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

Independent Bank

25/07/2024 14:52

* Independent Bank Corp (Michigan)  IBCP.OQ  reported
quarterly
adjusted earnings of 88 cents​​ per share for the quarter ended
in June, higher than the same quarter last year, when the
company reported EPS of 70 cents.  The mean expectation of
five analysts for the quarter was for earnings of 70 cents per
share. Wall Street expected results to range from 68 cents to 72
cents per share.
    * Revenue rose 7.8% to $41.35 million from a year ago;
analysts
expected $41.10 million. 
    * Independent Bank Corp (Michigan)'s reported EPS for the
quarter
was 88 cents​.
    * The company reported quarterly net income of $18.53
million.
    * Independent Bank Corp (Michigan) shares had risen by 23.1%
this
quarter and gained 27.7% so far this year.

FORECAST CHANGES
    * The mean earnings estimate of analysts had risen by
about 2.3%
in the last three months.​ 
    * In the last 30 days, there have been no earnings estimate
revisions by analysts covering the company.

RECOMMENDATIONS
    * The current average analyst rating on the shares is "hold"
and
the breakdown of recommendations is no "strong buy" or "buy," 5
"hold" and no "sell" or "strong sell." 
    * The average consensus recommendation for the banks peer
group is
also "hold"

Wall Street's median 12-month price target for Independent Bank
Corp (Michigan) is $27.00 
This summary was machine generated from LSEG data July 25 at
01:52 p.m. UTC. ​All figures in US dollars unless otherwise
stated. (For questions concerning the data in this report,
contact Estimates.Support@lseg.com. For any other questions or
feedback, contact RefinitivNewsSupport@thomsonreuters.com) QUARTER ENDING    ESTIMATE       ACTUAL         BEAT, MET,
                                                 MISSED
 Jun. 30 2024      0.70           0.88           Beat
 Mar. 31 2024      0.64           0.76           Beat
 Dec. 31 2023      0.70           0.65           Missed
 Sep. 30 2023      0.62           0.83           Beat