NasdaqGS:HBNC

Stock Analysis Report

Executive Summary

Horizon Bancorp, Inc. operates as the bank holding company for Horizon Bank that provides commercial and retail banking services.

Snowflake

Fundamentals

Excellent balance sheet average dividend payer.


Similar Companies

Share Price & News

How has Horizon Bancorp's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

10.2%

NasdaqGS:HBNC

6.9%

US Banks

1.2%

US Market


1 Year Return

-10.1%

NasdaqGS:HBNC

-3.7%

US Banks

1.7%

US Market

HBNC underperformed the Banks industry which returned -3.7% over the past year.

HBNC underperformed the Market in United States of America which returned 1.7% over the past year.


Share holder returns

HBNCIndustryMarket
7 Day10.2%6.9%1.2%
30 Day10.9%11.9%4.9%
90 Day11.4%6.3%3.7%
1 Year-7.9%-10.1%-1.0%-3.7%3.9%1.7%
3 Year48.7%39.7%57.5%46.6%47.2%37.7%
5 Year95.7%75.5%62.8%45.1%60.0%42.4%

Price Volatility Vs. Market

How volatile is Horizon Bancorp's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Horizon Bancorp undervalued based on future cash flows and its price relative to the stock market?

13.28x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

Horizon Bancorp's share price is above the future cash flow value, it's not available at a moderate discount (< 20%).

Horizon Bancorp's share price is above the future cash flow value, it's not available at a substantial discount (< 40%).


Price Based on Earnings

Horizon Bancorp is overvalued based on earnings compared to the US Banks industry average.

Horizon Bancorp is good value based on earnings compared to the United States of America market.


Price Based on Expected Growth

Horizon Bancorp is good value based on expected growth next year.


Price Based on Value of Assets

Horizon Bancorp is overvalued based on assets compared to the US Banks industry average.


Next Steps

Future Growth

How is Horizon Bancorp expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

19.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Horizon Bancorp's revenue is expected to grow by 10.3% yearly, however this is not considered high growth (20% yearly).

Horizon Bancorp's earnings are expected to grow by 19.8% yearly, however this is not considered high growth (20% yearly).

Horizon Bancorp's revenue growth is expected to exceed the United States of America market average.

Horizon Bancorp's earnings growth is expected to exceed the United States of America market average.

Horizon Bancorp's earnings growth is expected to exceed the low risk savings rate of 2.7%.


Earnings per Share Growth Estimates


Future Return on Equity

Unable to establish if Horizon Bancorp will efficiently use shareholders’ funds in the future without estimates of Return on Equity.


Next Steps

Past Performance

How has Horizon Bancorp performed over the past 5 years?

25.7%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Horizon Bancorp has delivered over 20% year on year earnings growth in the past 5 years.

Horizon Bancorp's 1-year earnings growth is less than its 5-year average (25.5% vs 25.7%)

Horizon Bancorp's earnings growth has not exceeded the US Banks industry average in the past year (25.5% vs 31.8%).


Return on Equity

Horizon Bancorp has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Horizon Bancorp used its assets less efficiently than the US Banks industry average last year based on Return on Assets.


Return on Capital Employed

Unable to establish if Horizon Bancorp improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.


Next Steps

Financial Health

How is Horizon Bancorp's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Information is not available.

Information is not available.


Financial Institutions Analysis

Horizon Bancorp has an acceptable proportion of non-loan assets held.

Horizon Bancorp has a low allowance for bad loans.

Horizon Bancorp's liabilities are made up of primarily low risk sources of funding.

Horizon Bancorp's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).

Loans at Horizon Bancorp are broadly funded by customer deposits.

Horizon Bancorp has an acceptable level of bad loans (less than 2%).


Next Steps

Dividend

What is Horizon Bancorp's current dividend yield, its reliability and sustainability?

2.87%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Horizon Bancorp's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).

Horizon Bancorp's dividend is below the markets top 25% of dividend payers in United States of America (3.67%).

Dividends per share have been stable in the past 10 years.

Dividends per share have increased over the past 10 years.


Current Payout to Shareholders

Dividends paid are well covered by earnings (3.2x coverage).


Future Payout to Shareholders

Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.


Next Steps

Management

What is the CEO of Horizon Bancorp's salary, the management and board of directors tenure and is there insider trading?

