Independent Bank Corp (Michigan) reports results for the quarter ended in June - Earnings Summary

Independent Bank

25/07/2023 14:32

* Independent Bank Corp (Michigan)  IBCP.OQ  reported
quarterly
adjusted earnings of 70 cents​​ per share for the quarter ended
in June. The mean expectation of five analysts for the quarter
was for earnings of 59 cents per share.
    * Revenue rose 6.3% to $38.35 million from a year ago;
analysts
expected $38.04 million. 
    * Independent Bank Corp (Michigan)'s reported EPS for the
quarter
was 70 cents​.
    * The mean earnings estimate of analysts had fallen by
about 1.3%
in the last three months.​ 
    * In the last 30 days, two analysts negatively revised
earnings
estimates 
    * Independent Bank Corp (Michigan) shares had risen by 17.0%
this
quarter and lost 17.1% so far this year.
    * The company reported quarterly net income of $14.79
million.
    * Wall Street's median 12-month price target for Independent
Bank
Corp (Michigan) is $20.00 
    * The current average analyst rating on the shares is "hold"
and
the breakdown of recommendations is 1 "strong buy" or "buy," 4
"hold" and no "sell" or "strong sell." 

This summary was machine generated from LSEG Refinitiv data July
25 at 01:32 p.m. UTC. ​All figures in US dollars unless
otherwise stated. QUARTER ENDING    ESTIMATE       ACTUAL         BEAT, MET,
                                                 MISSED
 Jun. 30 2023      0.59           0.70           Beat
 Mar. 31 2023      0.60           0.61           Beat
 Dec. 31 2022      0.74           0.71           Missed
 Sep. 30 2022      0.60           0.81           Beat