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

Independent Bank (Massachusetts)

19/04/2024 14:31

* Independent Bank Corp (Massachusetts)  INDB.OQ  reported
quarterly adjusted earnings of $1.12​​ per share for the quarter
ended in March, lower than the same quarter last year, when the
company reported EPS of $1.36.  The mean expectation of
four analysts for the quarter was for earnings of $1.15 per
share. Wall Street expected results to range from $1.10 
to $1.18 per share.
    * Revenue fell 10.6% to $167.38 million from a year ago;
analysts
expected $170.12 million. 
    * Independent Bank Corp (Massachusetts)'s reported EPS for
the
quarter was $1.12​.
    * The company reported quarterly net income of $47.77
million.
    * Independent Bank Corp (Massachusetts) shares had fallen
by 4.9%
this quarter and lost 24.9% so far this year.

FORECAST CHANGES
    * The mean earnings estimate of analysts had risen by
about 4.3%
in the last three months.​ 
    * In the last 30 days, there have been no negative revisions
of
earnings estimates

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." 
    * Wall Street's median 12-month price target for Independent
Bank
Corp (Massachusetts) is $61.00 

This summary was machine generated from LSEG data April 19 at
01:30 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
 Mar. 31 2024      1.15           1.12           Missed
 Dec. 31 2023      1.24           1.26           Beat
 Sep. 30 2023      1.33           1.38           Beat
 Jun. 30 2023      1.36           1.42           Beat