Is Independent Bank Corp. (Massachusetts) overvalued or undervalued?

As of 18 September 2024, the valuation grade for Independent Bank Corp. (Massachusetts) has moved from very attractive to fair. The company is currently fairly valued, with a P/E ratio of 14, a Price to Book Value of 0.90, and an EV to EBIT of 13.82. In comparison to its peers, Ameris Bancorp, which is rated attractive, has a lower P/E of 11.44, while Atlantic Union Bankshares Corp. is considered expensive with a P/E of 17.81.
The company's return on equity (ROE) stands at 6.30%, while the return on capital employed (ROCE) is at 6.51%. Notably, Independent Bank Corp. has a high dividend yield of 372.95%, which may appeal to income-focused investors. Despite a recent underperformance compared to the S&P 500 over the YTD period, where it returned -2.43% against the index's 2.44%, the overall valuation suggests that the stock is currently aligned with its fair value.