental Drivers
The 102.5% change in INDB stock from 5/31/2023 to 6/6/2026 was primarily driven by a 149.0% change in the company's P/E Multiple.| (LTM values as of) | 5312023 | 6062026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.30 | 79.57 | 102.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 743 | 919 | 23.7% |
| Net Income Margin (%) | 36.6% | 26.2% | -28.5% |
| P/E Multiple | 6.5 | 16.2 | 149.0% |
| Shares Outstanding (Mil) | 45 | 49 | -8.1% |
| Cumulative Contribution | 102.5% |
Market Drivers
5/31/2023 to 6/6/2026| Return | Correlation | |
|---|---|---|
| INDB | 102.5% | |
| Market (SPY) | 83.4% | 46.2% |
| Sector (XLF) | 72.8% | 64.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| INDB Return | 14% | 6% | -19% | 2% | 18% | 9% | 28% |
| Peers Return | 31% | -13% | -2% | 19% | 14% | 13% | 72% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| INDB Win Rate | 42% | 50% | 33% | 42% | 67% | 50% | |
| Peers Win Rate | 62% | 50% | 42% | 46% | 58% | 75% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 67% | |
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 6/5/2026 (YTD)
How Low Can It Go
| Event | INDB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -22.5% | -18.8% |
| % Gain to Breakeven | 29.0% | 23.1% |
| Time to Breakeven | 98 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.3% | -9.5% |
| % Gain to Breakeven | 25.5% | 10.5% |
| Time to Breakeven | 38 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -45.2% | -6.7% |
| % Gain to Breakeven | 82.3% | 7.1% |
| Time to Breakeven | 909 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.8% | -33.7% |
| % Gain to Breakeven | 46.6% | 50.9% |
| Time to Breakeven | 48 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.1% | -19.2% |
| % Gain to Breakeven | 25.2% | 23.8% |
| Time to Breakeven | 58 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -14.5% | -12.2% |
| % Gain to Breakeven | 16.9% | 13.9% |
| Time to Breakeven | 124 days | 62 days |
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
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Asset Allocation
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| Event | INDB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -22.5% | -18.8% |
| % Gain to Breakeven | 29.0% | 23.1% |
| Time to Breakeven | 98 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.3% | -9.5% |
| % Gain to Breakeven | 25.5% | 10.5% |
| Time to Breakeven | 38 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -45.2% | -6.7% |
| % Gain to Breakeven | 82.3% | 7.1% |
| Time to Breakeven | 909 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.8% | -33.7% |
| % Gain to Breakeven | 46.6% | 50.9% |
| Time to Breakeven | 48 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.1% | -19.2% |
| % Gain to Breakeven | 25.2% | 23.8% |
| Time to Breakeven | 58 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -25.0% | -17.9% |
| % Gain to Breakeven | 33.4% | 21.8% |
| Time to Breakeven | 67 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -61.2% | -53.4% |
| % Gain to Breakeven | 157.4% | 114.4% |
| Time to Breakeven | 408 days | 1085 days |
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)
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. The company accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit. It also offers commercial and industrial, commercial real estate and construction, small business, consumer real estate, and personal loans. In addition, the company provides investment management and trust services to individuals, institutions, small businesses, and charitable institutions; Internet and mobile banking services, as well as estate settlement, financial planning, tax services, and other services; automated teller machine and debit cards; and mutual fund and unit investment trust shares, general securities, fixed and variable annuities, and life insurance products. As of December 31, 2021, it operates one hundred nineteen retail branches, two limited-service retail branches, and one mobile branch located within Barnstable, Bristol, Dukes, Essex, Middlesex, Nantucket, Norfolk, Plymouth, Suffolk, and Worcester counties in Eastern Massachusetts. The company was founded in 1907 and is headquartered in Rockland, Massachusetts.
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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.
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- 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.
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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.
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Jack Henry & Associates (JKHY)
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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.
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Here are the key risks to the business of Independent Bank (INDB):
- 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.
- 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.
- 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.
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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.
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Independent Bank (INDB) is expected to drive future revenue growth over the next two to three years through several key strategies:
- 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.
- 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.
- 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.
- 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.
- 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.
