Horizon Bancorp (IN) (NASDAQ:HBNC) Upgraded by Wall Street Zen to Buy Rating

Wall Street Zen upgraded shares of Horizon Bancorp (IN) (NASDAQ:HBNC) from a hold rating to a buy rating in a report issued on Sunday.

A number of other research firms have also recently issued reports on HBNC. Keefe, Bruyette & Woods boosted their price objective on Horizon Bancorp (IN) from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Friday, January 23rd. Zacks Research upgraded Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Stephens began coverage on Horizon Bancorp (IN) in a research report on Friday, March 27th. They set an “overweight” rating and a $20.00 target price for the company. Weiss Ratings raised shares of Horizon Bancorp (IN) from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, April 24th. Finally, Piper Sandler restated a “neutral” rating and issued a $21.00 price target (down from $22.00) on shares of Horizon Bancorp (IN) in a report on Monday, April 27th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Horizon Bancorp (IN) has a consensus rating of “Hold” and an average target price of $20.67.

Horizon Bancorp (IN) Price Performance

Shares of NASDAQ HBNC opened at $18.49 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.95 and a quick ratio of 0.94. The company has a market cap of $947.24 million, a P/E ratio of -5.81 and a beta of 0.83. Horizon Bancorp has a 1 year low of $14.34 and a 1 year high of $19.07. The firm has a 50-day simple moving average of $17.04 and a two-hundred day simple moving average of $17.11.

Horizon Bancorp (IN) (NASDAQ:HBNC) last announced its earnings results on Wednesday, April 22nd. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.03. The business had revenue of $73.48 million during the quarter, compared to analyst estimates of $76.11 million. Horizon Bancorp (IN) had a positive return on equity of 12.35% and a negative net margin of 37.28%. Research analysts anticipate that Horizon Bancorp will post 2.1 earnings per share for the current year.

Horizon Bancorp (IN) Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 17th. Stockholders of record on Friday, April 3rd were issued a $0.16 dividend. The ex-dividend date was Thursday, April 2nd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.5%. Horizon Bancorp (IN)’s dividend payout ratio (DPR) is currently -20.13%.

Institutional Investors Weigh In On Horizon Bancorp (IN)

A number of hedge funds have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Horizon Bancorp (IN) by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider’s stock valued at $388,000 after purchasing an additional 1,057 shares during the last quarter. Empowered Funds LLC lifted its position in shares of Horizon Bancorp (IN) by 28.5% during the first quarter. Empowered Funds LLC now owns 150,435 shares of the financial services provider’s stock valued at $2,269,000 after buying an additional 33,355 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Horizon Bancorp (IN) in the 1st quarter valued at about $1,231,000. Rhumbline Advisers boosted its holdings in shares of Horizon Bancorp (IN) by 3.2% in the 2nd quarter. Rhumbline Advisers now owns 68,401 shares of the financial services provider’s stock valued at $1,052,000 after buying an additional 2,093 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Horizon Bancorp (IN) in the 2nd quarter worth approximately $816,000. 64.51% of the stock is currently owned by hedge funds and other institutional investors.

Horizon Bancorp (IN) Company Profile

Horizon Bancorp (NASDAQ: HBNC) is a financial holding company headquartered in Columbus, Indiana, offering community banking and wealth management services through its subsidiary, Horizon Bank. As a locally focused institution, it provides a full range of retail and commercial banking products, including checking and savings accounts, consumer and mortgage lending, commercial real estate financing, and treasury management solutions.

In addition to traditional deposit and loan products, Horizon Bancorp’s services encompass investment advisory and trust administration, retirement planning, and insurance products.