Horizon Bancorp (HBNC) Beats Q2 Earnings and Revenue Estimates

Company Performance - Horizon Bancorp reported quarterly earnings of $0.32 per share, exceeding the Zacks Consensus Estimate of $0.31 per share, but down from $0.41 per share a year ago [8] - The company posted revenues of $55.76 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 1.33%, but down from $57.16 million year-over-year [2] - Over the last four quarters, Horizon Bancorp has surpassed consensus EPS estimates four times [9] Stock Performance - Horizon Bancorp shares have increased approximately 7.4% since the beginning of the year, compared to the S&P 500's gain of 16.5% [3] - The current status of estimate revisions for Horizon Bancorp is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [5] Industry Outlook - The Zacks Industry Rank for Banks - Northeast, which includes Horizon Bancorp, is currently in the top 27% of over 250 Zacks industries, suggesting a favorable industry outlook [6] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [12]