Independent Bank Corp Q3 EPS of $0.80 Misses $0.88 Estimate as Revenue Falls Short
IBCP sits 21% above its 52-week low of $29.83.
Summary
Independent Bank Corp posted Q3 EPS of $0.80, below the $0.88 mean estimate from five analysts and down from $0.84 a year earlier. Revenue rose 21.8% to $55.26 million but still came in under the $56.84 million consensus, and net income was $17.85 million. This is the first full read on the quarter after the 8-K filed this morning confirmed the $0.80 figure; the miss breaks a streak of three straight beats (Dec, Mar, Jun). The prior 10-Q had already flagged rising non-performing loans and higher credit loss provisions, so a soft quarter lands on an already-nervous credit backdrop. One analyst cut estimates in the last 30 days and the consensus rating sits at hold with a $41 median price target.
At the time of this announcement, IBCP was trading at $36.05 on NASDAQ in the Finance sector, with a market capitalization of approximately $800.3M. The 52-week trading range was $29.83 to $39.24. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.