Heartland Financial Reports Upbeat Q3 Results

Iowa-based Heartland Financial USA, Inc. (HTLF) has reported solid financial results for the third quarter of 2021. Earnings per share (EPS) stood at $1.27 and beat the Street’s estimate of $1.23 per share. The company had reported earnings of $1.23 per share in the same quarter last year.

Adjusted revenue amounted to $175.1 million, as compared to $153.8 million reported in the third quarter of 2020. The figure surpassed analysts’ expectations of $172.75 million.

Adjusted total interest income increased 14% year-over-year to $150.9 million. Total noninterest income grew 5% to $32.7 million. (See Insiders’ Hot Stocks on TipRanks)

The President and CEO of Heartland Financial, Bruce K. Lee, said, “We were pleased with the trajectory of non-PPP loan growth, our record low level of loan delinquencies and the net recoveries on previously charged-off loans for the quarter. We are also continuing to explore ways to improve operational efficiency, including evaluating the consolidation of our 11 bank charters.”

The company offers commercial banking services in Arizona, California, Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Montana, New Mexico, Texas and Wisconsin. Its shares closed 1.1% up on Monday at $51.95.

Last month, KBW analyst Christopher McGratty upgraded the rating on the stock to Buy from Hold with a price target of $60 (12.4% upside potential).

In a research note to investors, the analyst said, “There is a compelling case for a catch-up trade for spread lenders given the outsized underperformance recently and discounted valuations.”

Overall, the stock has a Moderate Buy consensus rating based on 1 Buy. The average Heartland Financial USA price target of $60 implies 15.5% upside potential. Shares have gained 48.4% over the past year.

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