Regional banking company Independent Bank (NASDAQ: INDB) will be announcing earnings results this Thursday after market hours. Here’s what you need to know.
Independent Bank beat analysts’ revenue expectations last quarter, reporting revenues of $253.7 million, up 43.7% year on year. It was a satisfactory quarter for the company, with an impressive beat of analysts’ revenue estimates but a narrow beat of analysts’ EPS 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 41.4% year on year, improving from the 6.5% 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 to stay the course heading into earnings. Independent Bank rarely misses Wall Street’s revenue estimates.
Looking at Independent Bank’s peers in the banks segment, some have already reported their Q1 results, giving us a hint as to what we can expect. FB Financial delivered year-on-year revenue growth of 30.8%, missing analysts’ expectations by 1.7%, and Citigroup reported revenues up 13.9%, topping estimates by 4.9%. FB Financial traded down 2.3% following the results.
Read our full analysis of FB Financial’s results here and Citigroup’s results here.
There has been positive sentiment among investors in the banks segment, with share prices up 9% on average over the last month. Independent Bank is up 7% during the same time and is heading into earnings with an average analyst price target of $90 (compared to the current share price of $80.01).
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