HBT Financial, Inc. (NASDAQ:HBT) posted better-than-expected quarterly earnings on Monday.
HBT reported quarterly earnings of 57 cents per share which beat the analyst consensus estimate of 56 cents per share. The company reported quarterly sales of $56.64 million which missed the analyst consensus estimate of $57.01 million. This is a 3.65% decrease over sales of $58.79 million the same period last year, according to data from Benzinga Pro.
J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, "On behalf of HBT Financial, I would like to first express my condolences to the George Drake family. George passed away on May 13th at the age of 97. He started his banking career just after World War II at the State Bank of Cornland, which had been founded by his father M.B. Drake, and he spent over 70 years in banking before retiring from our Board of Directors in 2019. He formed Heartland Bancorp, Inc. (now HBT Financial) in 1982 as one of the first multi-bank holding companies in Illinois. I had the pleasure of knowing George for 22 years and his kindness and wisdom impacted me. His leadership and vision established the foundation for our success today.
HBT Financial shares closed at $23.62 on Monday.
These analysts made changes to their price targets on HBT Financial following the announcement.
- Keefe, Bruyette & Woods analyst Damon Delmonte reiterated HBT Financial with an Outperform rating and raised the price target from $25 to $27.
- Piper Sandler analyst Nathan Race maintained the stock with a Neutral rating, while increasing the price target from $21.5 to $25.
- JP Morgan analyst Steven Alexopoulos maintained HBT Finl with an Underweight rating and boosted the price target from $21 to $24.
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