Horizon Bancorp (IN) (HBNC) Expected to Post Quarterly Sales of $42.33 Million

Equities research analysts predict that Horizon Bancorp (IN) (NASDAQ:HBNC) will announce $42.33 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Horizon Bancorp (IN)’s earnings. The highest sales estimate is $42.60 million and the lowest is $41.90 million. Horizon Bancorp (IN) posted sales of $35.41 million in the same quarter last year, which suggests a positive year-over-year growth rate of 19.5%. The business is expected to report its next quarterly earnings results on Thursday, July 26th.

On average, analysts expect that Horizon Bancorp (IN) will report full year sales of $172.00 million for the current fiscal year, with estimates ranging from $170.70 million to $172.70 million. For the next fiscal year, analysts anticipate that the firm will report sales of $182.60 million per share, with estimates ranging from $180.80 million to $184.40 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow Horizon Bancorp (IN).

Horizon Bancorp (IN) (NASDAQ:HBNC) last posted its earnings results on Wednesday, April 25th. The financial services provider reported $0.44 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.05). Horizon Bancorp (IN) had a return on equity of 9.53% and a net margin of 21.79%. The firm had revenue of $41.73 million for the quarter, compared to the consensus estimate of $40.63 million.

Several equities analysts have commented on HBNC shares. BidaskClub raised shares of Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a research report on Saturday, March 24th. Zacks Investment Research cut shares of Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a research report on Tuesday, February 27th. ValuEngine raised shares of Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a research report on Wednesday, March 28th. Finally, Piper Jaffray reissued a “buy” rating and set a $35.00 target price on shares of Horizon Bancorp (IN) in a research report on Monday, January 29th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $32.83.

In other news, CEO Craig M. Dwight sold 11,387 shares of the firm’s stock in a transaction that occurred on Thursday, May 10th. The shares were sold at an average price of $29.85, for a total transaction of $339,901.95. Following the completion of the sale, the chief executive officer now owns 153,153 shares in the company, valued at approximately $4,571,617.05. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Dennis Kuhn sold 7,500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $30.00, for a total transaction of $225,000.00. Following the sale, the insider now owns 7,500 shares of the company’s stock, valued at approximately $225,000. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,539 shares of company stock valued at $584,488. 4.60% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of the company. Northern Trust Corp increased its stake in shares of Horizon Bancorp (IN) by 0.8% during the 1st 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 during the last quarter. ClariVest Asset Management LLC increased its stake in shares of Horizon Bancorp (IN) by 3.7% during the 1st quarter. ClariVest Asset Management LLC now owns 59,013 shares of the financial services provider’s stock worth $1,771,000 after purchasing an additional 2,112 shares during the last quarter. Foundry Partners LLC increased its stake in shares of Horizon Bancorp (IN) by 0.9% during the 1st quarter. Foundry Partners LLC now owns 240,027 shares of the financial services provider’s stock worth $7,203,000 after purchasing an additional 2,125 shares during the last quarter. California State Teachers Retirement System increased its stake in shares of Horizon Bancorp (IN) by 7.0% during the 4th quarter. California State Teachers Retirement System now owns 36,464 shares of the financial services provider’s stock worth $1,014,000 after purchasing an additional 2,400 shares during the last quarter. Finally, Swiss National Bank increased its stake in shares of Horizon Bancorp (IN) by 6.9% during the 4th quarter. Swiss National Bank now owns 40,400 shares of the financial services provider’s stock worth $1,123,000 after purchasing an additional 2,600 shares during the last quarter. Institutional investors own 48.75% of the company’s stock.

Horizon Bancorp (IN) stock opened at $30.48 on Friday. Horizon Bancorp has a 52 week low of $29.96 and a 52 week high of $30.00. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.21. The company has a market cap of $762.31 million, a price-to-earnings ratio of 19.92 and a beta of 1.07.

The business also recently declared a quarterly dividend, which was paid on Friday, April 20th. Stockholders of record on Friday, April 6th were paid a dividend of $0.15 per share. The ex-dividend date was Thursday, April 5th. This represents a $0.60 annualized dividend and a dividend yield of 1.97%. This is a positive change from Horizon Bancorp (IN)’s previous quarterly dividend of $0.13. Horizon Bancorp (IN)’s dividend payout ratio (DPR) is presently 39.22%.

About Horizon Bancorp (IN)

Horizon Bancorp 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 (IN) (NASDAQ:HBNC)

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