Independent Bank currently trades at $84.81 per share and has shown little upside over the past six months, posting a middling return of 2.4%. The stock also fell short of the S&P 500’s 13.5% gain during that period.

Is now the time to buy Independent Bank, or should you be careful about including it in your portfolio? See what our analysts have to say in our full research report, it’s free.

Why Is Independent Bank Not Exciting?

We’re passing on Independent Bank for now. Here are three reasons why INDB doesn’t excite us, plus one stock we’d rather own.

1. Substandard TBVPS Growth Indicates Limited Asset Expansion

For banks, tangible book value per share (TBVPS) is a crucial metric that measures the actual value of shareholders’ equity, stripping out goodwill and other intangible assets that may not be recoverable in a worst-case scenario.

Although Independent Bank’s TBVPS increased by 5.6% annually over the last five years, growth has recently decelerated a bit to a sluggish 3.4% over the past two years (from $45.19 to $48.34 per share).

2. Projected TBVPS Growth Is Slim

Tangible book value per share (TBVPS) growth comes from a bank’s ability to profitably lend while maintaining prudent risk management and efficient operations.

Over the next 12 months, Consensus estimates call for Independent Bank’s TBVPS to grow by 7.6% to $52.01, paltry growth rate.

3. Previous Growth Initiatives Haven’t Impressed

Return on equity, or ROE, tells us how much profit a company generates for each dollar of shareholder equity, a key funding source for banks. Over a long period, banks with high ROE tend to compound shareholder wealth faster through retained earnings, buybacks, and dividends.

Over the last five years, Independent Bank has averaged an ROE of 7.5%, uninspiring for a company operating in a sector where the average shakes out around 10%.

Final Judgment

Independent Bank isn’t a terrible business, but it doesn’t pass our bar. With its shares lagging the market recently, the stock trades at 1.1× forward P/B (or $84.81 per share). This valuation multiple is fair, but we don’t have much faith in the company. We’re fairly confident there are better stocks to buy right now. Let us point you toward our favorite semiconductor picks and shovels play.

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