Independent Bank Massachusetts Q3 adjusted EPS beats estimates

By Reuters News


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

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Adjusted EPS

Beat

$1.90

$1.84 (6 Analysts)

Q3 EPS

$1.90

Q3 Net Income

$89.75 mln

Q3 Net Interest Income

$220.66 mln

Q3 Net Interest Margin

3.89%


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


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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