Optimism Around Horizon Bancorp (NASDAQ:HBNC) Delivering New Earnings Growth May Be Shrinking as Stock Declines 8.9% This Past Week
Optimism Around Horizon Bancorp (NASDAQ:HBNC) Delivering New Earnings Growth May Be Shrinking as Stock Declines 8.9% This Past Week
While not a mind-blowing move, it is good to see that the Horizon Bancorp, Inc. (NASDAQ:HBNC) share price has gained 22% in the last three months. But that doesn't help the fact that the three year return is less impressive. After all, the share price is down 27% in the last three years, significantly under-performing the market.
雖然這不是一個令人難以置信的舉動,但很高興看到Horizon Bancorp, Inc.(納斯達克股票代碼:HBNC)的股價在過去三個月中上漲了22%。但這無助於三年回報率不那麼令人印象深刻的事實。畢竟,股價在過去三年中下跌了27%,表現大大低於市場。
After losing 8.9% this past week, it's worth investigating the company's fundamentals to see what we can infer from past performance.
在上週下跌8.9%之後,值得研究該公司的基本面,看看我們可以從過去的表現中推斷出什麼。
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
不可否認,市場有時是有效的,但價格並不總是能反映潛在的業務表現。通過比較每股收益(EPS)和一段時間內的股價變化,我們可以了解投資者對公司的態度是如何隨着時間的推移而變化的。
Horizon Bancorp saw its EPS decline at a compound rate of 26% per year, over the last three years. In comparison the 10% compound annual share price decline isn't as bad as the EPS drop-off. This suggests that the market retains some optimism around long term earnings stability, despite past EPS declines.
在過去三年中,Horizon Bancorp的每股收益以每年26%的複合速度下降。相比之下,10%的複合年股價下跌幅度沒有每股收益的下降那麼嚴重。這表明,儘管過去每股收益有所下降,但市場對長期收益穩定仍保持樂觀情緒。
You can see how EPS has changed over time in the image below (click on the chart to see the exact values).
您可以在下圖中看到 EPS 隨時間推移的變化(點擊圖表查看確切值)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240205/0-4e3f9cd5a3be048d6da10f78466939f6-0-b60a918d62297afb8935f5b924d57af9.png/big)
We're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized companies. It's always worth keeping an eye on CEO pay, but a more important question is whether the company will grow earnings throughout the years. It might be well worthwhile taking a look at our free report on Horizon Bancorp's earnings, revenue and cash flow.
我們很高興地向大家報告,首席執行官的薪酬比資本相似公司的大多數首席執行官要低得多。始終值得關注首席執行官的薪酬,但更重要的問題是公司多年來是否會增加收益。可能值得一看我們關於Horizon Bancorp收益、收入和現金流的免費報告。
What About Dividends?
分紅呢?
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. We note that for Horizon Bancorp the TSR over the last 3 years was -18%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
在考慮投資回報時,重要的是要考慮兩者之間的區別 股東總回報 (TSR) 和 股價回報。儘管股價回報率僅反映股價的變化,但股東總回報率包括股息的價值(假設已進行再投資)以及任何折扣融資或分拆的收益。因此,對於支付豐厚股息的公司來說,股東總回報率通常遠高於股價回報率。我們注意到,對於Horizon Bancorp而言,過去3年的股東總回報率爲-18%,好於上述股價回報率。這在很大程度上是其股息支付的結果!
A Different Perspective
不同的視角
Horizon Bancorp shareholders are down 17% for the year (even including dividends), but the market itself is up 19%. Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 1.5% over the last half decade. We realise that Baron Rothschild has said investors should "buy when there is blood on the streets", but we caution that investors should first be sure they are buying a high quality business. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Consider for instance, the ever-present spectre of investment risk. We've identified 2 warning signs with Horizon Bancorp , and understanding them should be part of your investment process.
Horizon Bancorp的股東今年下降了17%(甚至包括股息),但市場本身卻上漲了19%。即使是優質股票的股價有時也會下跌,但我們希望在過於感興趣之前看到企業基本指標的改善。不幸的是,去年的表現可能預示着尚未解決的挑戰,因爲它比過去五年1.5%的年化虧損還要糟糕。我們意識到羅斯柴爾德男爵曾說過,投資者應該 “在街頭流血時買入”,但我們警告說,投資者應首先確保他們購買的是高質量的企業。我發現將長期股價視爲業務績效的代表非常有趣。但是,要真正獲得見解,我們還需要考慮其他信息。例如,投資風險的幽靈無處不在。我們已經向Horizon Bancorp確定了兩個警告信號,了解它們應該是您投資過程的一部分。
Of course Horizon Bancorp may not be the best stock to buy. So you may wish to see this free collection of growth stocks.
當然,Horizon Bancorp可能不是最值得購買的股票。因此,您可能希望看到這批免費的成長股。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.
請注意,本文引用的市場回報反映了目前在美國交易所交易的股票的市場加權平均回報。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。