Independent Bank Corp. (INDB) Beats Q2 Earnings and Revenue Estimates

Company Performance - Independent Bank Corp. reported quarterly earnings of $1.21 per share, exceeding the Zacks Consensus Estimate of $1.11 per share, but down from $1.42 per share a year ago [8] - The company posted revenues of $170.26 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 0.70%, but down from $183.3 million year-over-year [2] - The current consensus EPS estimate for the upcoming quarter is $1.10 on revenues of $170.38 million, and for the current fiscal year, it is $4.46 on revenues of $679.08 million [5] Market Comparison - Independent Bank Corp. shares have declined approximately 11.9% since the beginning of the year, while the S&P 500 has gained 17.2% [3] - The company has outperformed consensus EPS estimates three times over the last four quarters [9] Earnings Outlook - The estimate revisions trend for Independent Bank Corp. is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [12] - The sustainability of the stock's price movement will depend on management's commentary during the earnings call [10] Industry Context - The Banks - Northeast industry, to which Independent Bank Corp. belongs, is currently in the bottom 41% of over 250 Zacks industries, suggesting potential challenges ahead [13] - Midland States Bancorp, another company in the same industry, is expected to report revenues of $74.9 million, down 3.5% from the year-ago quarter [7]