Piper Sandler raised the firm’s price target on Heartland Financial to $38 from $35 and keeps an Overweight rating on the shares. Heartland Financial announced that in late October and the first half of November, it sold $806M of investment securities at a pre-tax loss of $129M, or $97M after tax. As a result, the firm now expects the company to report a net loss of $1.19/share for Q4. The proceeds of the sale will immediately be used to repay high-cost wholesale deposits and short-term borrowings.
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Read More on HTLF:
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