Independent Bank Corp. (NASDAQ:INDB) is reporting second quarter financial results on Thursday 23rd July 2020, after market close.
According to analysts surveyed by Thomson Reuters, INDB is expected to report 2Q20 income of $ 0.62 per share from revenue of $ 121.08 million.
For the full year, analysts anticipate top line of $ 489.62 million, while looking forward to income of $ 3.28 per share bottom line.
Previous Quarter Performance
Independent Bank Corp. reported income for the first quarter of $ 0.78 per share, from the revenue of $ 120.74 million. The quarterly earnings reduced 37.60 percent while revenues improved 16.03 percent compared with the same quarter last year.
Street analysts expected Independent Bank Corp. to report income of $ 1.19 per share on revenue of $ 124.21 million for the first quarter. The bottom line results missed street analysts by $ 0.41 or 34.45 percent, at the same time, top line results fell short of analysts by $ 3.47 million or 2.79 percent.
Historical Earnings Performance
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Stock Performance
According to the previous trading day, closing price of INDB was $ 66.21, representing a 31.24 % increase from the 52 week low of $ 50.45 and a 23.99 % decrease over the 52 week high of $ 87.11.
The company has a market capital of $ 2.18 billion and is part of the Financial Services sector and Banks – Regional – US industry.
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Recent Analyst recommendations
On 8th June 2020, downgraded by DA Davidson to Neutral from Buy rating.
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.
