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HOMB

Home Bancshares

$23.48

-0.03 (-0.13%)

18:29
01/08/18
01/08
18:29
01/08/18
18:29

Home Bancshares sees Q4 one-time non-cash charge of $36.9M from Tax Act

Home BancShares announced that as a result of the "Tax Cuts and Jobs Act" that President Donald Trump signed into law on December 22, 2017, the company will be required to revalue its deferred tax assets and deferred tax liabilities to account for the future impact of lower corporate tax rates on these deferred amounts. The reduction in the federal corporate tax rate will negatively impact Home's fourth quarter 2017 results but is expected to positively impact Home's future after-tax earnings. As of December 31, 2017, the company performed a preliminary analysis to determine the impact of the revaluation of the deferred tax asset of approximately $113.5M. The current impact of this will be a one-time non-cash charge to the income statement of approximately $36.9M that will reduce Home's fourth quarter 2017 results. Under the company's analysis, the fourth quarter earnings impact would be approximately (22c) per share and the tangible book value impact would be approximately (21c) per share based on fourth quarter weighted average diluted shares of approximately 174,348,000 and total shares outstanding of approximately 173,633,000 at year end, respectively. "The savings from this historic legislation will improve cash flow and earnings per share beginning in 2018, delivering excellent value-generating opportunities for our Company and ultimately our shareholders," said John Allison, Chairman.

  • 18

    Jan

HOMB Home Bancshares
$23.48

-0.03 (-0.13%)

05/15/17
KBWI
05/15/17
UPGRADE
Target $30
KBWI
Outperform
Home Bancshares upgraded to Outperform from Market Perform at Keefe Bruyette
Keefe Bruyette analyst Brady Gailey upgraded Home Bancshares to Outperform with a $30 price target.
10/02/17
SPHN
10/02/17
NO CHANGE
SPHN
Overweight
Home Bancshares named a 2017 Best Idea at Stephens
Stephens analyst Matt Olney changed his 2017 Best Idea to Home Bancshares (HOMB) from BancorpSouth (BXS). The analyst, who noted Home Bancshares' year-to-date underperformance, said he would not be surprised to see the bank activate its buyback program following its Q3 report on October 18.
10/05/17
PIPR
10/05/17
INITIATION
Target $27
PIPR
Neutral
Home Bancshares assumed with a Neutral at Piper Jaffray
Piper Jaffray analyst William Curtiss assumed coverage of Home Bancshares with a Neutral rating and $27 price target.
10/20/17
SDLR
10/20/17
DOWNGRADE
Target $27
SDLR
Hold
Home Bancshares downgraded to Hold from Buy at Sandler O'Neill
Sandler O'Neill analyst Stephen Scouten downgraded Home Bancshares to Hold citing valuation and expectations for lower net interest margin. The analyst has a $27 price target for the shares.

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