For the quarter ended June 2023, Independent Bank (IBCP - Free Report) reported revenue of $53.77 million, up 6.1% over the same period last year. EPS came in at $0.70, compared to $0.61 in the year-ago quarter.
The reported revenue represents a surprise of +6.26% over the Zacks Consensus Estimate of $50.6 million. With the consensus EPS estimate being $0.60, the EPS surprise was +16.67%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Independent Bank performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Net Interest Margin (GAAP): 3.23% versus 3.2% estimated by two analysts on average.
- Efficiency Ratio: 59.26% compared to the 63.29% average estimate based on two analysts.
- Total non-interest income: $15.42 million versus the two-analyst average estimate of $12.12 million.
View all Key Company Metrics for Independent Bank here>>>Shares of Independent Bank have returned +13.7% over the past month versus the Zacks S&P 500 composite's +4.9% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
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For the quarter ended June 2023, Independent Bank (IBCP - Free Report) reported revenue of $53.77 million, up 6.1% over the same period last year. EPS came in at $0.70, compared to $0.61 in the year-ago quarter.
The reported revenue represents a surprise of +6.26% over the Zacks Consensus Estimate of $50.6 million. With the consensus EPS estimate being $0.60, the EPS surprise was +16.67%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Independent Bank performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Net Interest Margin (GAAP): 3.23% versus 3.2% estimated by two analysts on average.
- Efficiency Ratio: 59.26% compared to the 63.29% average estimate based on two analysts.
- Total non-interest income: $15.42 million versus the two-analyst average estimate of $12.12 million.
View all Key Company Metrics for Independent Bank here>>>Shares of Independent Bank have returned +13.7% over the past month versus the Zacks S&P 500 composite's +4.9% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
Zacks Reveals ChatGPT "Sleeper" Stock
One little-known company is at the heart of an especially brilliant Artificial Intelligence sector. By 2030, the AI industry is predicted to have an internet and iPhone-scale economic impact of $15.7 Trillion.
As a service to readers, Zacks is providing a bonus report that names and explains this explosive growth stock and 4 other "must buys." Plus more.
Download Free ChatGPT Stock Report Right Now >>
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