Horizon Bancorp (IN) (NASDAQ:HBNC) Reaches New 12-Month High – Here’s What Happened

Horizon Bancorp (IN) (NASDAQ:HBNC) reached a new 52-week high during trading on Thursday. The stock traded as high as $21.06 and last traded at $21.00, with a volume of 18,082 shares trading hands. The stock had previously closed at $20.69.

Wall Street Analyst Weigh In

Several analysts recently issued reports on HBNC shares. Wall Street Zen upgraded shares of Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a research report on Sunday, August 16th. Stephens upped their target price on shares of Horizon Bancorp (IN) from $23.00 to $24.00 and gave the company an “overweight” rating in a report on Monday, October 26th. Weiss Ratings cut shares of Horizon Bancorp (IN) from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, October 21st. Keefe, Bruyette & Woods boosted their price objective on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company an “outperform” rating in a research report on Friday, July 24th. Finally, Piper Sandler restated an “overweight” rating and issued a $25.00 price objective (up from $24.00) on shares of Horizon Bancorp (IN) in a research note on Friday, October 23rd. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Horizon Bancorp (IN) has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

Horizon Bancorp (IN) Stock Performance

The firm has a market cap of $1.06 billion, a PE ratio of 9.90 and a beta of 0.84. The business has a 50 day simple moving average of $19.59 and a two-hundred day simple moving average of $18.69. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.21.

Horizon Bancorp (IN) (NASDAQ:HBNC) last issued its earnings results on Wednesday, October 21st. The financial services provider reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.02. The firm had revenue of $77.09 million during the quarter, compared to analyst estimates of $77.99 million. Horizon Bancorp (IN) had a net margin of 26.52% and a return on equity of 15.14%. As a group, equities research analysts forecast that Horizon Bancorp will post 2.10 earnings per share for the current fiscal year.

Horizon Bancorp (IN) Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 16th. Shareholders of record on Friday, October 2nd were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Friday, October 2nd. Horizon Bancorp (IN)’s dividend payout ratio is currently 30.62%.

Hedge Funds Weigh In On Horizon Bancorp (IN)

Institutional investors have recently modified their holdings of the stock. Royal Bank of Canada raised its position in shares of Horizon Bancorp (IN) by 93.5% during the 1st quarter. Royal Bank of Canada now owns 2,873 shares of the financial services provider’s stock valued at $48,000 after buying an additional 1,388 shares during the period. Allworth Financial LP purchased a new position in Horizon Bancorp (IN) in the second quarter worth approximately $31,000. Integrated Wealth Concepts LLC purchased a new position in Horizon Bancorp (IN) in the second quarter worth approximately $52,000. SG Americas Securities LLC increased its stake in Horizon Bancorp (IN) by 15.9% during the first quarter. SG Americas Securities LLC now owns 20,466 shares of the financial services provider’s stock worth $339,000 after acquiring an additional 2,815 shares during the last quarter. Finally, Inspire Investing LLC increased its stake in Horizon Bancorp (IN) by 12.0% during the first quarter. Inspire Investing LLC now owns 30,920 shares of the financial services provider’s stock worth $512,000 after acquiring an additional 3,321 shares during the last quarter. 64.51% of the stock is owned by hedge funds and other institutional investors.

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.