Looking back at my first article on Horizon Bancorp (NASDAQ:HBNC), I am reminded of how heavily I used to rely on price to book value metrics for valuing the regional banks that I cover. I have to confess, I like many, was temporarily blinded by the skyrocketing bank shares, as they continued to appreciate from their recessionary lows. They may have been moving up because their low P/BV ratios indicated that they were undervalued, but that move lost some significant steam because many of these banks were not backed by the earnings needed to take shares to the next level.
Horizon continues to outperform many of its peers, but shares have flat-lined and I have a hard time...
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