Shares of Heartland Financial USA Inc. (HTLF) surged 5.59% on Tuesday, despite the company reporting third-quarter revenue that missed Wall Street expectations. The Denver-based multibank holding company's stock rallied as investors focused on its better-than-expected profitability during the quarter.

For the three months ended September 30, 2024, Heartland Financial reported adjusted earnings of $1.17 per share, in line with the consensus estimate of four analysts polled by Zacks Investment Research. However, the company's revenue of $176.89 million fell short of the average analyst forecast of $186.89 million.

Despite the revenue shortfall, Heartland Financial's ability to meet earnings expectations through cost-control measures and operational efficiency appears to have fueled the stock's upward movement. The company's net income for the quarter came in at $62.14 million, reflecting its strong profitability.