Overview
Independent Bank Corp. is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Rockland Trust was named to The Boston Globe's 'Top Places to Work' 2020 list, an honor earned for the 12th consecutive year. In 2020, Rockland Trust was ranked the #1 Bank in Massachusetts according to Forbes World's Best Banks list. Rockland Trust has a longstanding commitment to equity and inclusion. This commitment is underscored by initiatives such as Diversity and Inclusion leadership training, a colleague Allyship mentoring program, numerous Employee Resource Groups focused on providing colleague support and education, reinforcing a culture of mutual respect and advancing professional development, and Rockland Trust's sponsorship of diverse community organizations through charitable giving and employee-based volunteerism. Rockland Trust is deeply committed to the communities it serves, as reflected in the overall 'Outstanding' rating received in its most recent Community Reinvestment Act performance evaluation. Rockland Trust offers a wide range of banking, investment, and insurance services. The Bank serves businesses and individuals through approximately 100 retail branches, commercial and residential lending centers, and investment management offices in eastern Massachusetts, including Greater Boston, the South Shore, Cape Cod and Islands, Worcester County, and Rhode Island. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender.
Basic Stats
The share price of Independent Bank Corp. as of September 4, 2025 is $72.05 / share. This is an increase of 0.50% from the prior week. The market cap (or net worth) of Independent Bank Corp. as of September 4, 2025 is $3,073.85 MM.
The Factor Analysis chart (below right) shows a view of Independent Bank Corp. from a variety of lenses. Each factor shows how well the company ranks against all other companies in the Fintel global investing universe. Factor scores range from zero to 100, with 100 being most desirable, and 50 being average.
For example, a company with a Value Score of 100 would be the most undervalued company in our database. A company with a Value Score of zero would be the most overvalued.
| Market Cap | 3,073.85 MM |
| EV | 3,688.06 MM |
| Shares Out. | 42.63 MM |
| Earnings Date | |
| EPS (TTM) | 4.42 |
| Dividend Yield | 3.16 % |
| Ex-Dividend Date | 2025-06-30 |
| Borrow Rate | 0.39 |
| Short Shares Avail. | 0.75 MM |
| Short Interest | 1.74 MM |
| Short Float | 3.57 % |
| Days to Cover | 9.95 days |
| Risk Free Rate | 4.22 % |
| Price Change (1 yr) | 17.35 % |
| Volatility (1 yr) | 0.35 |
| Beta | 1.28 |
| Sharpe Ratio (1 yr) | 0.37 |
| Sortino Ratio (1 yr) | 0.70 |
| PE Ratio | 16.31 |
| Price/Book | 1.00 |
| Price/TBV | 1.48 |
| Book/Market | 1.00 |
| EBIT/EV | 0.07 |
| EBIT(3yr avg)/EV | 0.08 |
| ROA | 0.01 |
| ROE | 0.06 |
| ROIC | 0.05 |
| CROIC | 0.15 |
| OCROIC | 0.06 |
| Implied Volatility | 36.14 % |
| Put/Call OI Ratio | 3.10 |
Factor Scores range from 0 to 100, with 100 being most desirable. Larger circles are better. In situations where we have no data (e.g. no insider trades), we plot the score at 50 to avoid penalizing companies. However, a company that does not pay dividends will get a Dividend Score of Zero. Additionally, we inverted volatility to create a "stability" metric which is better when higher.
Price Target
The average one-year price target for Independent Bank Corp. is $81.09. The forecasts range from a low of $74.74 to a high of $88.20. A stock’s price target is the price at which analysts consider it fairly valued with respect to its projected earnings and historical earnings. Analysts typically set price targets that correspond to their buy or sell recommendations.
Update Frequency: Monthly
Stock Upgrades/Downgrades
This card shows analyst upgrades/downgrades for Independent Bank Corp.. An analyst rating is a classification that gives investors a sense of analyst sentiment about the direction and performance of an equity - usually a stock - over a period of time, typically 12 months.
The standard analyst ratings are generally as follows:
- Buy/Overweight/Outperform - Any of these ratings conveys an analyst’s belief that the stock is likely to outperform a market index (e.g. the S&P 500).
- Hold/Equal-Weight/Market Perform - Any of these ratings conveys an analyst’s belief that the stock is likely to perform in line with a market index.
- Sell/Underweight/Underperform - Any of these ratings suggest that an analyst believes the stock is likely to underperform a market index.
When an analyst upgrades a stock, they are signaling that the company’s fundamentals are being undervalued by investors. It could also mean they believe the market is underestimating the company’s potential. The opposite is true when a stock receives a downgrade.
