Horizon Bancorp Second Quarter Earnings Sneak Peek

Horizon Bancorp (NASDAQ:HBNC) will unveil its latest earnings on Monday, July 18, 2011. Horizon Bancorp is a bank holding company, which through its subsidiary, Horizon Bank, N.A. offers commercial and retail banking services, corporate and individual trust and agency services and other services incident to banking.

Horizon Bancorp Earnings Preview Cheat Sheet

Wall St. Earnings Expectations: The average estimate of analysts is for net income of 70 cents per share, a rise of 7.7% from the company’s actual earnings for the same quarter a year ago. During the past three months, the average estimate has moved up from 69 cents. For the year, analysts are projecting profit of $2.91 per share, a rise of 7.4% from last year.

Past Earnings Performance: The company topped estimates last quarter after missing forecasts the quarter prior. In the first quarter, it reported net income of 74 cents per share against a mean estimate of profit of 72 cents per share. In the fourth quarter of the last fiscal year, it missed forecasts by 3 cents.

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Analyst Ratings: Analysts are bullish on Horizon Bancorp (IN as two analysts rate it as a buy, none rate it as a sell and two rate it as a hold.

Key Stats:

The company has now seen net income rise in three straight quarters. In the first quarter, net income rose 54.4% while it rose 37.7% in the fourth quarter of the last fiscal year and 39.1% in the third quarter of the last fiscal year.

A year-over-year revenue decrease in the first quarter snaps a streak of two consecutive quarters of revenue increases. Revenue fell 3.7% in the first quarter and rose 3.1% in the fourth quarter of the last fiscal year and 6.8% in the third quarter of the last fiscal year.

Competitors to Watch: Old National Bancorp (NYSE:ONB), First Merchants Corp. (NASDAQ:FRME), Tower Financial Corp. (NASDAQ:TOFC), German American Bancorp., Inc. (NASDAQ:GABC), MainSource Financial Group Inc. (NASDAQ:MSFG), First Financial Corp. (NASDAQ:THFF), Integra Bank Corporation (NASDAQ:IBNK), Lakeland Financial Corp. (NASDAQ:LKFN), and Community Bank Shares of Indiana, Inc. (NASDAQ:CBIN).

Stock Price Performance: During June 13, 2011 to July 12, 2011, the stock price had dropped 93 cents (-3.4%) from $27.43 to $26.50. It saw one of its worst periods between December 17, 2010, and December 23, 2010, when shares fell for five-straight days, falling 4.8% (-$1.26) over that span. Shares have been on an upward streak of late, closing up every day between July 11, 2011 and July 12, 2011. Shares are up 23 cents (+0.9%) year to date.

(Source: Xignite Financials)

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