Horizon Bancorp Inc (HBNC) Expected to Post Quarterly Sales of $43.43 Million

Wall Street analysts expect that Horizon Bancorp Inc (NASDAQ:HBNC) will post $43.43 million in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for Horizon Bancorp’s earnings. The highest sales estimate is $43.80 million and the lowest is $42.90 million. Horizon Bancorp reported sales of $35.90 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 21%. The company is expected to issue its next earnings results on Wednesday, October 24th.

On average, analysts expect that Horizon Bancorp will report full year sales of $171.47 million for the current financial year, with estimates ranging from $170.40 million to $172.10 million. For the next year, analysts anticipate that the business will report sales of $180.77 million, with estimates ranging from $180.40 million to $181.20 million. Zacks’ sales averages are a mean average based on a survey of research analysts that cover Horizon Bancorp.

Horizon Bancorp (NASDAQ:HBNC) last issued its earnings results on Wednesday, July 25th. The financial services provider reported $0.37 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.02. Horizon Bancorp had a return on equity of 10.03% and a net margin of 23.28%. The firm had revenue of $42.48 million for the quarter, compared to analyst estimates of $42.33 million.



Several equities research analysts have weighed in on the company. Zacks Investment Research lowered Horizon Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, July 2nd. BidaskClub lowered Horizon Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, July 27th. Stephens reaffirmed a “buy” rating and issued a $24.00 target price on shares of Horizon Bancorp in a research report on Friday, July 27th. Finally, ValuEngine lowered Horizon Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, September 12th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. Horizon Bancorp presently has an average rating of “Hold” and an average target price of $22.50.

In other news, Director Larry N. Middleton sold 2,500 shares of the stock in a transaction on Tuesday, August 28th. The stock was sold at an average price of $20.69, for a total value of $51,725.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Dennis Kuhn sold 5,841 shares of the stock in a transaction on Tuesday, August 14th. The stock was sold at an average price of $20.72, for a total value of $121,025.52. The disclosure for this sale can be found here. 4.60% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in HBNC. Wells Fargo & Company MN grew its stake in shares of Horizon Bancorp by 4.3% in the first quarter. Wells Fargo & Company MN now owns 70,700 shares of the financial services provider’s stock worth $2,122,000 after purchasing an additional 2,944 shares in the last quarter. Schwab Charles Investment Management Inc. grew its stake in shares of Horizon Bancorp by 11.8% in the first quarter. Schwab Charles Investment Management Inc. now owns 117,199 shares of the financial services provider’s stock worth $3,518,000 after purchasing an additional 12,328 shares in the last quarter. Northern Trust Corp grew its stake in shares of Horizon Bancorp by 0.8% in the first quarter. Northern Trust Corp now owns 263,338 shares of the financial services provider’s stock worth $7,903,000 after purchasing an additional 2,008 shares in the last quarter. BlackRock Inc. grew its stake in shares of Horizon Bancorp by 0.8% in the first quarter. BlackRock Inc. now owns 1,297,390 shares of the financial services provider’s stock worth $38,935,000 after purchasing an additional 10,427 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Horizon Bancorp by 18.5% in the first quarter. Dimensional Fund Advisors LP now owns 901,624 shares of the financial services provider’s stock worth $27,058,000 after purchasing an additional 140,749 shares in the last quarter. 52.82% of the stock is owned by institutional investors.

NASDAQ HBNC traded up $0.30 during trading hours on Friday, hitting $16.95. The company had a trading volume of 66,374 shares, compared to its average volume of 71,576. Horizon Bancorp has a fifty-two week low of $16.36 and a fifty-two week high of $22.13. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market capitalization of $638.74 million, a PE ratio of 16.62 and a beta of 0.90.

The business also recently announced a quarterly dividend, which was paid on Friday, October 19th. Shareholders of record on Friday, October 5th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend was Thursday, October 4th. Horizon Bancorp’s dividend payout ratio is presently 39.22%.

Horizon Bancorp Company Profile

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.

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

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