Analysts Set Horizon Bancorp (IN) (NASDAQ:HBNC) Target Price at $22.33

Shares of Horizon Bancorp (IN) (NASDAQ:HBNC) have been given an average rating of “Hold” by the five research firms that are presently covering the company, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $22.3333.

A number of equities research analysts have weighed in on the stock. Wall Street Zen upgraded shares of Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a research note on Sunday, August 16th. Weiss Ratings lowered Horizon Bancorp (IN) from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, September 17th. Stephens reiterated an “overweight” rating and set a $21.00 price objective on shares of Horizon Bancorp (IN) in a research report on Wednesday, July 1st. Piper Sandler reissued a “neutral” rating and issued a $23.00 target price (up from $21.00) on shares of Horizon Bancorp (IN) in a report on Friday, July 24th. Finally, Keefe, Bruyette & Woods raised their target price on Horizon Bancorp (IN) from $21.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th.

Horizon Bancorp (IN) Stock Performance

Shares of NASDAQ HBNC opened at $19.18 on Friday. The stock has a market capitalization of $984.89 million, a PE ratio of -6.07 and a beta of 0.81. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a 50 day moving average price of $20.01 and a 200 day moving average price of $18.75. Horizon Bancorp has a 52 week low of $14.97 and a 52 week high of $21.04.

Horizon Bancorp (IN) (NASDAQ:HBNC) last posted its earnings results 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). Horizon Bancorp (IN) had a positive return on equity of 13.31% and a negative net margin of 36.38%.The firm had revenue of $75.50 million during the quarter, compared to the consensus estimate of $76.56 million. Analysts predict that Horizon Bancorp will post 2.07 earnings per share for the current fiscal year.

Horizon Bancorp (IN) Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Friday, October 2nd will be given a $0.16 dividend. The ex-dividend date is Friday, October 2nd. This represents a $0.64 dividend on an annualized basis and a yield of 3.3%. Horizon Bancorp (IN)’s dividend payout ratio is presently -20.25%.

Insider Buying and Selling at Horizon Bancorp (IN)

In other news, EVP Kathie DeRuiter sold 8,000 shares of Horizon Bancorp (IN) stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $20.19, for a total value of $161,520.00. Following the sale, the executive vice president directly owned 50,346 shares of the company’s stock, valued at approximately $1,016,485.74. The trade was a 13.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.19% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of Horizon Bancorp (IN) during the 2nd quarter worth about $143,890,000. PL Capital Advisors LLC lifted its stake in shares of Horizon Bancorp (IN) by 7.2% in the fourth quarter. PL Capital Advisors LLC now owns 1,812,825 shares of the financial services provider’s stock valued at $30,746,000 after purchasing an additional 121,651 shares during the period. Jennison Associates LLC lifted its holdings in shares of Horizon Bancorp (IN) by 29.3% in the first quarter. Jennison Associates LLC now owns 1,605,798 shares of the financial services provider’s stock valued at $26,608,000 after purchasing an additional 363,433 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new position in shares of Horizon Bancorp (IN) in the second quarter valued at approximately $21,797,000. Finally, FJ Capital Management LLC grew its holdings in Horizon Bancorp (IN) by 309.5% in the fourth quarter. FJ Capital Management LLC now owns 1,083,840 shares of the financial services provider’s stock valued at $18,382,000 after purchasing an additional 819,189 shares during the period. Hedge funds and other institutional investors own 64.51% of the company’s stock.

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 a range of banking and financial services to individuals, families, businesses and municipal customers.

Horizon Bank offers deposit accounts, consumer and commercial lending, residential mortgage loans, credit and debit cards, online and mobile banking, cash-management services and other treasury-management solutions. Its business banking activities include commercial real estate financing, commercial and industrial loans, small-business services and agricultural lending in selected markets.

Founded in 1873, Horizon has a long history of serving communities in the Midwest.