Independent Bank beats Q2 adjusted EPS estimates; announces $150 mln buyback

Independent Bank reported Q2 adjusted EPS of $1.25, surpassing analyst expectations of $1.21. Net income rose to $51.1 million, aided by increased revenues and reduced loan loss provisions. The bank announced a $150 million stock buyback plan. While no specific guidance was provided, the bank anticipates completing its core operating conversion by October 2025 following the acquisition of Enterprise Bancorp. Analysts maintain a "buy" rating on the stock, with a median 12-month price target of $75.00, reflecting a potential upside from its recent trading price of $64.17.