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

Independent Bank

28/04/2023 07:58

* Independent Bank Corp (Michigan)  IBCP.OQ  reported
quarterly
adjusted earnings of 61 cents​​ per share for the quarter ended
in March. The mean expectation of four analysts for the quarter
was for earnings of 60 cents per share.
    * Revenue rose 16.5% to $38.44 million from a year ago;
analysts
expected $39.63 million. 
    * Independent Bank Corp (Michigan)'s reported EPS for the
quarter
was 61 cents​.
    * The mean earnings estimate of analysts had fallen by
about 6.4%
in the last three months.​ 
    * In the last 30 days, three analysts negatively revised
earnings
estimates 
    * Independent Bank Corp (Michigan) shares had fallen by 0.3%
this
quarter and lost 26.0% so far this year.
    * The company reported quarterly net income of $12.99
million.
    * Wall Street's median 12-month price target for Independent
Bank
Corp (Michigan) is $21.00 
    * 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
April 28 at 06:58 a.m. UTC. ​All figures in US dollars unless
otherwise stated. QUARTER ENDING    ESTIMATE       ACTUAL         BEAT, MET,
                                                 MISSED
 Mar. 31 2023      0.60           0.61           Beat
 Dec. 31 2022      0.74           0.71           Missed
 Sep. 30 2022      0.60           0.81           Beat
 Jun. 30 2022      0.55           0.61           Beat