Horizon Bancorp (IN) (NASDAQ:HBNC) Posts Earnings Results, Misses Expectations By $0.02 EPS

Horizon Bancorp (IN) (NASDAQ:HBNC) issued its quarterly earnings results on Wednesday. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.02), FiscalAI reports. The company had revenue of $75.50 million during the quarter, compared to the consensus estimate of $76.56 million. Horizon Bancorp (IN) had a positive return on equity of 12.41% and a negative net margin of 37.28%.

Horizon Bancorp (IN) Stock Performance

Horizon Bancorp (IN) stock traded down $0.20 during mid-day trading on Wednesday, reaching $20.21. The company’s stock had a trading volume of 728,960 shares, compared to its average volume of 443,266. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.22. Horizon Bancorp has a twelve month low of $14.84 and a twelve month high of $20.66. The business has a 50 day moving average price of $19.21 and a 200-day moving average price of $17.99. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of -6.36 and a beta of 0.82.

Horizon Bancorp (IN) Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, July 3rd were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Thursday, July 2nd. Horizon Bancorp (IN)’s payout ratio is currently -20.13%.

Hedge Funds Weigh In On Horizon Bancorp (IN)

Several hedge funds and other institutional investors have recently modified their holdings of HBNC. Wellington Management Group LLP bought a new stake in Horizon Bancorp (IN) in the 3rd quarter valued at about $24,842,000. Alliancebernstein L.P. grew its position in Horizon Bancorp (IN) by 1,202.2% in the 3rd quarter. Alliancebernstein L.P. now owns 593,109 shares of the financial services provider’s stock worth $9,496,000 after purchasing an additional 547,561 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its holdings in Horizon Bancorp (IN) by 78.9% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 963,397 shares of the financial services provider’s stock worth $16,339,000 after buying an additional 424,896 shares in the last quarter. JPMorgan Chase & Co. increased its position in Horizon Bancorp (IN) by 101.8% in the 4th quarter. JPMorgan Chase & Co. now owns 733,647 shares of the financial services provider’s stock valued at $12,443,000 after acquiring an additional 370,099 shares during the period. Finally, FJ Capital Management LLC acquired a new stake in Horizon Bancorp (IN) in the 3rd quarter valued at approximately $4,237,000. Institutional investors and hedge funds own 64.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on HBNC shares. Piper Sandler reiterated a “neutral” rating and set a $21.00 price objective (down from $22.00) on shares of Horizon Bancorp (IN) in a research note on Monday, April 27th. Weiss Ratings raised shares of Horizon Bancorp (IN) from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, July 6th. Wall Street Zen lowered shares of Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a research note on Monday. Stephens reaffirmed an “overweight” rating and set a $21.00 price target on shares of Horizon Bancorp (IN) in a research report on Wednesday, July 1st. Finally, Zacks Research upgraded Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $21.00.

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.