Horizon Bancorp (IN) (NASDAQ:HBNC) Sets New 1-Year High – Time to Buy?

Shares of Horizon Bancorp (IN) (NASDAQ:HBNC) reached a new 52-week high during trading on Thursday . The stock traded as high as $20.51 and last traded at $20.49, with a volume of 206134 shares traded. The stock had previously closed at $19.86.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Piper Sandler reiterated a “neutral” rating and issued a $21.00 price target (down from $22.00) on shares of Horizon Bancorp (IN) in a report on Monday, April 27th. Zacks Research upgraded Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. Weiss Ratings upgraded Horizon Bancorp (IN) from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, July 6th. Wall Street Zen upgraded Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a research report on Sunday, July 12th. Finally, Stephens reaffirmed an “overweight” rating and set a $21.00 price target on shares of Horizon Bancorp (IN) in a research note on Wednesday, July 1st. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $21.00.

Horizon Bancorp (IN) Price Performance

The stock’s 50-day simple moving average is $19.12 and its two-hundred day simple moving average is $17.94. The firm has a market cap of $1.04 billion, a P/E ratio of -6.38 and a beta of 0.82. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.90.

Horizon Bancorp (IN) (NASDAQ:HBNC) last posted its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.03. The company had revenue of $73.48 million for the quarter, compared to analyst estimates of $76.11 million. Horizon Bancorp (IN) had a negative net margin of 37.28% and a positive return on equity of 12.41%. Equities research analysts forecast that Horizon Bancorp will post 2.09 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, July 17th. Stockholders of record on Friday, July 3rd were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend 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)

A number of institutional investors have recently modified their holdings of HBNC. Bayview Asset Management LLC grew its position in Horizon Bancorp (IN) by 0.7% during the 4th quarter. Bayview Asset Management LLC now owns 95,462 shares of the financial services provider’s stock worth $1,619,000 after purchasing an additional 645 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Horizon Bancorp (IN) by 65.6% in 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 last quarter. Rafferty Asset Management LLC lifted its stake in shares of Horizon Bancorp (IN) by 3.9% during the second quarter. Rafferty Asset Management LLC now owns 24,844 shares of the financial services provider’s stock worth $382,000 after buying an additional 941 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Horizon Bancorp (IN) by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider’s stock valued at $388,000 after buying an additional 1,057 shares during the last quarter. Finally, Wedge Capital Management L L P NC increased its position in shares of Horizon Bancorp (IN) by 2.4% in the 4th quarter. Wedge Capital Management L L P NC now owns 50,097 shares of the financial services provider’s stock valued at $850,000 after acquiring an additional 1,193 shares during the period. 64.51% of the stock is owned by hedge funds and other institutional investors.

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.