Horizon Bancorp reported impressive first-quarter results, with tangible book value per share reaching $13.96. The company also maintained a healthy Common Equity Tier 1 (CET1) capital ratio of 11.34%. The first quarter marked the sixth consecutive period of margin expansion, now exceeding 3%, demonstrating ongoing positive momentum in key financial metrics.
Strong loan growth paired with outstanding credit metrics highlighted the quarter's performance, supported by a solid core funding base. This stability is particularly notable given the current uncertain economic environment. In a strategic move, the company enhanced its capital position by selling its mortgage warehouse business, thus providing additional options for future growth.
Under the leadership of President and CEO Thomas Prame, Horizon Bancorp successfully streamlined its expense base as it moves into 2025. The results reflect a robust community banking model, with investments in expanding local relationship banking beginning to yield substantial returns. The positive results underscore the company's commitment to delivering long-term value to its shareholders.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 5 analysts, the average target price for Horizon Bancorp (IN) (HBNC, Financial) is $18.60 with a high estimate of $20.00 and a low estimate of $17.00. The average target implies an upside of 31.17% from the current price of $14.18. More detailed estimate data can be found on the Horizon Bancorp (IN) (HBNC) Forecast page.
Based on the consensus recommendation from 6 brokerage firms, Horizon Bancorp (IN)'s (HBNC, Financial) average brokerage recommendation is currently 2.2, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Horizon Bancorp (IN) (HBNC, Financial) in one year is $18.07, suggesting a upside of 27.43% from the current price of $14.18. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Horizon Bancorp (IN) (HBNC) Summary page.
