Horizon Bancorp (IN) (NASDAQ:HBNC) Given Average Recommendation of “Hold” by Analysts

Shares of Horizon Bancorp (IN) (NASDAQ:HBNC) have received an average rating of “Hold” from the five brokerages that are currently covering the company, Marketbeat reports. Three research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $22.3333.

HBNC has been the topic of a number of research reports. Wall Street Zen raised shares of Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a report on Tuesday. Keefe, Bruyette & Woods lifted their price target on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company 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. Weiss Ratings downgraded shares of Horizon Bancorp (IN) from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, July 21st. Finally, Stephens reiterated an “overweight” rating and set a $21.00 price objective on shares of Horizon Bancorp (IN) in a research note on Wednesday, July 1st.

Horizon Bancorp (IN) Stock Performance

HBNC stock opened at $20.45 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.22. The firm has a market cap of $1.05 billion, a P/E ratio of -6.47 and a beta of 0.82. Horizon Bancorp has a 12-month low of $14.84 and a 12-month high of $21.04. The stock’s 50 day simple moving average is $19.59 and its 200 day simple moving average is $18.18.

Horizon Bancorp (IN) (NASDAQ:HBNC) last announced its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.02). The firm had revenue of $75.50 million for the quarter, compared to the consensus estimate of $76.56 million. Horizon Bancorp (IN) had a positive return on equity of 13.52% and a negative net margin of 36.38%. As a group, equities research analysts predict that Horizon Bancorp will post 2.07 EPS for the current year.

Horizon Bancorp (IN) Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, July 3rd were given a dividend of $0.16 per share. 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 Activity

In other news, EVP Kathie A. Deruiter sold 8,000 shares of the company’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $20.19, for a total transaction of $161,520.00. Following the completion of the transaction, the executive vice president owned 50,346 shares in the company, valued at approximately $1,016,485.74. This represents a 13.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.19% of the company’s stock.

Hedge Funds Weigh In On Horizon Bancorp (IN)

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HBNC. Stieven Capital Advisors L.P. grew its stake in shares of Horizon Bancorp (IN) by 18.4% in the fourth quarter. Stieven Capital Advisors L.P. now owns 444,000 shares of the financial services provider’s stock worth $7,530,000 after purchasing an additional 69,000 shares in the last quarter. Hsbc Holdings PLC grew its position in Horizon Bancorp (IN) by 274.5% in the 1st quarter. Hsbc Holdings PLC now owns 80,277 shares of the financial services provider’s stock valued at $1,327,000 after buying an additional 58,840 shares in the last quarter. PL Capital Advisors LLC grew its position in Horizon Bancorp (IN) by 7.2% in the 4th quarter. PL Capital Advisors LLC now owns 1,812,825 shares of the financial services provider’s stock valued at $30,746,000 after buying an additional 121,651 shares in the last quarter. Vanguard Group Inc. raised its holdings in Horizon Bancorp (IN) by 5.9% during the fourth quarter. Vanguard Group Inc. now owns 3,189,417 shares of the financial services provider’s stock worth $54,093,000 after purchasing an additional 176,448 shares in the last quarter. Finally, Deprince Race & Zollo Inc. raised its stake in shares of Horizon Bancorp (IN) by 36.8% in the 4th quarter. Deprince Race & Zollo Inc. now owns 152,100 shares of the financial services provider’s stock worth $2,580,000 after buying an additional 40,913 shares in the last quarter. 64.51% of the stock is owned by institutional investors.

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.