Regional banking company Independent Bank (NASDAQ: INDB) will be reporting results tomorrow after market close. Here’s what to look for.
Independent Bank met analysts’ revenue expectations last quarter, reporting revenues of $252.7 million, up 41.9% year on year. It was a slower quarter for the company, with a narrow beat of analysts’ EPS estimates and a slight miss of analysts’ tangible book value per share estimates.
Is Independent Bank a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Independent Bank’s revenue to grow 43.2% year on year, improving from the 5.8% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Independent Bank has a history of exceeding Wall Street’s expectations.
Looking at Independent Bank’s peers in the regional banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. First Horizon delivered year-on-year revenue growth of 6.4%, beating analysts’ expectations by 0.7%, and M&T Bank reported revenues up 5.5%, topping estimates by 2.5%.
Read our full analysis of First Horizon’s results here and M&T Bank’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 3.7% on average over the last month. Independent Bank is up 2.4% during the same time and is heading into earnings with an average analyst price target of $92.14 (compared to the current share price of $84.40).
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