HBT Financial
HBT on Nasdaq. HBT Financial Financial sells financial products to consumers, businesses, and municipalities in Illinois and Iowa. Market value $1.3bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 14 cents. Above 10 is good.
What you pay for each dollar of net assets: $1.73.
Profit per $100 you pay: $5.89.
Quality score: 98 of 100. Price score: 68 of 100. Our list needs 70 on quality and 60 on price.
$36.29 a share, 62% above its 1-year low
Over the past year the price has ranged from $22.36 to $37.51.
Dividend: 2.0% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.03bn | 0.03bn | 0.03bn | 0.04bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 26% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Profit: $28 million, up 45% on a year ago.
- 15% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | $18m |
| December 2024 | $20m |
| March 2025 | $19m |
| June 2025 | $19m |
| September 2025 | $20m |
| December 2025 | $19m |
| March 2026 | $11m |
| June 2026 | $28m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 6 March 2026
- Next quarterly (estimated, 10-Q)
- 6 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 128 funds in all.
- Royce & AssociatesChuck Royce
- Value
- $8m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $8m | <0.1% | |
| LSV Asset ManagementJosef Lakonishok | $83,000 | <0.1% | Cut |
Largest holders overall
- BlackRock$63mAdded
- Vanguard Capital Management$23mAdded
- Dimensional Fund Advisors LP$19mAdded
- Manufacturers Life Insurance Company, the$16m
- Adage Capital Partners GP, L.L.C.$15mAdded
- Geode Capital Management$14mAdded
- State Street$13mAdded
- American Century Companies$11mAdded
- LPL Financial$10m
- Wellington Management Group LLP$10mNew
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- DRAKE FRED LPassive investorat least 54.9%(filed with 2 related holders)Since 22 May 2025
- BlackRock, Inc.Passive investorSold down below 5%Since 31 March 2025
| Holder | Stake | Since | |
|---|---|---|---|
DRAKE FRED L Passive investor | at least 54.9% (filed with 2 related holders) | 22 May 2025 | |
BlackRock, Inc. Passive investor | Sold down below 5% | 31 March 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $104,960 of shares on the open market. 3 sold $1m.
- DRAKE FRED LExecutive Chairman, DirectorSold
- Date
- 28 April 2026
- Shares
- 15,742
- Price
- $28.93
- Value
- $455,416
- HORVATH LAWRENCE JEVP & Chief Lending OfficerSold
- Date
- 16 March 2026
- Shares
- 5,000
- Price
- $26.60
- Value
- $133,000
- BUSCH PATRICK FDirectorSold
- Date
- 16 March 2026
- Shares
- 15,000
- Price
- $26.48
- Value
- $397,200
- BURWELL ERIC EDirectorBought
- Date
- 10 March 2026
- Shares
- 4,000
- Price
- $26.24
- Value
- $104,960
- DRAKE FRED LExecutive Chairman, DirectorSold
- Date
- 20 February 2026
- Shares
- 2,258
- Price
- $28.60
- Value
- $64,579
- DRAKE FRED LExecutive Chairman, DirectorSold
- Date
- 18 February 2026
- Shares
- 2,000
- Price
- $28.74
- Value
- $57,480
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 28 April 2026 | DRAKE FRED L Executive Chairman, Director | Sold | 15,742 | $28.93 | $455,416 |
| 16 March 2026 | HORVATH LAWRENCE J EVP & Chief Lending Officer | Sold | 5,000 | $26.60 | $133,000 |
| 16 March 2026 | BUSCH PATRICK F Director | Sold | 15,000 | $26.48 | $397,200 |
| 10 March 2026 | BURWELL ERIC E Director | Bought | 4,000 | $26.24 | $104,960 |
| 20 February 2026 | DRAKE FRED L Executive Chairman, Director | Sold | 2,258 | $28.60 | $64,579 |
| 18 February 2026 | DRAKE FRED L Executive Chairman, Director | Sold | 2,000 | $28.74 | $57,480 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 6 Mar 2026, plus the 10-Q filed 7 Aug 2026 and 7 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
What changed in the risks this year
Companies must list what could hurt them each year. These are the parts that changed since last year’s report.
Monetary policies and regulations of the Federal Reserve could adversely affect our business, financial condition and results of operations.
Could happenIt is possible that the FOMC will continue to decrease interest rates. In September 2024, the FOMC began lowering interest rates with the target range for the federal funds rate decreasing by 100 basis points to a range of 4.25% to 4.50% by the end of 2024. During the second half of 2025, the FOMC further reduced the target range for the federal funds rate by 75 basis points to a range of 3.50% to 3.75% as of December 31, 2025. During both 2024 and 2025, decreases in the federal funds target range were expressly made in response to inflation moderating and the labor market weakening.
Read more
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.