Horizon Bancorp (IN) (NASDAQ:HBNC) Reaches New 12-Month High – Still a Buy?

Horizon Bancorp (IN) (NASDAQ:HBNC) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $18.31 and last traded at $18.15, with a volume of 453013 shares trading hands. The stock had previously closed at $17.63.

Wall Street Analyst Weigh In

Several brokerages have issued reports on HBNC. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Horizon Bancorp (IN) in a report on Tuesday, December 2nd. Weiss Ratings restated a “sell (d)” rating on shares of Horizon Bancorp (IN) in a research note on Monday. Zacks Research downgraded shares of Horizon Bancorp (IN) from a “strong-buy” rating to a “hold” rating in a report on Monday, December 1st. Finally, Stephens increased their price target on shares of Horizon Bancorp (IN) from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Tuesday, September 2nd. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $19.67.

Horizon Bancorp (IN) Trading Up 2.9%

The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market capitalization of $929.64 million, a price-to-earnings ratio of -4.62 and a beta of 0.84. The firm has a fifty day moving average price of $16.18 and a 200-day moving average price of $15.88.

Horizon Bancorp (IN) (NASDAQ:HBNC) last posted its quarterly earnings results on Wednesday, October 22nd. The financial services provider reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.16). The company had revenue of $59.98 million during the quarter, compared to analyst estimates of $69.34 million. Horizon Bancorp (IN) had a negative net margin of 51.01% and a positive return on equity of 10.01%. As a group, equities analysts anticipate that Horizon Bancorp will post 1.78 EPS for the current year.

Horizon Bancorp (IN) Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 17th. Investors of record on Friday, October 3rd were given a dividend of $0.16 per share. The ex-dividend date was Friday, October 3rd. This represents a $0.64 annualized dividend and a dividend yield of 3.5%. Horizon Bancorp (IN)’s dividend payout ratio (DPR) is currently -16.28%.

Institutional Investors Weigh In On Horizon Bancorp (IN)

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. State of Alaska Department of Revenue acquired a new stake in shares of Horizon Bancorp (IN) in the 3rd quarter valued at $28,000. Tower Research Capital LLC TRC boosted its stake in Horizon Bancorp (IN) by 160.2% in the second quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider’s stock valued at $101,000 after buying an additional 4,024 shares in the last quarter. Raymond James Financial Inc. bought a new position in Horizon Bancorp (IN) in the second quarter valued at about $134,000. Quadrant Capital Group LLC bought a new position in Horizon Bancorp (IN) in the third quarter valued at about $140,000. Finally, New York State Common Retirement Fund raised its stake in Horizon Bancorp (IN) by 17.9% during the third quarter. New York State Common Retirement Fund now owns 10,514 shares of the financial services provider’s stock worth $168,000 after acquiring an additional 1,600 shares in the last quarter. 64.51% of the stock is currently owned by institutional investors.

About Horizon Bancorp (IN)

Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that engages in the provision of commercial and retail banking services. The company offers checking, saving, money market, certificate of deposits, individual retirement accounts, and time deposits, as well as non-interest- and interest-bearing demand deposits.