Short Interest in Horizon Bancorp (IN) (NASDAQ:HBNC) Increases By 37.3%

Horizon Bancorp (IN) (NASDAQ:HBNC) was the target of a significant growth in short interest during the month of December. As of December 31st, there was short interest totaling 1,619,378 shares, a growth of 37.3% from the December 15th total of 1,179,740 shares. Based on an average daily volume of 469,345 shares, the days-to-cover ratio is presently 3.5 days. Currently, 3.2% of the shares of the stock are sold short. Currently, 3.2% of the shares of the stock are sold short. Based on an average daily volume of 469,345 shares, the days-to-cover ratio is presently 3.5 days.

Horizon Bancorp (IN) Trading Down 0.8%

NASDAQ HBNC traded down $0.14 during trading on Friday, hitting $17.51. The stock had a trading volume of 415,336 shares, compared to its average volume of 358,912. Horizon Bancorp has a one year low of $12.70 and a one year high of $18.70. The stock has a 50 day simple moving average of $17.14 and a 200 day simple moving average of $16.37. The stock has a market capitalization of $896.81 million, a price-to-earnings ratio of -4.46 and a beta of 0.82. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.91 and a current ratio of 0.91.

Horizon Bancorp (IN) (NASDAQ:HBNC) last issued its quarterly earnings results on Wednesday, October 22nd. The financial services provider reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.16). Horizon Bancorp (IN) had a positive return on equity of 10.01% and a negative net margin of 51.01%.The business had revenue of $59.98 million during the quarter, compared to analysts’ expectations of $69.34 million. Sell-side analysts predict that Horizon Bancorp will post 1.78 earnings per share for the current year.

Horizon Bancorp (IN) Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 16th. Stockholders of record on Friday, January 2nd were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Friday, January 2nd. Horizon Bancorp (IN)’s dividend payout ratio (DPR) is -16.28%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. State of Alaska Department of Revenue purchased a new position in Horizon Bancorp (IN) in the 3rd quarter worth about $28,000. Tower Research Capital LLC TRC grew its stake in Horizon Bancorp (IN) by 160.2% in 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. Raymond James Financial Inc. purchased a new position in shares of Horizon Bancorp (IN) during the second quarter worth approximately $134,000. Quadrant Capital Group LLC bought a new stake in shares of Horizon Bancorp (IN) during the third quarter valued at approximately $140,000. Finally, New York State Common Retirement Fund boosted its holdings in shares of Horizon Bancorp (IN) by 17.9% in the third quarter. New York State Common Retirement Fund now owns 10,514 shares of the financial services provider’s stock valued at $168,000 after purchasing an additional 1,600 shares during the period. 64.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on HBNC shares. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Horizon Bancorp (IN) in a report on Tuesday, December 2nd. Zacks Research lowered Horizon Bancorp (IN) from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 1st. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Horizon Bancorp (IN) in a report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Horizon Bancorp (IN) has a consensus rating of “Hold” and an average price target of $19.67.

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.