5.7yrs

Average management tenure


CEO

Craig Dwight (62yo)

18.2yrs

Tenure

US$1,163,495

Compensation

Mr. Craig M. Dwight has been the Chief Executive Officer of Horizon Bancorp, Inc. (formerly, Horizon Bancorp). and its subsidiary, Horizon Bank, N.A. since July 01, 2001. Mr. Dwight served as the President ...


CEO Compensation Analysis

Craig's remuneration is lower than average for companies of similar size in United States of America.

Craig's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

5.7yrs

Average Tenure

59yo

Average Age

The average tenure for the Horizon Bancorp management team is over 5 years, this suggests they are a seasoned and experienced team.


Board Age and Tenure

8.3yrs

Average Tenure

64yo

Average Age

The tenure for the Horizon Bancorp board of directors is about average.


Insider Trading

No 3 month open market individual insider trading information.


Recent Insider Transactions

BuyUS$12,58407 Jun 19
James Neff
EntityIndividual
Role
President
President
Shares800
Max PriceUS$15.73
BuyUS$55,19530 May 19
James Neff
EntityIndividual
Role
President
President
Shares3,500
Max PriceUS$15.77
BuyUS$48,75007 Dec 18
James Neff
EntityIndividual
Role
President
President
Shares3,000
Max PriceUS$16.25
BuyUS$18,71120 Nov 18
Steven Reed
EntityIndividual
Role
Member of the Board of Directors
Director
Shares1,100
Max PriceUS$17.01

Ownership Breakdown


Management Team

  • Craig Dwight (62yo)

    Chairman & CEO

    • Tenure: 18.2yrs
    • Compensation: US$1.16m
  • Jim Neff (59yo)

    President

    • Tenure: 1.7yrs
    • Compensation: US$722.16k
  • Mark Secor (53yo)

    Executive VP & CFO

    • Tenure: 10.7yrs
    • Compensation: US$515.18k
  • Daniel Buresh (60yo)

    Asst. Chief Accounting Officer & Asst. Treasurer

    • Tenure: 20.7yrs
  • Dennis Kuhn (59yo)

    Executive Vice President

    • Tenure: 1.9yrs
    • Compensation: US$429.68k
  • Kathie DeRuiter (57yo)

    Executive Vice President

    • Tenure: 5.7yrs
    • Compensation: US$451.16k
  • Dona Lucker

    Shareholder Relations Officer & Executive Assistant

    • Tenure: 4.7yrs
  • Todd Etzler

    Corporate Secretary & General Counsel

    • Tenure: 0yrs

Board Members

  • Daniel Hopp (71yo)

    Lead Director

    • Tenure: 6.2yrs
    • Compensation: US$70.00k
  • Robert Dabagia (80yo)

    Chairman Emeritus

    • Tenure: 6.3yrs
    • Compensation: US$180.00k
  • Craig Dwight (62yo)

    Chairman & CEO

    • Tenure: 18.2yrs
    • Compensation: US$1.16m
  • Susan Aaron (64yo)

    Director

    • Tenure: 24.7yrs
    • Compensation: US$65.00k
  • Spero Valavanis (66yo)

    Director

    • Tenure: 19.7yrs
    • Compensation: US$62.00k
  • Peter Pairitz (63yo)

    Director

    • Tenure: 18.7yrs
    • Compensation: US$62.00k
  • James Dworkin (70yo)

    Director

    • Tenure: 15.9yrs
    • Compensation: US$62.00k
  • Lawrence Burnell (64yo)

    Director

    • Tenure: 10.3yrs
    • Compensation: US$64.00k
  • Steven Reed (56yo)

    Director

    • Tenure: 5.3yrs
    • Compensation: US$68.00k
  • Michele Magnuson (59yo)

    Director

    • Tenure: 3.2yrs
    • Compensation: US$60.00k

Company Information

Horizon Bancorp, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Horizon Bancorp, Inc.
  • Ticker: HBNC
  • Exchange: NasdaqGS
  • Founded: 1873
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$799.389m
  • Shares outstanding: 45.06m
  • Website: https://www.horizonbank.com

Number of Employees


Location

  • Horizon Bancorp, Inc.
  • 515 Franklin Street
  • Michigan City
  • Indiana
  • 46360
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
HBNCNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDAug 1987

Biography

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 c ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/09/14 23:39
End of Day Share Price2019/09/13 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.