Independent Bank Corp (Massachusetts)

INDB · NASDAQ

$80.88+$1.42 (+1.79%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $79.46

INDB analyst rating

HoldConsensus of 5 analysts over the last 12 months. 60% rate it a buy.

Strong buy0
Buy3
Hold1
Underperform1
Sell0

12-month price target · 9 analysts

Average $94.57 (+16.9% upside)

Low: $82.82
Now: $80.88
High: $105.00

Upgrades and downgrades

The latest rating actions, newest first

INDB analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Keefe, Bruyette & Woods	Jul 20, 2026	Maintains	Outperform	$99.00 → $96.00	66%
Piper Sandler	Jun 26, 2026	Maintains	Neutral	$84.00 → $90.00	68%
Hovde Group	May 15, 2026	Initiates	Outperform	$95.00	86%
Keefe, Bruyette & Woods	Apr 20, 2026	Maintains	Outperform	$96.00 → $94.00	66%
Stephens & Co.	Apr 16, 2026	Initiates	Overweight	$88.00	54%
Barclays	Apr 7, 2026	Maintains	Underweight	$80.00 → $82.00	54%
Piper Sandler	Mar 16, 2026	Initiates	Neutral	$86.00 → $84.00	68%
Barclays	Feb 2, 2026	Downgrade	Equal-Weight → Underweight	$80.00	54%
Barclays	Dec 17, 2025	Initiates	Equal-Weight	$80.00	54%
Keefe, Bruyette & Woods	Oct 21, 2025	Upgrade	Market Perform → Outperform	$80.00 → $83.00	66%

The case for and against

Updated Oct 7, 2026

Bull case

Independent Bank is well positioned because its high-quality New England deposit franchise, including 28% non-interest-bearing deposits and a 1.46% all-in deposit cost, supports a funding advantage that should widen margins as securities repricing and loan remixing work through the balance sheet. Management also pointed to improving operating momentum, with 4Q25 operating EPS of $1.70, NIM up 15bps sequentially, C&I growth of 6.8% annualized, and strong wealth management revenues, while credit metrics improved as NPAs/assets fell to 0.34% from a peak of 0.54%. In addition, the company has excess capital for continued share repurchases, potential 2026 ROA recovery toward 1.37% versus 1.13% in 2025, and a favorable longer-term earnings backdrop from better NIM, controlled expenses, and lower provisioning.

Bear case

Independent Bank is facing a weaker fundamental setup because estimates were cut for 2026E and 2027E due to balance-sheet timing shifts and modestly higher expenses, while the recent $0.09 miss reflected lower net interest income, higher costs, and a higher provision. Credit remains a central concern even though NPAs fell 3.4% to 0.34% of total assets, since “problem” assets are still 0.59% of total loans and the stock appears to carry lingering credit stigma. Its valuation is also pressured by elevated exposure to Boston CRE, including about $1.1B in office loans as of 4Q25 and a 289% CRE concentration near the 300% regulatory threshold, leaving limited room for error if regional or rate-related conditions soften.

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