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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.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Can Independent Bank Stock Hold Up When Markets Turn? | 10/17/2025 | |
| Why Independent Bank Stock Moved: INDB Stock Has Gained 20% Since 2023 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S) | 08/08/2025 | |
| Independent Bank (INDB) Valuation Ratios Comparison | 08/08/2025 | |
| INDB Dip Buy Analysis | 07/10/2025 | |
| Time To Buy Independent Bank Stock? | 02/28/2025 | |
| Independent Bank (INDB) Operating Cash Flow Comparison | 02/17/2025 | |
| Independent Bank (INDB) Net Income Comparison | 02/15/2025 | |
| Fundamental Metrics: ... | 06/19/2024 | |
| ARTICLES | ||
| Small Cap Stocks Trading At 52-Week High | 01/31/2026 |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 72.27 |
| Mkt Cap | 4.4 |
| Rev LTM | 1,049 |
| Op Inc LTM | - |
| FCF LTM | 355 |
| FCF 3Y Avg | 275 |
| CFO LTM | 376 |
| CFO 3Y Avg | 289 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 33.2% |
| Rev Chg 3Y Avg | 8.6% |
| Rev Chg Q | 42.1% |
| QoQ Delta Rev Chg LTM | 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 LTM | 38.6% |
| CFO/Rev 3Y Avg | 41.3% |
| FCF/Rev LTM | 36.9% |
| FCF/Rev 3Y Avg | 39.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.4 |
| P/S | 4.2 |
| P/Op Inc | - |
| P/EBIT | - |
| P/E | 11.9 |
| P/CFO | 11.0 |
| Total Yield | 10.9% |
| Dividend Yield | 2.5% |
| FCF Yield 3Y Avg | 9.2% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.2% |
| 3M Rtn | 5.3% |
| 6M Rtn | 9.9% |
| 12M Rtn | 36.8% |
| 3Y Rtn | 67.5% |
| 1M Excs Rtn | -1.2% |
| 3M Excs Rtn | -4.2% |
| 6M Excs Rtn | 1.5% |
| 12M Excs Rtn | 16.0% |
| 3Y Excs Rtn | 25.8% |
Price Behavior
Price Behavior
| Market Price | $79.57 | |
| Market Cap ($ Bil) | 3.9 | |
| First Trading Date | 03/27/1990 | |
| Distance from 52W High | -6.7% | |
| 50 Days | 200 Days | |
| DMA Price | $77.94 | $74.07 |
| DMA Trend | up | indeterminate |
| Distance from DMA | 2.1% | 7.4% |
| 3M | 1YR | |
| Volatility | 19.9% | 26.8% |
| Downside Capture | 62.42 | 77.63 |
| Upside Capture | 54.68 | 87.65 |
| Correlation (SPY) | 46.5% | 45.6% |
INDB Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.81 | 0.80 | 0.61 | 0.70 | 1.01 | 1.03 |
| Up Beta | 2.00 | 1.02 | 0.82 | 0.98 | 1.41 | 1.12 |
| Down Beta | 1.13 | 0.47 | 0.26 | 0.55 | 1.11 | 1.05 |
| Up Capture | 31% | 48% | 50% | 65% | 82% | 92% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 9 | 21 | 28 | 58 | 118 | 359 |
| Down Capture | 41% | 107% | 73% | 62% | 82% | 99% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 11 | 20 | 35 | 64 | 129 | 387 |
[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 | |
|---|---|---|---|---|
| INDB | 34.4% | 26.9% | 1.07 | - |
| Sector ETF (XLF) | 4.6% | 14.6% | 0.09 | 62.9% |
| Equity (SPY) | 25.3% | 12.1% | 1.57 | 43.3% |
| Gold (GLD) | 27.6% | 26.9% | 0.88 | 4.3% |
| Commodities (DBC) | 36.9% | 19.0% | 1.52 | -11.3% |
| Real Estate (VNQ) | 12.5% | 13.3% | 0.63 | 40.1% |
| Bitcoin (BTCUSD) | -42.0% | 42.5% | -1.16 | 20.8% |
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 | |
|---|---|---|---|---|
| INDB | 2.9% | 31.9% | 0.14 | - |
| Sector ETF (XLF) | 8.5% | 18.6% | 0.34 | 62.8% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 46.2% |
| Gold (GLD) | 17.3% | 18.1% | 0.78 | -1.5% |
| Commodities (DBC) | 9.5% | 19.4% | 0.38 | 8.4% |
| Real Estate (VNQ) | 3.2% | 18.8% | 0.07 | 44.8% |
| Bitcoin (BTCUSD) | 11.3% | 54.6% | 0.40 | 17.1% |
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 | |
|---|---|---|---|---|
| INDB | 8.1% | 33.2% | 0.32 | - |
| Sector ETF (XLF) | 12.6% | 22.2% | 0.52 | 69.1% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 52.9% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | -8.0% |
| Commodities (DBC) | 7.1% | 18.0% | 0.32 | 16.3% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.24 | 46.4% |
| Bitcoin (BTCUSD) | 63.3% | 66.9% | 1.03 | 12.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/16/2026 | -0.6% | -0.2% | -3.0% |
| 1/22/2026 | -2.8% | -0.0% | -0.7% |
| 10/16/2025 | 2.9% | 5.8% | 7.4% |
| 7/17/2025 | 5.8% | 1.4% | 0.6% |
| 4/17/2025 | -2.2% | 3.9% | 15.8% |
| 1/16/2025 | 4.9% | 4.2% | 9.4% |
| 10/17/2024 | -5.4% | -3.5% | 11.0% |
| 7/18/2024 | 2.5% | 11.3% | 6.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 15 | 18 |
| # Negative | 11 | 9 | 6 |
| Median Positive | 3.0% | 3.9% | 7.2% |
| Median Negative | -2.2% | -2.8% | -4.4% |
| Max Positive | 5.8% | 12.4% | 25.1% |
| Max Negative | -5.4% | -10.8% | -23.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
Insider Activity
Updated 5/21/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Morrissey, John J | Direct | Sell | 2092026 | 85.70 | 1,988 | 170,372 | 1,092,425 | Form | |
| 2 | Abelli, Donna L | Direct | Sell | 2052026 | 85.00 | 524 | 44,517 | 1,125,968 | Form | |
| 3 | Venables, Thomas R | Direct | Sell | 12082025 | 73.93 | 405 | 29,942 | 1,519,820 | Form | |
| 4 | Nadeau, Gerard F | Direct | Sell | 12042025 | 74.11 | 2,000 | 148,226 | 1,511,539 | Form | |
| 5 | Nadeau, Gerard F | Direct | Sell | 11242025 | 70.00 | 3,000 | 210,000 | 1,567,650 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Regional Banks Resources |
| Bank Director |
| Independent Banker |
| S&P Global Market Intelligence |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 6/6/2026