Horizon Bancorp (IN) (NASDAQ:HBNC) Reaches New 1-Year High After Better-Than-Expected Earnings

Horizon Bancorp (IN) (NASDAQ:HBNC)’s stock price hit a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $18.88 and last traded at $18.60, with a volume of 154316 shares traded. The stock had previously closed at $18.24.

The financial services provider reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.03. Horizon Bancorp (IN) had a negative net margin of 51.01% and a positive return on equity of 10.01%. The company had revenue of $64.53 million for the quarter, compared to analysts’ expectations of $74.35 million.

Horizon Bancorp (IN) Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 16th. Stockholders of record on Friday, January 2nd were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date was Friday, January 2nd. Horizon Bancorp (IN)’s dividend payout ratio (DPR) is -16.28%.

Analyst Upgrades and Downgrades

HBNC has been the subject of a number of recent research reports. Zacks Research downgraded shares of Horizon Bancorp (IN) from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 1st. Weiss Ratings restated a “sell (d)” rating on shares of Horizon Bancorp (IN) in a research report on Monday, December 29th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Horizon Bancorp (IN) in a research note on Tuesday, December 2nd. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $19.67.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. HoldCo Asset Management LP acquired a new position in shares of Horizon Bancorp (IN) during the second quarter valued at about $1,411,000. Deprince Race & Zollo Inc. acquired a new stake in shares of Horizon Bancorp (IN) during the third quarter worth $1,780,000. Horizon Bancorp Inc. IN grew its holdings in shares of Horizon Bancorp (IN) by 61.5% during the third quarter. Horizon Bancorp Inc. IN now owns 582,099 shares of the financial services provider’s stock valued at $9,319,000 after buying an additional 221,620 shares during the last quarter. Creative Planning grew its holdings in shares of Horizon Bancorp (IN) by 88.1% during the second quarter. Creative Planning now owns 115,125 shares of the financial services provider’s stock valued at $1,771,000 after buying an additional 53,924 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Horizon Bancorp (IN) by 95.7% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 133,665 shares of the financial services provider’s stock valued at $2,056,000 after acquiring an additional 65,375 shares during the period. 64.51% of the stock is owned by institutional investors and hedge funds.

Horizon Bancorp (IN) Stock Up 2.0%

The business has a fifty day moving average price of $17.23 and a two-hundred day moving average price of $16.40. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a market capitalization of $952.69 million, a price-to-earnings ratio of -4.73 and a beta of 0.82.

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.