Stock fact sheet · data as of
Independent Bank Corporation (IBCP): fair value, margin of safety and Wheel Score
Ticker symbol IBCP · Financial Services · Banks - Regional · United States · Value
Is IBCP undervalued?
At 37.25 (close of 5 Nov 2026), IBCP trades within a few percent of the GLS average fair value of 39.42 (5.5% below fair value). 9 models produced a value and they split 3 above the price to 6 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 16.48 while Graham Growth gives 95.86. 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.
Ranked against every other company we cover, IBCP is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 55, growth score 31, out of 100).
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 | 26.81 | -28% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 43.72 | +17% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 95.86 | +157% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 35.17 | -6% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 25.28 | -32% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 43.26 | +16% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 32.00 | -14% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 16.48 | -56% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 36.19 | -3% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -219.24 | -689% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 43.00 | +15% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is weak: IBCP passes 4 of the nine Piotroski tests. Our scans drop the stock at the health filter; a low score is often the reason a stock looks cheap on the valuation models. The GLS Moat score is 8.0 out of 10 - high returns on capital, steady margins and growth that held up through bad years point to a durable business.
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 3.8%.
The dividend yield is 3.01% at a payout ratio of 32%; 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 | 4 / 9 | ROIC | 11.1% |
|---|---|---|---|
| GLS Moat | 8.0 / 10 | ROE | 13.6% |
| Debt / equity | 0.23 | ROA | 1.2% |
| Free-cash-flow yield | 3.8% | Payout ratio | 32% |
| Institutions | 10 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 38: Weak
IBCP scores 38 out of 100 on the Wheel Score, in the Weak band (under 50): it fails filter 1, options that actually trade - options too quiet (12 open interest, 5 a day); and filter 4, financially healthy - Piotroski 4/9 (under 6); and filter 8, big enough - market cap $823M (under $1.0B), and the parts are thin too - value weak, premium strong, moat strong, health fair, red flags strong, option trading weak, stability fair. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.
Implied volatility is 34% on the near-the-money contracts 20-60 days out: enough to pass the 25-80% Wheel Trade Filter, but under the 35-60% sweet spot the score rewards most. Chain open interest is thin - 12 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 182k shares a day on a market cap of $823M, 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 rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | options too quiet (12 open interest, 5 a day) |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Fails | Piotroski 4/9 (under 6) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Fails | market cap $823M (under $1.0B) |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 5% below fair value | |
| Premium | Strong | implied volatility 34% | |
| Moat | Strong | moat 8.0/10 | |
| Health | Fair | Piotroski 4/9 | |
| Red Flags | Strong | Red Flags score 100/100 | |
| Option trading | Weak | 5 contracts a day, 12 open interest | |
| Stability | Fair | beta 0.72, $823M company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 28 Jan 2027, 84 days away - outside the window of a 30-45-day put sold today.
No analyst upgrades or downgrades were recorded in the last 30 days.
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 |
|---|---|---|---|---|---|
| SPFI South Plains Financial, Inc. | 43.94 | 53.50 | +18% | 48Weak | $828M |
| HBIA Hills Bancorporation | 46.60 | 20.37 | -129% | 25No options | $813M |
| PGC Peapack-Gladstone Financial Corporation | 47.35 | 73.30 | +35% | 52Fair | $839M |
| SMBC Southern Missouri Bancorp, Inc. | 72.57 | 96.32 | +25% | 46Weak | $799M |
| SMBK SmartFinancial, Inc. | 49.53 | 58.29 | +15% | 44Weak | $847M |
| AGBK AGI Inc | 4.94 | 30.68 | +84% | 30No options | $790M |
| FISI Financial Institutions, Inc. | 40.44 | 40.90 | +1% | 34Weak | $789M |
| RCBC River City Bank | 60.38 | 100.30 | +40% | 34No options | $857M |
| ALRS Alerus Financial Corporation | 34.83 | 25.06 | -39% | 38Weak | $868M |
| SHBI Shore Bancshares, Inc. | 23.13 | 28.79 | +20% | 48Weak | $770M |
| WASH Washington Trust Bancorp, Inc. | 40.28 | 37.54 | -7% | 39Weak | $768M |
| CCBG Capital City Bank Group, Inc. | 51.80 | 44.91 | -15% | 39Weak | $887M |
⚖ Compare IBCP with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about IBCP
Is IBCP undervalued right now?
Not meaningfully: at 37.25 the stock trades within a few percent of the GLS average fair value of 39.42 (5.5% below fair value, data as of 5 Nov 2026).
What is the Wheel Score of IBCP and what does it mean?
IBCP scores 38 out of 100 (Weak) - it fails Wheel Trade Filters 1, 4, 8. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for IBCP?
39.42 per share as of 5 Nov 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 28 Jan 2027, 84 days from the data date of 5 Nov 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 28 listed contracts with 12 open interest across all expiries and implied volatility of 34% 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.