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

Independent Bank

25/04/2024 15:30

* Independent Bank Corp (Michigan)  IBCP.OQ  reported
quarterly
adjusted earnings of 76 cents​​ per share for the quarter ended
in March, higher than the same quarter last year, when the
company reported EPS of 61 cents.  The mean expectation of
four analysts for the quarter was for earnings of 64 cents per
share. Wall Street expected results to range from 62 cents to 68
cents per share.
    * Revenue rose 4.6% to $40.20 million from a year ago;
analysts
expected $40.28 million. 
    * Independent Bank Corp (Michigan)'s reported EPS for the
quarter
was 76 cents​.
    * The company reported quarterly net income of $15.99
million.
    * Independent Bank Corp (Michigan) shares had fallen by 0.9%
this
quarter and lost 3.5% so far this year.

FORECAST CHANGES
    * The mean earnings estimate of analysts had fallen by
about 1.6%
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," 4
"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 April 25 at
02:30 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
 Mar. 31 2024      0.64           0.76           Beat
 Dec. 31 2023      0.70           0.65           Missed
 Sep. 30 2023      0.62           0.83           Beat
 Jun. 30 2023      0.59           0.70           Beat