Stock fact sheet · data as of
Independent Bank Corporation (IBCP): fair value, margin of safety and Wheel Score
Financial Services · Banks - Regional · United States · Defensive
Is IBCP undervalued?
At 35.29 (close of 16 Oct 2026), IBCP trades within a few percent of the GLS average fair value of 35.60 (0.9% below fair value). 9 models produced a value and they split 5 above the price to 4 below. A stock priced at fair value earns about half of the Wheel Score's Value points; the rest of the score comes from health, moat, premium and stability.
The 9 models disagree widely: DDM gives 16.19 while Graham Growth gives 69.37. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
The nightly engine files IBCP under Defensive: a low beta, a dividend and positive earnings.
Nine valuation models for IBCP
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 25.76 | -27% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 44.83 | +27% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 69.37 | +97% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 20.67 | -41% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 21.62 | -39% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 46.90 | +33% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 36.36 | +3% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 16.19 | -54% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 38.69 | +10% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -234.98 | -766% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 39.50 | +12% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
On financial health IBCP scores 7/9 (Piotroski): most of the nine tests - positive earnings and cash flow, falling debt, rising margins and turnover - are passed, which is the kind of balance sheet a wheel trader is happy to be assigned. The GLS Moat score is 6.9 out of 10: a ten-year record that is consistent in some of the metrics the score tracks (revenue, earnings, margins, cash flow, returns on capital) and patchy in others.
Returns on capital are moderate - ROIC 11.1%, ROE 13.6%, ROA 1.2% - with debt at 0.23 times equity and a free-cash-flow yield of 4.8%.
The dividend yield is 3.12% at a payout ratio of 31%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold. Revenue comes mainly from Interchange Income 28%, Service Charges On Deposits 25%, Overdraft Fees 18% (quarter Q2 FY2026).
Institutional ownership scores 10/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 7 / 9 | ROIC | 11.1% |
|---|---|---|---|
| GLS Moat | 6.9 / 10 | ROE | 13.6% |
| Debt / equity | 0.23 | ROA | 1.2% |
| Free-cash-flow yield | 4.8% | Payout ratio | 31% |
| Institutions | 10 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 69: Good
IBCP scores 69 out of 100 on the Wheel Score (Good band, 65-79). The score blends the margin of safety (Value, 13/25), Piotroski health (16/20), the GLS moat (10/15), the option premium on offer (20/20) and how easily the stock trades (10/20). Stability (10/20) is the part holding the score back.
Implied volatility is 46% on the near-the-money contracts 20-60 days out - inside the 35-60% range the Wheel Score pays full marks for: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is thin - 19 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 306k shares a day on a market cap of $727M, with a beta of 0.72 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 10 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 13 / 25 | 1% margin of safety | |
| Health | 16 / 20 | Piotroski 7/9 | |
| Moat | 10 / 15 | moat 6.9/10 | |
| Premium | 20 / 20 | implied volatility 46% | |
| Stability | 10 / 20 | 306k shares/day, $727M cap, beta 0.72 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
Independent Bank Corporation reports earnings on 27 Oct 2026 (before the open) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Banks - Regional
The 12 companies below are the closest to Independent Bank Corporation by market cap within the Banks - Regional industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| CUBB Customers Bancorp, Inc 5.375% S | 20.91 | 246.77 | +92% | 39No options | $714M |
| SHBI Shore Bancshares, Inc. | 22.32 | 27.93 | +20% | 75Good | $745M |
| VBNK VersaBank | 21.88 | 32.84 | +33% | 70Good | $709M |
| WASH Washington Trust Bancorp, Inc. | 36.74 | 44.17 | +17% | 67Good | $701M |
| BCAL California BanCorp | 21.71 | 39.91 | +46% | 39No options | $698M |
| SMBC Southern Missouri Bancorp, Inc. | 68.87 | 95.22 | +28% | 79Good | $758M |
| PGC Peapack-Gladstone Financial Corporation | 42.84 | 67.00 | +36% | 81Prime | $759M |
| ALRS Alerus Financial Corporation | 30.71 | 23.47 | -31% | 46Weak | $766M |
| TCBX Third Coast Bancshares, Inc. | 41.20 | 103.49 | +60% | 73Good | $686M |
| FISI Financial Institutions, Inc. | 39.27 | 41.19 | +5% | 61Fair | $774M |
| AROW Arrow Financial Corporation | 36.80 | 45.19 | +19% | 70Good | $682M |
| HTB HomeTrust Bancshares, Inc. | 46.49 | 95.43 | +51% | 81Prime | $776M |
⚖ Compare IBCP with 7 of them All Financial Services stocks →
Screen the whole market the same way
A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the same eight-rule screen, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about IBCP
Is IBCP undervalued right now?
Not meaningfully: at 35.29 the stock trades within a few percent of the GLS average fair value of 35.60 (0.9% below fair value, data as of 16 Oct 2026).
What is the Wheel Score of IBCP and what does it mean?
IBCP scores 69 out of 100 (Good). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for IBCP?
35.60 per share as of 16 Oct 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Independent Bank Corporation report earnings next?
The next earnings report is due on 27 Oct 2026 (before the open), 11 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does IBCP have listed options, and how liquid are they?
Yes. The nightly snapshot found 88 listed contracts with 19 open interest across all expiries and implied volatility of 46% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.