Heartland Group Holdings stock gets 94.80% merger approval

Published on 10/07/2026 at 06:24 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Heartland Group Holdings stock was last at NZD 1.22 on October 7, 2026, after FY2026 NPAT rose to NZD 93.2 million. A two-analyst consensus targets NZD 1.31.

HGH, NZHGHE0007S9, Illustration mit AI erstellt.

Heartland Group Holdings stock (ISIN NZHGHE0007S9) was last at NZD 1.22 on the NZX on October 7, 2026 at 5:00 p.m. NZDT, while the proposed TSB merger secured 94.80 percent of votes cast. The transaction now moves from shareholder approval toward regulatory clearance and implementation.

TSB vote clears the shareholder hurdle

According to NZX on October 1, 2026, shareholders representing 58.09 percent of issued capital voted at the special meeting held on September 30, 2026. The merger resolution passed with 94.80 percent support, above the 75 percent threshold required for the special resolution.

The approved structure includes the acquisition of TSB Bank from Toi Foundation and the later merger with Heartland Bank. Heartland will issue 200,000,000 shares at NZD 1.25 each as partial consideration, while completion remains subject to the remaining conditions and regulatory approvals.

Profit recovery strengthens the case

Heartland entered the vote after a marked earnings recovery. Middle reported that FY2026 net profit after tax reached NZD 93.2 million for the year ended June 30, 2026, compared with NZD 38.8 million in FY2025. Underlying NPAT rose to NZD 90.4 million from NZD 46.9 million, while the average net interest margin reached 3.95 percent.

The same FY2026 report put the impairment expense ratio at 0.45 percent and the full-year dividend at 7.0 cents per share, compared with 4.0 cents in the prior year. For investors, the merger therefore arrives alongside improved earnings and credit indicators, but the value case depends on disciplined integration and regulatory execution.

Consensus points above the market

A consensus published by Investing.com shows a Neutral rating from 2 analysts, with 0 Buy, 2 Hold and 0 Sell recommendations. The average 12-month price target is NZD 1.310, with a high of NZD 1.45 and a low of NZD 1.17; against NZD 1.22, the average target lies 7.38 percent above the price.

Heartland's market capitalization stood at NZD 1.3 billion on October 7, 2026. The NZX quote showed a 52-week range of NZD 1.01 to NZD 1.30 and volume of 445,937 shares, placing the latest price 6.15 percent below the yearly high.

Annual meeting sets the next checkpoint

Simply Wall St lists Heartland's annual meeting for November 13, 2026, in Auckland. That date gives shareholders a scheduled governance checkpoint while the proposed TSB combination progresses through its remaining conditions.