Piper Sandler, Citigroup raise Home BancShares targets

Piper Sandler and Citigroup have adjusted their price targets for Home BancShares, reflecting updated valuations and market performance assessments. Piper Sandler analyst Stephen Scouten maintained an Overweight rating while increasing the target to $36 from $33. Separately, Citigroup analyst Benjamin Gerlinger kept a Neutral rating and raised the price target to $32 from $29. Home BancShares trades on the NYSE under the ticker symbol HOMB.

Analyst Ratings and Price Targets

The following table summarizes the recent analyst actions regarding Home BancShares:

Firm	Analyst	Rating	Price Target	Previous Target
Piper Sandler	Stephen Scouten	Overweight	$36	$33
Citigroup	Benjamin Gerlinger	Neutral	$32	$29
Stephens & Co.	Matt Olney	Overweight	$35	$32
Keefe, Bruyette & Woods	Christopher McGratty	Market Perform	$32	$30

The consensus among analysts remains focused on the bank's operational efficiency and growth trajectory.

Home BancShares, Inc. reported record total net revenue of $295.1 million for the second quarter of 2026, surpassing estimates of $289.253 million, driven by the acquisition of Mountain Commerce Bancorp, Inc. (MCBI). Adjusted earnings per share (EPS) reached $0.64, beating the $0.61 estimate, while GAAP net income stood at $119.3 million. The company absorbed $12.7 million in merger-related expenses during the quarter ended June 30, 2026, which contributed to a 10.6% sequential revenue increase from $266.7 million in the prior quarter.

Record Revenue and Adjusted Earnings

Adjusted net income (non-GAAP) achieved a Company record of $128.1 million, compared to $118.2 million in Q1 2026. Pre-tax, pre-provision net income (PPNR, non-GAAP) totaled $159.6 million, while PPNR as adjusted reached a record $171.2 million, up from $152.7 million in the prior quarter. Diluted earnings per share were $0.59 on a GAAP basis and $0.64 on an adjusted basis.

Metric:	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025
Net income:	$119.3 million	$118.2 million	$118.2 million	$123.6 million	$118.4 million
Net income, as adjusted (non-GAAP):	$128.1 million	$118.2 million	$117.9 million	$119.7 million	$114.6 million
Total revenue (net):	$295.1 million	$266.7 million	$282.1 million	$277.7 million	$271.0 million
PPNR (non-GAAP):	$159.6 million	$152.7 million	$167.7 million	$162.8 million	$155.0 million
PPNR, as adjusted (non-GAAP):	$171.2 million	$152.7 million	$167.1 million	$157.7 million	$150.4 million
Diluted EPS:	$0.59	$0.60	$0.60	$0.63	$0.60
Diluted EPS, as adjusted (non-GAAP):	$0.64	$0.60	$0.60	$0.61	$0.58
NIM:	4.51%	4.51%	4.61%	4.56%	4.44%
ROA:	1.95%	2.09%	2.06%	2.17%	2.08%
ROA, as adjusted (non-GAAP):	2.09%	2.09%	2.05%	2.10%	2.02%
ROE:	10.55%	11.09%	11.04%	11.91%	11.77%
ROTCE (non-GAAP):	15.67%	16.56%	16.65%	18.28%	18.26%
Efficiency ratio:	44.54%	41.59%	39.54%	40.21%	41.68%
Efficiency ratio, as adjusted (non-GAAP):	40.46%	41.99%	39.53%	40.95%	42.01%

Operating Highlights

Net interest income after credit loss expense totaled $236.4 million, up 5.8% from $223.4 million in Q1 2026, driven by earning asset growth from the Mountain Commerce acquisition. Non-interest income totaled $53.5 million, a 24.9% increase from $42.8 million in the prior quarter, primarily due to higher service charges, a favorable fair value adjustment on marketable securities, and growth in other income. Non-interest expense rose to $135.5 million from $114.0 million, largely due to $12.7 million in merger and acquisition expenses. Salaries and employee benefits were the largest expense component at $68.7 million.

Financial Condition and Balance Sheet

Total assets grew to $24.71 billion at June 30, 2026, from $23.20 billion at March 31, 2026. Total loans receivable increased to $17.13 billion from $15.63 billion, with $1.47 billion acquired from MCBI. Total deposits rose to $19.11 billion from $17.74 billion. Shareholders' equity increased by approximately $197.9 million to $4.55 billion, driven by $146.0 million of common stock issued to Mountain Commerce shareholders and a $77.1 million increase in retained earnings.

Metric:	Jun. 30, 2026	Mar. 31, 2026
Total assets:	$24.71 billion	$23.20 billion
Total loans receivable:	$17.13 billion	$15.63 billion
Total deposits:	$19.11 billion	$17.74 billion
Shareholders' equity:	$4.55 billion	—
Book value per share:	$22.68	$22.15
Tangible book value per share (non-GAAP):	$15.32	$14.87
Allowance for credit losses to total loans:	1.92%	1.90%
Non-performing loans to total loans:	1.08%	1.16%
Non-performing assets to total assets:	0.93%	0.97%
Common equity tier 1 capital:	16.4%	16.7%
Total risk-based capital:	19.0%	19.5%

Capital Returns

The company repurchased 1.5 million shares of common stock in Q2 2026, a buyback yield of 0.77%, compared to 507,622 shares in Q1 2026. A cash dividend of $0.21 per share was paid during the quarter. Book value per common share and tangible book value per common share reached record levels as of June 30, 2026.