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Investing.com - Keefe, Bruyette & Woods raised its price target on Horizon Bancorp (NASDAQ:HBNC) to $18.00 from $17.00 on Sunday, while maintaining a Market Perform rating on the stock.
The research firm cited Horizon’s stronger-than-expected earnings of $0.47 per share, which exceeded forecasts due to robust pre-provision net revenue (PPNR) and a lower tax rate that offset a higher provision expense. InvestingPro data shows four analysts have revised their earnings estimates upward for the upcoming period, with the company maintaining its impressive 39-year streak of dividend payments, currently yielding 4.1%.
KBW noted that Horizon’s PPNR benefited from better-than-expected net interest income with strong net interest margin expansion and favorable fee income, while expenses remained in line with projections.
The bank showed solid loan growth with balances up 6% on a linked-quarter annualized basis, driven by commercial and industrial loans and commercial real estate, despite continued indirect auto loan portfolio runoff.
Credit quality trends remained positive, with non-performing assets decreasing 15% quarter-over-quarter and net charge-offs at only 2 basis points, leading KBW to increase its earnings estimates for Horizon by 2% for 2025 and 3% for 2026.
In other recent news, Horizon Bancorp announced its second-quarter 2025 earnings, revealing an earnings per share (EPS) of $0.47. This figure surpassed the projected EPS of $0.44, marking a 6.82% positive surprise for the company. However, the company’s revenue slightly missed expectations, coming in at $66.27 million compared to the anticipated $66.41 million. Despite the revenue shortfall, the earnings beat indicates a strong performance. These developments are noteworthy for investors assessing the company’s financial health.
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