Independent Bank Corp reports results for the quarter ended September 30 - Earnings Summary

• Independent Bank Corp reported quarterly adjusted earnings of 80 cents​​ per share for the quarter ended September 30, lower than the same quarter last year, when the company reported EPS of 84 cents. The mean expectation of five analysts for the quarter was for earnings of 88 cents per share. Wall Street expected results to range from 65 cents to 96 cents per share.

• Revenue rose 21.8% to $55.26 million from a year ago; analysts expected $56.84 million.

• Independent Bank Corp's reported EPS for the quarter was 80 cents​.

• The company reported quarterly net income of $17.85 million.

• Independent Bank Corp shares had risen by 5.0% this quarter and gained 13.8% so far this year.

FORECAST CHANGES

• The mean earnings estimate of analysts had fallen by about 0.2% in the last three months.​

• In the last 30 days, one analyst negatively revised an earnings estimate

RECOMMENDATIONS

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy," 3 "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 is $41.00, about 9.7% above its last closing price of $37.01

This summary was machine generated from LSEG data October 27 at 01:31 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)