$44.53 Million in Sales Expected for Horizon Bancorp Inc (HBNC) This Quarter

Share on StockTwits

Brokerages expect Horizon Bancorp Inc (NASDAQ:HBNC) to post sales of $44.53 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Horizon Bancorp’s earnings. The highest sales estimate is $48.00 million and the lowest is $42.50 million. Horizon Bancorp posted sales of $41.73 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 6.7%. The business is scheduled to issue its next quarterly earnings report on Wednesday, April 24th.

According to Zacks, analysts expect that Horizon Bancorp will report full-year sales of $208.57 million for the current financial year, with estimates ranging from $205.70 million to $213.20 million. For the next financial year, analysts expect that the company will report sales of $227.40 million, with estimates ranging from $226.50 million to $228.20 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Horizon Bancorp.

Horizon Bancorp (NASDAQ:HBNC) last issued its quarterly earnings results on Tuesday, January 29th. The financial services provider reported $0.34 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.03). Horizon Bancorp had a return on equity of 10.72% and a net margin of 26.48%. The business had revenue of $42.31 million for the quarter, compared to analyst estimates of $43.50 million.

A number of brokerages have weighed in on HBNC. Zacks Investment Research downgraded Horizon Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday. ValuEngine downgraded Horizon Bancorp from a “sell” rating to a “strong sell” rating in a report on Friday, January 25th. BidaskClub upgraded Horizon Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, January 5th. Stephens reiterated a “buy” rating and set a $20.00 price target on shares of Horizon Bancorp in a report on Wednesday, December 19th. Finally, Raymond James decreased their price target on Horizon Bancorp from $23.00 to $20.00 and set an “outperform” rating for the company in a report on Thursday, November 1st. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $21.00.

Shares of Horizon Bancorp stock opened at $16.91 on Thursday. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.97 and a quick ratio of 0.97. Horizon Bancorp has a 1-year low of $14.79 and a 1-year high of $22.13. The stock has a market cap of $632.30 million, a price-to-earnings ratio of 13.31 and a beta of 0.96.

The company also recently announced a quarterly dividend, which was paid on Friday, January 18th. Stockholders of record on Friday, January 4th were paid a $0.10 dividend. The ex-dividend date was Thursday, January 3rd. This represents a $0.40 annualized dividend and a dividend yield of 2.37%. Horizon Bancorp’s dividend payout ratio is presently 31.50%.

In other news, President James D. Neff bought 3,000 shares of Horizon Bancorp stock in a transaction dated Thursday, December 6th. The stock was bought at an average cost of $16.25 per share, for a total transaction of $48,750.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 4.60% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of HBNC. BlackRock Inc. grew its stake in shares of Horizon Bancorp by 66.7% in the 2nd quarter. BlackRock Inc. now owns 2,162,231 shares of the financial services provider’s stock valued at $44,735,000 after buying an additional 864,841 shares during the period. Voya Investment Management LLC grew its stake in shares of Horizon Bancorp by 40.0% in the 2nd quarter. Voya Investment Management LLC now owns 20,193 shares of the financial services provider’s stock valued at $418,000 after buying an additional 5,774 shares during the period. Bank of America Corp DE grew its stake in shares of Horizon Bancorp by 21.7% in the 2nd quarter. Bank of America Corp DE now owns 16,739 shares of the financial services provider’s stock valued at $347,000 after buying an additional 2,989 shares during the period. California Public Employees Retirement System grew its stake in shares of Horizon Bancorp by 58.3% in the 2nd quarter. California Public Employees Retirement System now owns 73,489 shares of the financial services provider’s stock valued at $1,520,000 after buying an additional 27,073 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Horizon Bancorp by 52.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 214,660 shares of the financial services provider’s stock valued at $4,442,000 after buying an additional 73,931 shares during the period. Institutional investors own 53.28% of the company’s stock.

About Horizon Bancorp

Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that provides commercial and retail banking services. The company offers non-interest bearing and interest-bearing demand deposits, savings accounts, money market deposits, and time deposits. Its loan portfolio comprises commercial, financial, agricultural, and commercial tax-exempt loans; and real estate, mortgage warehouse, and consumer loans.

Featured Article: Why investors pay attention to retained earnings

Get a free copy of the Zacks research report on Horizon Bancorp (HBNC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Horizon Bancorp (NASDAQ:HBNC)

Receive News & Ratings for Horizon Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Horizon Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply