Independent Bank has been treading water for the past six months, recording a small return of 3.4% while holding steady at $65.34.

Is now the time to buy Independent Bank, or should you be careful about including it in your portfolio? Get the full stock story straight from our expert analysts, it’s free.

Why Is Independent Bank Not Exciting?

We're swiping left on Independent Bank for now. Here are three reasons why INDB doesn't excite us and a stock we'd rather own.

1. Revenue Tumbling Downwards

Long-term growth is the most important, but within financials, a stretched historical view may miss recent interest rate changes and market returns. Independent Bank’s recent performance marks a sharp pivot from its five-year trend as its revenue has shown annualized declines of 3.5% over the last two years. Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.

2. EPS Trending Down

We track the long-term change in earnings per share (EPS) because it highlights whether a company’s growth is profitable.

Sadly for Independent Bank, its EPS declined by 2.2% annually over the last five years while its revenue grew by 5.9%. This tells us the company became less profitable on a per-share basis as it expanded.

3. TBVPS Projections Show Stormy Skies Ahead

A bank’s tangible book value per share (TBVPS) increases when it generates higher net interest margins and keeps credit losses low, allowing it to compound shareholder value over time.

Over the next 12 months, Consensus estimates call for Independent Bank’s TBVPS to shrink by 2.3% to $46.72, a sour projection.

Final Judgment

Independent Bank isn’t a terrible business, but it doesn’t pass our quality test. That said, the stock currently trades at 0.9× forward P/B (or $65.34 per share). Beauty is in the eye of the beholder, but we don’t really see a big opportunity at the moment. We're fairly confident there are better stocks to buy right now. We’d suggest looking at a dominant Aerospace business that has perfected its M&A strategy.

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