Independent Bank Corp. (INDB) Stock

Independent Bank Corp. (INDB) is a Financials stock trading at $83.50 (as of 2026-08-20), with a market capitalization of $3.96B and a trailing P/E of 14.6. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Independent Bank Corp. is a bank holding company for Rockland Trust Company, providing commercial banking products and services primarily in Massachusetts, including deposit accounts and loans for individuals and small- to medium-sized businesses. It also offers investment management and trust services, online and mobile banking, and related financial products through its retail branch network.

Understand Independent Bank Corp.: how it makes money

Independent Bank Corp. is the bank holding company for Rockland Trust, providing commercial banking products and services to individuals and small-to-medium sized businesses, earning money through lending (including commercial and industrial, commercial real estate and construction, and consumer real estate loans) and through services like investment management and trust services.

For a commercial bank, profit strength is driven by how its lending activities (including commercial real estate and construction, plus office-related exposure) perform, while deposit products and fee-based services (investment management and trust) support earnings.

Business quality (Solid): Bank-like earnings depend heavily on credit performance across its loan categories, but the provided information does not show a clean, reportable segment breakdown by business line.

Valuation: At 16× earnings, INDB trades 27% above the Banking average (13×). Note: one-time items can distort reported P/E.

Bull case

Broad set of lending products: The bank offers commercial and industrial, commercial real estate and construction, small business, consumer real estate, and personal loans, which can diversify where income comes from within lending.
Fee-based capabilities: It provides investment management and trust services, adding non-lending services to the overall business mix.

Bear case

Credit and real estate concentration risk: A material portion of lending includes commercial real estate and construction, which can be sensitive to economic conditions, and activity tied to the non-owner-occupied office segment highlights exposure to that area.
Limited visibility from the provided segment data: The information provided does not include mutually exclusive official reportable segments, so it is harder to pinpoint what part of the business is driving results.

Valuation — source: SEC EDGAR (first-party)
Price	$83.50
Market Cap	$3.96B
P/E Ratio	14.6
EV / EBITDA	7.5
Price / Book	1.13
Price / Sales	3.38
FCF Yield	7.7%
DCF Value (model)	$53.98
DCF Upside vs Price	-35.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$1.02B
Net Margin	20.1%
Revenue Growth (YoY)	32.6%
EPS Growth (YoY)	41.7%
FCF Growth (YoY)	-34.7%

Valuation vs Sector & Industry
Stock P/E	14.6
Sector P/E (Financials)	15.1
Industry P/E (Banking)	12.9
vs Sector	-3.7%
vs Industry	12.8%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($537.17M)
Institutional Holders Tracked	10
Congressional Trades (recent)	2

Company
Sector	Financials
Industry	Banking
CEO	Jeffrey J. Tengel
Employees	1,837
Country	US
IPO Date	1986-05-14

Related Companies (Business model: Universal / Commercial Bank; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.