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Independent Bank Corp. (NASDAQ:INDB) Set to Report Q3 Earnings Following Prior Quarter Revenue Miss

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INDB$76.76 −0.52%

Regional lender Independent Bank Corp. (NASDAQ:INDB) is scheduled to post its latest quarterly financial results this Thursday after the market closes. The upcoming report follows a challenging previous quarter in which the company generated $253.1 million in revenue, representing a 40.5% year-over-year increase but falling short of Wall Street forecasts. That period also saw the bank miss estimates for both net interest income and earnings per share.

For the current quarter, market estimates point to revenue growth of 6.8% year over year, marking a moderation from the 39.1% expansion logged in the prior-year period. Analysts covering the bank have largely maintained their forecasts over the past month. The report arrives amid broader headwinds for the banking sector, where average stock prices dropped 7.5% over the last month. Shares of Independent Bank Corp. have declined 8% over the same period, trading around $76.76 against an average analyst price target of $93.43.

Investors will be watching whether Independent Bank Corp. can resume its historical pattern of meeting sales projections, as the firm rarely misses revenue targets over the long run. Results from peer institutions have offered a mixed backdrop for regional lenders, with FB Financial Corp. missing revenue targets while Citigroup Inc. topped expectations.

Key points

  • Independent Bank Corp. (NASDAQ:INDB) will report its Q3 earnings this Thursday after the market close.
  • Analysts expect quarterly revenue to grow 6.8% year over year, slowing from 39.1% growth in the prior-year period.
  • In the previous quarter, the company recorded $253.1 million in revenue but missed consensus estimates for revenue, net interest income, and EPS.
  • The stock has fallen 8% over the past month to $76.76, while Wall Street analysts hold an average price target of $93.43.

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Questions and answers

When does Independent Bank report earnings?

Independent Bank Corp. is scheduled to report its quarterly earnings this Thursday after the market close.

What are revenue expectations for Independent Bank's earnings?

Wall Street expects Independent Bank Corp. revenue to grow 6.8% year over year for the quarter, down from 39.1% growth in the same period last year.

What is the average analyst price target for Independent Bank stock?

Analysts have established an average price target of $93.43 for Independent Bank Corp. stock.