Stock of the Day - December 21, 2022

Independent Bank (INDB)

$84.51

-$2.66 (-3.1%)

Market Cap: $4.21B

About Independent Bank

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 in the United States.

The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit. It offers commercial real estate and construction, commercial and industrial, small business, secured and unsecured commercial, and consumer real estate loans; term loans and revolving/nonrevolving lines of credit; overdraft protection and letters of credit; and residential mortgages and home equity loans and lines. In addition, the company provides cash management services, such as ACH transaction processing, positive pay, and remote deposit services; investment management and trust services to individuals, institutions, small businesses, and charitable institutions; mobile, online, and telephone banking; estate settlement, financial planning, tax services, and other services; automated teller machines; debit and credit cards; and mutual fund and unit investment trust shares, third party model portfolios, general securities, fixed and variable annuities, and life insurance products, as well as advisory platforms. Further, it invests in low-income housing tax credit projects; holds, maintains, and disposes foreclosed properties; and operates as an investment advisor. Independent Bank Corp. was founded in 1907 and is headquartered in Rockland, Massachusetts.

Today's Trend

Independent Bank Corp. (NASDAQ: INDB) is trading lower after reporting second-quarter results that fell short of Wall Street expectations. The main driver behind the decline is an earnings and revenue miss, which appears to have disappointed investors despite year-over-year profit growth.

Independent Bank reported Q2 earnings of $1.70 per share, missing estimates of $1.77 to $1.79, while revenue of $253.3 million also came in below forecasts. Independent Bank Corp. Reports Second Quarter Net Income of $81.8 Million
The company’s second-quarter net income rose to $81.8 million from $79.9 million in the prior quarter, and EPS improved sequentially from $1.63, showing some operational progress even as results missed expectations. Independent Bank Corp. Reports Second Quarter Net Income of $81.8 Million
Market commentary following the release emphasized that the stock was under pressure because the results missed sales and earnings expectations, overshadowing the company’s solid profitability metrics such as a 19.14% net margin and 8.66% return on equity. Why Independent Bank (INDB) shares are getting obliterated today

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Independent Bank (INDB)

About Independent Bank

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