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

As of 28 November 2025, the valuation grade for Independent Bank Corp. (Michigan) moved from fair to expensive, indicating that the company is overvalued. Key valuation ratios include a P/E ratio of 10, a Price to Book Value of 1.39, and an EV to EBITDA of 7.35. In comparison, Camden National Corp. (Maine) has a P/E of 11.68, while South Plains Financial, Inc. (Texas) has a P/E of 12.14, suggesting that Independent Bank Corp. is trading at a discount relative to its peers.
Despite a recent positive return of 3.78% over the past week compared to the S&P 500's 3.73%, the year-to-date performance shows a decline of 6.26% against the S&P 500's gain of 16.45%. This further reinforces the notion that the stock may be overvalued in the current market environment.