The average rating of each individual analyst’s rating is the consensus rating for a stock. This gives investors a broader sense of the overall sentiment for that stock.
| Date | Analyst | Prior | Latest Recommendation |
Action |
|---|---|---|---|---|
| 2022-12-21 | Raymond James | Market Perform | Initiate | |
| 2022-12-13 | Keefe, Bruyette & Woods | Outperform | Market Perform | Downgrade |
| 2021-10-25 | Piper Sandler | Overweight | Neutral | Downgrade |
| 2021-04-26 | Seaport Global | Neutral | Buy | Upgrade |
| 2020-12-17 | Seaport Global | Neutral | Initiate | |
| 2020-09-28 | Piper Sandler | Neutral | Maintains | |
| 2020-06-24 | Piper Sandler | Overweight | Neutral | Downgrade |
| 2020-06-08 | DA Davidson | Buy | Neutral | Downgrade |
| 2020-03-04 | Compass Point | Buy | Neutral | Downgrade |
| 2019-07-19 | Compass Point | Neutral | Buy | Upgrade |
| 2019-07-12 | DA Davidson | Neutral | Initiate | |
| 2019-07-11 | DA Davidson | Neutral | Initiate | |
| 2019-04-03 | Sandler O'Neill | Hold | Buy | Upgrade |
| 2019-01-09 | Compass Point | Buy | Neutral | Downgrade |
| 2018-07-23 | Keefe Bruyette & Woods | Market Perform | Outperform | Upgrade |
| 2018-05-31 | PiperJaffray | Neutral | Neutral | Maintains |
| 2017-10-11 | Compass Point | Buy | Neutral | Downgrade |
| 2017-07-21 | Compass Point | Neutral | Buy | Upgrade |
| 2017-05-15 | PiperJaffray | Neutral | Initiate | |
| 2017-03-29 | Compass Point | Sell | Neutral | Upgrade |
| 2016-09-20 | Compass Point | Neutral | Sell | Downgrade |
| 2016-08-31 | Sandler O'Neill | Hold | Sell | Downgrade |
| 2016-04-22 | Compass Point | Buy | Neutral | Downgrade |
| 2016-03-10 | Keefe Bruyette & Woods | Market Perform | Maintains | |
| 2016-01-22 | Compass Point | Neutral | Buy | Upgrade |
| 2015-07-21 | Macquarie | Neutral | Maintains | |
| 2015-07-20 | Keefe Bruyette & Woods | Market Perform | Maintains | |
| 2015-06-29 | SunTrust Robinson Humphrey | Neutral | Maintains | |
| 2015-06-24 | Baird | Underperform | Downgrade | |
| 2015-06-10 | Drexel Hamilton | Buy | Hold | Downgrade |
| 2015-04-21 | SunTrust Robinson Humphrey | Neutral | Maintains | |
| 2015-04-20 | Keefe Bruyette & Woods | Outperform | Market Perform | Downgrade |
| 2015-04-17 | Keefe Bruyette & Woods | Outperform | Market Perform | Downgrade |
| 2015-04-17 | Compass Point | Buy | Neutral | Downgrade |
| 2014-08-08 | Sandler O'Neill | Hold | Buy | Upgrade |
| 2014-08-07 | Guggenheim | Neutral | Buy | Upgrade |
| 2014-03-31 | SunTrust Robinson Humphrey | Neutral | Initiate | |
| 2014-03-14 | Keefe Bruyette & Woods | Market Perform | Outperform | Upgrade |
| 2012-04-13 | Guggenheim | Buy | Upgrade | |
| 2023-04-25 | Keefe, Bruyette & Woods | Market Perform | Maintains | |
| 2023-04-06 | Keefe, Bruyette & Woods | Market Perform | Maintains | |
| 2023-09-12 | Seaport Global | Sell | Initiate | |
| 2023-10-23 | Seaport Global | Sell | Neutral | Upgrade |
| 2024-01-22 | Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintains |
| 2024-04-22 | Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintains |
| 2024-10-21 | Raymond James | Market Perform | Strong Buy | Upgrade |
| 2024-10-21 | Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintains |
| 2024-12-12 | Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintains |
| 2024-07-22 | Seaport Global | Neutral | Buy | Upgrade |
| 2024-12-04 | Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintains |
| 2025-01-21 | Raymond James | Strong Buy | Strong Buy | Reiterate |
| 2025-01-21 | Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintains |
| 2025-04-21 | Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintains |
| 2025-04-21 | Piper Sandler | Neutral | Neutral | Maintains |
