Regional banking company Independent Bank (NASDAQ:INDB) will be reporting results this Thursday after market hours. Here’s what investors should know.
Independent Bank beat analysts’ revenue expectations by 0.8% last quarter, reporting revenues of $178 million, up 6.5% year on year. It was a slower quarter for the company, with a significant miss of analysts’ EPS estimates.
Is Independent Bank a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Independent Bank’s revenue to grow 4.3% year on year to $177.6 million, a reversal from the 7.1% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.21 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Independent Bank has missed Wall Street’s revenue estimates twice over the last two years.
Looking at Independent Bank’s peers in the banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Fulton Financial’s revenues decreased 3.2% year on year, beating analysts’ expectations by 1.9%, and FB Financial reported a revenue decline of 40.1%, falling short of estimates by 43.5%. FB Financial traded down 4.4% following the results.
Read our full analysis of Fulton Financial’s results here and FB Financial’s results here.
There has been positive sentiment among investors in the banks segment, with share prices up 8.3% on average over the last month. Independent Bank is up 1.8% during the same time and is heading into earnings with an average analyst price target of $74.75 (compared to the current share price of $63.84).
Today’s young investors won’t have read the timeless lessons in Gorilla Game: Picking Winners In High Technology because it was written more than 20 years ago when Microsoft and Apple were first establishing their supremacy. But if we apply the same principles, then enterprise software stocks leveraging their own generative AI capabilities may well be the Gorillas of the future. So, in that spirit, we are excited to present our Special Free Report on a profitable, fast-growing enterprise software stock that is already riding the automation wave and looking to catch the generative AI next.
StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here.