Brokerages forecast that Horizon Bancorp Inc (NASDAQ:HBNC) will post sales of $52.60 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Horizon Bancorp’s earnings, with the lowest sales estimate coming in at $52.40 million and the highest estimate coming in at $52.90 million. Horizon Bancorp posted sales of $42.48 million in the same quarter last year, which suggests a positive year over year growth rate of 23.8%. The business is expected to report its next quarterly earnings report on Wednesday, July 24th.
According to Zacks, analysts expect that Horizon Bancorp will report full year sales of $203.67 million for the current financial year, with estimates ranging from $202.90 million to $204.30 million. For the next year, analysts expect that the business will post sales of $222.83 million, with estimates ranging from $222.10 million to $223.90 million. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Horizon Bancorp.
Horizon Bancorp (NASDAQ:HBNC) last released its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $0.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.01. Horizon Bancorp had a return on equity of 10.18% and a net margin of 24.71%. The company had revenue of $42.99 million for the quarter, compared to analyst estimates of $41.93 million.
A number of research analysts have issued reports on the company. Zacks Investment Research cut Horizon Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, February 12th. BidaskClub cut Horizon Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, March 19th. Finally, ValuEngine upgraded Horizon Bancorp from a “strong sell” rating to a “sell” rating in a research note on Saturday, February 23rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $21.00.
A number of large investors have recently made changes to their positions in the business. BlackRock Inc. raised its stake in shares of Horizon Bancorp by 3.1% in the fourth quarter. BlackRock Inc. now owns 2,264,359 shares of the financial services provider’s stock worth $35,732,000 after purchasing an additional 68,067 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Horizon Bancorp by 7.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,788,474 shares of the financial services provider’s stock worth $28,777,000 after purchasing an additional 129,091 shares during the last quarter. Vanguard Group Inc raised its stake in shares of Horizon Bancorp by 1.2% in the third quarter. Vanguard Group Inc now owns 1,649,159 shares of the financial services provider’s stock worth $32,571,000 after purchasing an additional 20,129 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Horizon Bancorp by 1.2% in the third quarter. Vanguard Group Inc. now owns 1,649,159 shares of the financial services provider’s stock worth $32,571,000 after purchasing an additional 20,129 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Horizon Bancorp by 21.2% in the first quarter. Wellington Management Group LLP now owns 1,094,828 shares of the financial services provider’s stock worth $17,615,000 after purchasing an additional 191,234 shares during the last quarter. Institutional investors and hedge funds own 45.69% of the company’s stock.
Shares of NASDAQ HBNC traded down $0.08 during mid-day trading on Thursday, hitting $16.43. 46,300 shares of the stock traded hands, compared to its average volume of 88,139. The firm has a market capitalization of $738.87 million, a PE ratio of 12.94 and a beta of 0.99. Horizon Bancorp has a 52 week low of $14.79 and a 52 week high of $22.13. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.84.
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 demand and time deposits. Its loan portfolio comprises commercial, residential real estate, mortgage warehouse, and consumer loans. The company also provides corporate and individual trust and agency, investment management, and real estate investment trust services; and sells various insurance products.
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