Horizon Bancorp (IN) (NASDAQ:HBNC) Receives Average Rating of “Hold” from Analysts

Shares of Horizon Bancorp (IN) (NASDAQ:HBNC) have earned a consensus recommendation of “Hold” from the five research firms that are presently covering the firm, Marketbeat.com reports. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $22.3333.

A number of research firms recently weighed in on HBNC. Wall Street Zen cut Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a report on Saturday. Stephens restated an “overweight” rating and issued a $21.00 price objective on shares of Horizon Bancorp (IN) in a report on Wednesday, July 1st. Keefe, Bruyette & Woods upped their target price on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Piper Sandler reaffirmed a “neutral” rating and issued a $23.00 price target (up from $21.00) on shares of Horizon Bancorp (IN) in a report on Friday, July 24th. Finally, Weiss Ratings raised shares of Horizon Bancorp (IN) from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday.

Horizon Bancorp (IN) Stock Down 0.3%

Horizon Bancorp (IN) stock opened at $20.42 on Friday. Horizon Bancorp has a 1-year low of $14.84 and a 1-year high of $21.04. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.90. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of -6.46 and a beta of 0.82. The business has a fifty day moving average price of $19.80 and a 200-day moving average price of $18.29.

Horizon Bancorp (IN) (NASDAQ:HBNC) last issued its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.02). Horizon Bancorp (IN) had a positive return on equity of 13.52% and a negative net margin of 36.38%.The firm had revenue of $75.50 million for the quarter, compared to analyst estimates of $76.56 million. Equities research analysts forecast that Horizon Bancorp will post 2.07 EPS for the current fiscal year.

Horizon Bancorp (IN) Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, July 3rd were given a $0.16 dividend. The ex-dividend date was Thursday, July 2nd. This represents a $0.64 dividend on an annualized basis and a yield of 3.1%. Horizon Bancorp (IN)’s payout ratio is currently -20.25%.

Insider Buying and Selling

In related news, EVP Kathie A. Deruiter sold 8,000 shares of the firm’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $20.19, for a total transaction of $161,520.00. Following the completion of the sale, the executive vice president directly owned 50,346 shares of the company’s stock, valued at approximately $1,016,485.74. This trade represents a 13.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Horizon Bancorp (IN)

Hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC boosted its position in shares of Horizon Bancorp (IN) by 65.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider’s stock worth $28,000 after buying an additional 660 shares during the period. Royal Bank of Canada raised its holdings in shares of Horizon Bancorp (IN) by 93.5% in 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. Tower Research Capital LLC TRC lifted its stake in Horizon Bancorp (IN) by 160.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider’s stock worth $101,000 after acquiring an additional 4,024 shares in the last quarter. Rossby Financial LCC purchased a new position in Horizon Bancorp (IN) during the 4th quarter valued at about $124,000. Finally, Raymond James Financial Inc. purchased a new position in Horizon Bancorp (IN) during the 2nd quarter valued at about $134,000. Hedge funds and other institutional investors own 64.51% of the company’s stock.

About Horizon Bancorp (IN)

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.