Independent Bank Corp. (IBCP) vs Peapack-Gladstone Financial Corporation (PGC)

Independent Bank Corp. and Peapack-Gladstone Financial Corporation are both Banks Regional companies. Independent Bank Corp. and Peapack-Gladstone Financial Corporation are of similar size ($794.6M and $790.7M). Independent Bank Corp. trades at the lower P/E: 10.3× against 15.4×. Peapack-Gladstone Financial Corporation grew revenue faster over the last twelve months: 10.3% against 0.86%. Independent Bank Corp. has the higher net margin (22.3% vs 11.0%) and the higher return on invested capital (10.0% vs 9.80%). Both pay a dividend; Independent Bank Corp. yields more (4.05% vs 0.85%). Across the 20 metrics below, Peapack-Gladstone Financial Corporation leads on 12 and Independent Bank Corp. on 8.

Valuation

Metric IBCP PGC Banks Regional median
P/E 10.30 15.36 12.15
P/S 2.30 1.70 2.37
P/B 1.40 1.16 1.21
Price to free cash flow 19.36 7.81 10.80
EV/EBITDA n/m n/m —
EV/Sales 2.30 1.16 2.27
Earnings yield 9.71% 6.51% 8.11%
Free cash flow yield 5.16% 12.80% 8.98%

Profitability

Metric IBCP PGC Banks Regional median
Gross margin 73.96% 67.79% 69.57%
Operating margin 0.00% 0.00% 0.00%
Net margin 22.32% 11.04% 18.66%
Free cash flow margin 11.86% 21.80% 21.18%
Return on equity 14.38% 7.86% 10.64%
Return on assets 1.29% 0.68% 1.13%
Return on invested capital 10.04% 9.80% 8.33%

Growth

Metric IBCP PGC Banks Regional median
Revenue growth (TTM) 0.86% 10.31% 6.61%
EPS growth (last fiscal year) 3.48% 13.51% —
Revenue growth, 5-year CAGR 7.41% 14.34% 12.30%
Net income growth, 5-year CAGR 4.07% 7.34% 9.71%

Health

Metric IBCP PGC Banks Regional median
Debt to equity 0.32 0.00 0.22
Current ratio 0.95 0.97 0.94
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric IBCP PGC Banks Regional median
Dividend yield 4.05% 0.85% 3.75%
Payout ratio 0.32 0.05 0.27

Size

Metric IBCP PGC Banks Regional median
Market cap 790.74m 794.57m 921.07m

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