Zacks: Analysts Anticipate Horizon Bancorp (IN) (HBNC) Will Post Quarterly Sales of $36.09 Million
Wall Street analysts predict that Horizon Bancorp (IN) (NASDAQ:HBNC) will report $36.09 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for Horizon Bancorp (IN)’s earnings, with estimates ranging from $35.78 million to $36.40 million. Horizon Bancorp (IN) posted sales of $30.74 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 17.4%. The company is expected to announce its next earnings report on Wednesday, July 26th.
On average, analysts expect that Horizon Bancorp (IN) will report full-year sales of $36.09 million for the current year, with estimates ranging from $146.70 million to $147.96 million. For the next financial year, analysts forecast that the company will post sales of $167.65 million per share, with estimates ranging from $160.70 million to $174.59 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Horizon Bancorp (IN).
Horizon Bancorp (IN) (NASDAQ:HBNC) last released its quarterly earnings results on Tuesday, April 25th. The financial services provider reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.41 by $0.07. The company had revenue of $33.13 million for the quarter, compared to analysts’ expectations of $34.97 million. Horizon Bancorp (IN) had a return on equity of 9.51% and a net margin of 17.90%.
A number of equities research analysts have recently commented on the company. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $29.00 price objective on shares of Horizon Bancorp (IN) in a research report on Wednesday, April 26th. Zacks Investment Research upgraded Horizon Bancorp (IN) from a “sell” rating to a “hold” rating in a research report on Wednesday, May 31st. Finally, ValuEngine upgraded Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Five investment analysts have rated the stock with a buy rating, The company has an average rating of “Buy” and an average price target of $27.08.
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Horizon Bancorp (NASDAQ HBNC) opened at 26.57 on Friday. The stock has a market cap of $589.22 million, a P/E ratio of 21.02 and a beta of 0.98. The firm’s 50-day moving average price is $25.85 and its 200 day moving average price is $26.20. Horizon Bancorp has a 52-week low of $20.87 and a 52-week high of $32.45.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 21st. Stockholders of record on Friday, July 7th will be issued a $0.13 dividend. The ex-dividend date is Wednesday, July 5th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.96%. This is a positive change from Horizon Bancorp (IN)’s previous quarterly dividend of $0.11. Horizon Bancorp (IN)’s dividend payout ratio is presently 41.05%.
Hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. acquired a new stake in Horizon Bancorp (IN) during the fourth quarter worth about $131,000. Goldman Sachs Group Inc. raised its stake in Horizon Bancorp (IN) by 6.7% in the first quarter. Goldman Sachs Group Inc. now owns 8,214 shares of the financial services provider’s stock worth $215,000 after buying an additional 519 shares during the last quarter. Virginia Retirement Systems ET AL acquired a new stake in Horizon Bancorp (IN) during the first quarter worth about $233,000. Trexquant Investment LP acquired a new stake in Horizon Bancorp (IN) during the first quarter worth about $255,000. Finally, GSA Capital Partners LLP acquired a new stake in Horizon Bancorp (IN) during the fourth quarter worth about $266,000. Institutional investors own 44.13% of the company’s stock.
About Horizon Bancorp (IN)
Horizon Bancorp is a bank holding company. The Company provides a range of banking services in Northern and Central Indiana and Southwestern and Central Michigan through its bank subsidiary, Horizon Bank, N.A. (the Bank) and other affiliated entities and Horizon Risk Management, Inc The Company operates through commercial banking segment.
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