Shares of Independent Bank Corp (INDB) are soaring 7.27% in pre-market trading on Friday following the release of its better-than-expected second-quarter earnings report. The Massachusetts-based bank reported adjusted earnings of $1.25 per share for the quarter ended June 30, surpassing both the analyst consensus of $1.21 and the year-ago figure of $1.21.

The financial institution's strong performance extended beyond its bottom line, with revenue climbing 6.8% to $181.80 million, outpacing analyst expectations of $178.24 million. Independent Bank's net income for the quarter stood at a robust $51.1 million, underlining the company's solid financial position in a challenging economic environment.

This earnings beat comes as a welcome surprise for investors, especially considering that the mean earnings estimate had fallen by about 5.8% over the past three months. The positive results have further bolstered Independent Bank's stock performance, which had already risen 4.5% this quarter and gained 2.3% year-to-date prior to this announcement.

Wall Street remains optimistic about Independent Bank's prospects, with the current average analyst rating on the shares being "buy." The consensus breakdown shows 2 "strong buy" or "buy" recommendations and 2 "hold" ratings, with no "sell" or "strong sell" advice. Moreover, the median 12-month price target stands at $75.00, suggesting a potential upside of approximately 12.4% from its last closing price of $65.69.