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

Independent Bank

24/10/2023 14:33

* Independent Bank Corp (Michigan)  IBCP.OQ  reported
quarterly
adjusted earnings of 83 cents​​ per share for the quarter ended
in September. The mean expectation of four analysts for the
quarter was for earnings of 62 cents per share.
    * Revenue fell 1.2% to $39.43 million from a year ago;
analysts
expected $36.74 million. 
    * Independent Bank Corp (Michigan)'s reported EPS for the
quarter
was 83 cents​.
    * The mean earnings estimate of analysts had risen by
about 0.6%
in the last three months.​ 
    * In the last 30 days, there have been no earnings estimate
revisions by analysts covering the company. 
    * Independent Bank Corp (Michigan) shares had fallen by 2.3%
this
quarter and lost 25.1% so far this year.
    * The company reported quarterly net income of $17.54
million.
    * Wall Street's median 12-month price target for Independent
Bank
Corp (Michigan) is $21.50 
    * 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." 

This summary was machine generated from LSEG Refinitiv data
October 24 at 01:33 p.m. UTC. ​All figures in US dollars unless
otherwise stated. QUARTER ENDING    ESTIMATE       ACTUAL         BEAT, MET,
                                                 MISSED
 Sep. 30 2023      0.62           0.83           Beat
 Jun. 30 2023      0.59           0.70           Beat
 Mar. 31 2023      0.60           0.61           Beat
 Dec. 31 2022      0.74           0.71           Missed