Independent Bank Massachusetts Q3 adjusted EPS beats estimates

Overview

• US commercial bank's Q3 adjusted EPS beat analyst expectations, net income rose quarter-over-quarter

• Company's net interest income grew quarter-over-quarter, net interest margin improved

• Company repurchased 679,000 shares for $57.4 mln in Q3

Outlook

• Company did not provide specific guidance or outlook for future quarters

Result Drivers

• HIGHER NET INTEREST INCOME - Co said growth in net interest income and improved net interest margin were driven by asset repricing and increased loan yields

• DEPOSIT GROWTH - Co attributed deposit growth mainly to inflows from business and consumer accounts

• LOAN GROWTH - Co said loan growth was supported by strong demand for home equity and residential mortgages

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for Independent Bank Corp (Massachusetts) is $95.00, about 24.9% above its October 14 closing price of $76.04

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 11 three months ago

Reuters Recommended Reads

• Oct 14 - US banks post solid third-quarter loan growth, but face more competition for deposits

• Oct 14 - Home BancShares Q3 revenue rises on net interest income strength

• Oct 14 - Equity Bancshares Q3 core EPS rises on loan growth, lifts dividend

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)