For its second fiscal quarter (ending June 30), Independent Bank Corp (NASDAQ: IBCP) has reported a 27% increase in E.P.S. from $0.70 a year ago to $0.89 in the current quarter. This result exceeded the consensus estimate of $0.70 by $0.19. For the latest four quarters through June 30, E.P.S. were $3.15 versus $2.86 for the same period a year ago — an increase of 10%.
Recent Price Action
Independent Bank Corp (NASDAQ: IBCP) stock enjoyed a very large increase of 5.7% on 7/25/24. The shares closed at $35.13. Moreover, this advance was accompanied by unusually high trading volume at 171% of normal. The stock has risen 10.2% during the last week and has been strong relative to the market over the last nine months.
Current PriceTarget Research Rating
IBCP’s future returns on capital are forecasted to exceed the cost of capital. Accordingly, the company is expected to continue to be a Value Builder.
Independent Bank has a current Value Trend Rating of B (Positive). With this rating, PTR’s two proprietary measures of a stock’s current attractiveness are providing highly consistent signals. Independent Bank has a slightly positive Appreciation Score of 64 and a slightly positive Power Rating of 68, producing the Positive Value Trend Rating.
Rating Review
In light of this new information we are reviewing our current Overall Rating of B. This review will be completed in the next several days.
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