Zacks: Brokerages Expect Horizon Bancorp Inc (HBNC) Will Announce Quarterly Sales of $52.60 Million

Equities research analysts forecast that Horizon Bancorp Inc (NASDAQ:HBNC) will report sales of $52.60 million for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Horizon Bancorp’s earnings, with the highest sales estimate coming in at $52.90 million and the lowest estimate coming in at $52.40 million. Horizon Bancorp reported sales of $42.48 million during the same quarter last year, which would suggest a positive year over year growth rate of 23.8%. The business is scheduled to report its next quarterly earnings results 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 forecast that the firm will report sales of $222.83 million, with estimates ranging from $222.10 million to $223.90 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Horizon Bancorp.

Horizon Bancorp (NASDAQ:HBNC) last announced its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $0.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.01. The company had revenue of $42.99 million for the quarter, compared to analyst estimates of $41.93 million. Horizon Bancorp had a net margin of 24.71% and a return on equity of 10.18%.

A number of equities analysts have weighed in on the stock. Zacks Investment Research lowered shares of Horizon Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, February 12th. BidaskClub lowered shares of Horizon Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, March 19th. Finally, ValuEngine raised shares of Horizon Bancorp from a “strong sell” rating to a “sell” rating in a research note on Saturday, February 23rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $21.00.

Several hedge funds have recently modified their holdings of the company. Rhumbline Advisers raised its stake in shares of Horizon Bancorp by 1.3% in the 1st quarter. Rhumbline Advisers now owns 54,380 shares of the financial services provider’s stock valued at $875,000 after acquiring an additional 701 shares during the period. Prudential Financial Inc. raised its stake in shares of Horizon Bancorp by 3.3% in the 4th quarter. Prudential Financial Inc. now owns 30,226 shares of the financial services provider’s stock valued at $477,000 after acquiring an additional 956 shares during the period. Legal & General Group Plc raised its stake in shares of Horizon Bancorp by 18.8% in the 4th quarter. Legal & General Group Plc now owns 6,955 shares of the financial services provider’s stock valued at $109,000 after acquiring an additional 1,100 shares during the period. Northern Trust Corp raised its stake in shares of Horizon Bancorp by 0.3% in the 4th quarter. Northern Trust Corp now owns 452,456 shares of the financial services provider’s stock valued at $7,141,000 after acquiring an additional 1,272 shares during the period. Finally, Marshall Wace LLP purchased a new position in shares of Horizon Bancorp in the 1st quarter valued at $26,000. 45.69% of the stock is currently owned by institutional investors and hedge funds.

Shares of HBNC traded down $0.08 during mid-day trading on Thursday, reaching $16.43. The company had a trading volume of 46,300 shares, compared to its average volume of 88,139. The firm has a market cap of $738.87 million, a PE ratio of 12.94 and a beta of 0.99. Horizon Bancorp has a fifty-two week low of $14.79 and a fifty-two 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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Earnings History and Estimates for Horizon Bancorp (NASDAQ:HBNC)

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