Horizon Bancorp (IN) (NASDAQ:HBNC) Releases Quarterly Earnings Results

Horizon Bancorp (IN) (NASDAQ:HBNC) released its quarterly earnings data on Wednesday. The financial services provider reported $0.56 EPS for the quarter, beating the consensus estimate of $0.54 by $0.02, Zacks reports. The firm had revenue of $77.09 million for the quarter, compared to the consensus estimate of $77.99 million. Horizon Bancorp (IN) had a net margin of 26.52% and a return on equity of 15.14%.

Horizon Bancorp (IN) Price Performance

Shares of NASDAQ HBNC traded up $0.07 during trading hours on Friday, hitting $20.07. 105,385 shares of the stock were exchanged, compared to its average volume of 487,785. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.92 and a current ratio of 0.92. The company has a market cap of $1.03 billion, a PE ratio of -6.35 and a beta of 0.84. The company’s fifty day simple moving average is $19.51 and its two-hundred day simple moving average is $19.23. Horizon Bancorp has a 1-year low of $15.42 and a 1-year high of $21.04.

Horizon Bancorp (IN) Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 16th. Shareholders of record on Friday, October 2nd were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Friday, October 2nd. Horizon Bancorp (IN)’s dividend payout ratio is presently -20.25%.

Insider Transactions at Horizon Bancorp (IN)

In other Horizon Bancorp (IN) news, EVP Kathie DeRuiter sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $20.19, for a total transaction of $161,520.00. Following the completion of the transaction, the executive vice president directly owned 50,346 shares in the company, valued at $1,016,485.74. The trade was a 13.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.19% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on HBNC shares. Keefe, Bruyette & Woods raised their target price on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. Piper Sandler reiterated an “overweight” rating and issued a $25.00 price target on shares of Horizon Bancorp (IN) in a research note on Friday. Wall Street Zen upgraded shares of Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a research note on Sunday, August 16th. Weiss Ratings cut shares of Horizon Bancorp (IN) from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday. Finally, Stephens reissued an “overweight” rating and issued a $21.00 price target on shares of Horizon Bancorp (IN) in a report on Wednesday, July 1st. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $23.00.

Horizon Bancorp (IN) Company Profile

Horizon Bancorp, Inc is a bank holding company headquartered in Michigan City, Indiana. Through its principal subsidiary, Horizon Bank, the company provides banking and financial services to individuals, families, businesses and public-sector organizations.

Horizon Bank offers deposit accounts, consumer and commercial lending, residential mortgage services, cash-management and treasury-management solutions, online and mobile banking, and other customary banking products. Its lending activities include commercial real estate, business, residential real estate and consumer loans.

Founded in 1873, Horizon has developed as a community banking organization serving customers through branches and other delivery channels in northern and central Indiana and southwestern Michigan.