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

As of 30 June 2025, the valuation grade for Independent Bank Corp. (Massachusetts) moved from expensive to fair. Based on the current metrics, the company appears to be fairly valued. The P/E ratio stands at 14, while the Price to Book Value is 0.90, and the EV to EBIT is 13.82, indicating that the stock is reasonably priced compared to its earnings and book value.
In comparison to its peers, Ameris Bancorp has a P/E of 13.35, and First BanCorp (Puerto Rico) has a P/E of 12.69, both suggesting a competitive valuation landscape within the regional banks sector. Notably, while Independent Bank Corp. has shown a YTD return of 13.48%, slightly outperforming the S&P 500's 12.22%, its longer-term performance over three and five years has lagged behind the broader market, which may warrant further scrutiny.