Independent Bank's Q3 profit beats estimates on Enterprise Bancorp acquisition boost
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Independent Bank reported Q3 net income fell due to merger costs and credit loss provisions, but adjusted EPS of $1.55 beat analyst expectations of $1.53. The acquisition of Enterprise Bancorp significantly boosted loan and deposit balances, improving net interest margin and fee income. Analysts maintain a "buy" rating, with a median 12-month price target of $81.50, reflecting a 16.7% upside from the recent closing price of $67.92.
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