Independent Bank (INDB)
Parent of Rockland Trust, a deposit-funded commercial, consumer, and wealth-management bank.
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Owns Rockland Trust, which gathers deposits and provides commercial and consumer lending, payments, and wealth services across southern New England. Revenue comes mainly from the interest spread on a loan book weighted toward commercial credit, with fee income from investment management and banking services.
Owns Rockland Trust, a full-service commercial bank offering deposits, treasury management, commercial and consumer lending, mortgages, investment management, trust, advisory, and insurance services. The branch and lending-center network spans eastern Massachusetts and Worcester County, southern New Hampshire, and Rhode Island. The completed Enterprise Bank acquisition expanded the franchise northward while leaving Rockland Trust as the sole banking subsidiary and Community Banking as its only reportable segment.
Earns most revenue from the spread between interest on loans and securities and the cost of deposits and other funding, supplemented by wealth-management and transaction fees. Its local deposit base funds a loan book weighted toward commercial real estate and business credit. Performance therefore depends on deposit retention and pricing, borrower credit quality, interest rates, New England property markets, and banking regulation.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| May 15, 2026 | Independent Research | Target | Target: $80 | Target: $95 |
| Apr 17, 2026 | Raymond James | Target | Target: $74 | Target: $97 |
| Apr 15, 2026 | Stephens | Target | Target: — | Target: $88 |
| Feb 2, 2026 | Barclays | Downgrade | ||
| Dec 17, 2025 | Independent Research | Target | Target: $83 | Target: $80 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $252.0M · Total debt $701.5M · Total assets $24.97B · Shareholders' equity $3.51B
- Revenue
- $289.3M
- Operating income
- $70.7M
- Net income
- $81.8M
HistoryDividendAnnual yieldUpcoming
| Institutions | 87.26% | 41.33M shares | |
|---|---|---|---|
| 354 holders · as of Jun 30, 2026 | |||
| Insiders | 1.02% | 481.5K shares | |
| 25 holders · as of Aug 31, 2026 | |||
| Other | 11.72% | 5.55M shares | |
| remainder | |||
47.37M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 14.73% | 6.98M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 6.91% | 3.27M | as of Jun 30, 2026 |
State Street CorpInstitution | 5.59% | 2.65M | as of Jun 30, 2026 |
Dimensional Fund Advisors LPInstitution | 5.56% | 2.63M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.58% | 2.17M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 25, 2026 | Thomas R. Venables | director | −3,750 | $83.00 |
| Aug 3, 2026 | Gerard F. Nadeau | director | −5,307 | $84.69 |
| May 18, 2026 | Joseph C. Lerner | director | −2,832 | $77.31 |
| Feb 6, 2026 | John J. Morrissey | director | −1,988 | $85.70 |
| Feb 4, 2026 | Donna L. Abelli | director | −524 | $85.00 |
- Eastern Bankshares
Direct overlap in Greater Boston banking and wealth
- Beacon Financial
New England branch and commercial-bank peer after merger
- Citizens Financial Group
Super-regional rival for deposits, commercial clients and wealth
- Washington Trust Bancorp
Rhode Island banking and wealth-management overlap
- Camden National
Northern New England community-bank overlap in NH and lending
CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Independent Bank | $80.30 | −0.09% | $3.92B | 14.7 | 10.4 | 3.1 | +1.1% |
| Eastern Bankshares | $21.37 | 0.00% | $4.96B | 12.2 | 10.7 | 3.5 | +29.6% |
| Beacon Financial | $28.42 | −0.04% | $2.42B | 21.8 | 8.9 | 2.1 | +92.8% |
| Citizens Financial Group | $65.45 | −0.06% | $28.49B | 14.6 | 11.1 | 2.5 | +12.1% |
| Washington Trust Bancorp | $38.91 | 0.00% | $746.6M | 13.6 | 11.4 | 2.0 | +11.4% |
| Camden National | $56.86 | −0.12% | $967.4M | 11.0 | 10.3 | 2.8 | +20.5% |
| Median | 13.6 | 10.7 | 2.5 | +20.5% |