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. The company is currently overvalued, as indicated by a P/E ratio of 10, which is lower than its peers like Camden National Corp. at 11.68 and South Plains Financial, Inc. at 12.14. Additionally, the Price to Book Value stands at 1.39, and the EV to EBITDA ratio is 7.35, both suggesting a premium compared to its industry benchmarks.
Despite a recent positive performance with a 3.78% return over the past week, the stock has underperformed the S&P 500 significantly over the year, with a return of -13.94% compared to the S&P 500's 14.18%. This trend reinforces the notion that the stock is overvalued in the current market context.