Independent Bank Corp. (NASDAQ:INDB) commercial banking products and services provider, is reporting third quarter earnings results on Thursday 22nd October 2020, after market close.
The consensus estimates from Thomson Reuters are income of $ 0.81 per share.
For the full year, analysts predict revenues of $ 485.47 million, while looking forward to income of $ 3.21 per share.
Previous Quarter Performance
Independent Bank Corp. disclosed income for the second quarter of $ 0.76 per share, from the revenue of $ 119.29 million. The quarterly earnings fell 14.61 percent while revenues decreased 7.83 percent compared with the same quarter last year.
Street analysts expected Independent Bank Corp. to report income of $ 0.62 per share on revenue of $ 121.08 million for the second quarter. The bottom line results beat street analysts by $ 0.14 or 22.58 percent, at the same time, top line results fell short of analysts by $ 1.79 million or 1.48 percent.
Stock Performance
Shares of Independent Bank Corp. traded up $ 0.40 or 0.77 percent on Wednesday, reaching $ 52.34 with volume of 233.00 thousand shares. Independent Bank Corp. has traded high as $ 52.72 and has cracked $ 51.79 on the downward trend
The closing price of $ 52.34, representing a 5.46 % increase from the 52 week low of $ 49.25 and a 40.37 % decrease over the 52 week high of $ 87.11.
The company has a market capital of $ 1.72 billion and is part of the Financial Services sector and Banks – Regional – US industry.
Recent Analyst recommendations
- On 28th September 2020, maintained by Piper Sandler at Neutral rating, with $ 58.00 target price.
Conference Call
Independent Bank Corp. will be hosting a conference call at 10:00 AM eastern time on 23rd October 2020, to discuss its 3Q20 financial results with the investment community. A live webcast with presentations will be available on the Internet by visiting the Company website www.rocklandtrust.com
Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses primarily in Massachusetts. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
