This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

10 Cheapest Bank Stocks to Forward Earnings (Update 3)

10. Horizon Bancorp

HBNC Chart HBNC data by YCharts

Shares of Horizon Bancorp (HBNC) of Michigan City, Ind., closed at $19.18 Friday, down 2% year-to-date, following a 74% return during 2012. The shares trade for 1.3 times their reported March 31 tangible book value of $14.64, and for 8.9 times the consensus 2014 earnings estimate of $2.14 a share. The consensus 2013 EPS estimate is $2.29.

Based on a quarterly payout of 10 cents, the shares have a dividend yield of 2.09%.

Horizon Bancorp reported first-quarter net income to common shareholders of $5.2 million, or 58 cents a share, compared to $5.0 million, or 56 cents a share, in the fourth quarter, and from $4.5 million, or 59 cents a share, in the first quarter of 2012.

The bank reported $3.1 million in gains on the sale of mortgage loans during the first quarter, declining from $4.0 million the previous quarter, but increasing from $2.3 million in the first quarter of 2012. The decline was typical for most banks in the first quarter, with reduced mortgage loan refinancing activity, as well a narrowing of gain-on-sale spreads for the sale of new loans.

Horizon achieved a solid return on average assets (ROA) of 1.24% and a return on average common equity of 14.11% during the first quarter.

KBW analyst John Barber has a "market perform" rating on Horizon Bancorp, with a price target of $21, saying in a note to clients on April 18 that "Horizon continues to post solid results and peer leading profitability metrics." The analyst added that over the long haul, lower mortgage activity and additional expenses from the acquisition of Heartland Bancshares of Franklin Indiana last July, "represent earnings headwinds; however, the company remains opportunistic and well positioned to continue growing the core franchise."

Interested in more on Horizon Bancorp? See TheStreet Ratings' report card for this stock.

2 of 11

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7870 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs