Independent Bank Q4 EPS $0.65 Misses $0.70 Estimate, Sales $40.11M In Line With $40.11M Estimate
Portfolio Pulse from Benzinga Newsdesk
Independent Bank (NASDAQ:IBCP) reported Q4 earnings of $0.65 per share, missing the consensus estimate of $0.70 by 7.14%. Year-over-year, earnings decreased by 8.45% from $0.71 per share. Quarterly sales were $40.11M, in line with estimates, but marked a 1.21% decrease from the same period last year.
January 25, 2024 | 1:04 pm
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Independent Bank's Q4 EPS of $0.65 missed estimates by 7.14% and decreased 8.45% YoY. Sales were in line with expectations but saw a slight YoY decline.
Missing the EPS estimate and reporting a decrease in earnings YoY is typically seen as a negative signal by investors, likely leading to a short-term negative impact on the stock price. Sales being in line with estimates may not be enough to counteract the negative sentiment from the earnings miss.
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