Independent Bank Corp (Massachusetts) reports results for the quarter ended in June - Earnings Summary

Independent Bank (Massachusetts)

18/07/2024 22:51

* Independent Bank Corp (Massachusetts)  INDB.OQ  reported
quarterly adjusted earnings of $1.21​​ per share for the quarter
ended in June, lower than the same quarter last year, when the
company reported EPS of $1.42.  The mean expectation of
four analysts for the quarter was for earnings of $1.12 per
share. Wall Street expected results to range from $1.07 
to $1.17 per share.
    * Revenue fell 7.1% to $170.26 million from a year ago;
analysts
expected $168.62 million. 
    * Independent Bank Corp (Massachusetts)'s reported EPS for
the
quarter was $1.21​.
    * The company reported quarterly net income of $51.33
million.
    * Independent Bank Corp (Massachusetts) shares had risen
by 14.4%
this quarter and lost 11.9% so far this year.

FORECAST CHANGES
    * The mean earnings estimate of analysts had fallen by
about 4.4%
in the last three months.​ 
    * In the last 30 days, there have been no earnings estimate
revisions by analysts covering the company.

RECOMMENDATIONS
    * The current average analyst rating on the shares is "hold"
and
the breakdown of recommendations is no "strong buy" or "buy," 4
"hold" and no "sell" or "strong sell." 
    * The average consensus recommendation for the banks peer
group is
also "hold"

Wall Street's median 12-month price target for Independent Bank
Corp (Massachusetts) is $57.50 
This summary was machine generated from LSEG data July 18 at
09:51 p.m. UTC. ​All figures in US dollars unless otherwise
stated. (For questions concerning the data in this report,
contact Estimates.Support@lseg.com. For any other questions or
feedback, contact RefinitivNewsSupport@thomsonreuters.com) QUARTER ENDING    ESTIMATE       ACTUAL         BEAT, MET,
                                                 MISSED
 Jun. 30 2024      1.12           1.21           Beat
 Mar. 31 2024                     1.12           
 Dec. 31 2023      1.24           1.26           Beat
 Sep. 30 2023      1.33           1.38           Beat