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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NEGATIVE IMPACT
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.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100