Shares of Independent Bank Corp (INDB) are soaring 7.27% in pre-market trading on Friday, following the release of its second-quarter earnings report that surpassed analyst expectations. The Massachusetts-based bank reported adjusted earnings per share (EPS) of $1.25 for the quarter ended June 30, beating the mean analyst estimate of $1.21.

The financial institution's strong performance extended beyond its earnings beat. Independent Bank saw its revenue rise by 6.8% to $181.80 million, outpacing analyst projections of $178.24 million. The company also reported a quarterly net income of $51.1 million, showcasing its robust financial health in a challenging economic environment.

Wall Street appears optimistic about Independent Bank's prospects. The current average analyst rating on the shares is "buy," with a median 12-month price target of $75.00, suggesting a potential upside of approximately 12.4% from its last closing price. However, it's worth noting that the mean earnings estimate has fallen by about 5.8% over the last three months, indicating some caution among analysts despite the positive quarterly results.