Horizon Bancorp (HBNC) Expected to Announce Quarterly Sales of $40.73 Million
Brokerages expect Horizon Bancorp (NASDAQ:HBNC) to report $40.73 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Horizon Bancorp’s earnings. The highest sales estimate is $40.90 million and the lowest is $40.56 million. Horizon Bancorp posted sales of $31.12 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 30.9%. The company is scheduled to announce its next quarterly earnings results on Wednesday, January 24th.
According to Zacks, analysts expect that Horizon Bancorp will report full-year sales of $40.73 million for the current fiscal year, with estimates ranging from $144.95 million to $145.30 million. For the next fiscal year, analysts forecast that the company will post sales of $170.93 million per share, with estimates ranging from $169.70 million to $172.15 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Horizon Bancorp.
Horizon Bancorp (NASDAQ:HBNC) last issued its quarterly earnings data on Wednesday, October 25th. The financial services provider reported $0.41 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.04). The firm had revenue of $35.90 million for the quarter, compared to the consensus estimate of $37.81 million. Horizon Bancorp had a net margin of 20.03% and a return on equity of 9.58%.
In related news, Director Michele M. Thompson sold 10,000 shares of the stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $27.29, for a total value of $272,900.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark E. Secor sold 12,135 shares of the stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $27.11, for a total transaction of $328,979.85. Following the completion of the transaction, the chief financial officer now directly owns 4,648 shares of the company’s stock, valued at $126,007.28. The disclosure for this sale can be found here. Over the last three months, insiders sold 76,046 shares of company stock valued at $2,072,323. 5.40% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. State Street Corp raised its stake in Horizon Bancorp by 28.1% in the second quarter. State Street Corp now owns 419,067 shares of the financial services provider’s stock worth $11,043,000 after buying an additional 91,901 shares in the last quarter. Rothschild Asset Management Inc. bought a new position in shares of Horizon Bancorp during the third quarter valued at approximately $2,921,000. Northern Trust Corp increased its stake in shares of Horizon Bancorp by 7.4% during the second quarter. Northern Trust Corp now owns 244,531 shares of the financial services provider’s stock valued at $6,444,000 after purchasing an additional 16,788 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of Horizon Bancorp by 24.8% during the second quarter. Schwab Charles Investment Management Inc. now owns 37,250 shares of the financial services provider’s stock valued at $982,000 after purchasing an additional 7,400 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Horizon Bancorp by 7.2% during the second quarter. Dimensional Fund Advisors LP now owns 613,289 shares of the financial services provider’s stock valued at $16,160,000 after purchasing an additional 41,432 shares in the last quarter. 44.74% of the stock is owned by institutional investors.
Shares of Horizon Bancorp (NASDAQ HBNC) traded down $0.36 during trading hours on Friday, hitting $28.12. 66,400 shares of the stock traded hands, compared to its average volume of 97,750. The company has a market capitalization of $725.74, a P/E ratio of 20.23 and a beta of 0.98. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.26. Horizon Bancorp has a 52-week low of $24.20 and a 52-week high of $29.25.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 19th. Investors of record on Friday, January 5th will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date is Thursday, January 4th. Horizon Bancorp’s payout ratio is currently 37.41%.
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About Horizon Bancorp
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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