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

Horizon Bancorp (IN) (NASDAQ:HBNC) shares hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $20.00 and last traded at $19.7960, with a volume of 39775 shares. The stock had previously closed at $19.78.

Analyst Ratings Changes

HBNC has been the subject of a number of recent research reports. Stephens started coverage on shares of Horizon Bancorp (IN) in a report on Friday, March 27th. They issued an “overweight” rating and a $20.00 target price for the company. Wall Street Zen downgraded shares of Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a research note on Saturday, May 23rd. Piper Sandler reaffirmed a “neutral” rating and set a $21.00 price target (down from $22.00) on shares of Horizon Bancorp (IN) in a research note on Monday, April 27th. Weiss Ratings upgraded shares of Horizon Bancorp (IN) from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, April 24th. Finally, Zacks Research raised shares of Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $20.67.

Horizon Bancorp (IN) Stock Up 0.0%

The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. The company has a 50 day simple moving average of $18.52 and a two-hundred day simple moving average of $17.72. The company has a market capitalization of $1.02 billion, a P/E ratio of -6.23 and a beta of 0.83.

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 (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.03. The business had revenue of $73.48 million during the quarter, compared to analyst estimates of $76.11 million. Horizon Bancorp (IN) had a positive return on equity of 12.41% and a negative net margin of 37.28%. As a group, equities analysts predict that Horizon Bancorp will post 2.1 EPS for the current year.

Horizon Bancorp (IN) Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Investors of record on Friday, July 3rd will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.2%. The ex-dividend date is Thursday, July 2nd. Horizon Bancorp (IN)’s dividend payout ratio is presently -20.13%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Bayview Asset Management LLC increased its position in Horizon Bancorp (IN) by 0.7% during the fourth quarter. Bayview Asset Management LLC now owns 95,462 shares of the financial services provider’s stock valued at $1,619,000 after acquiring an additional 645 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake 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 valued at $28,000 after acquiring an additional 660 shares during the period. Rafferty Asset Management LLC lifted its holdings in shares of Horizon Bancorp (IN) by 3.9% in the 2nd quarter. Rafferty Asset Management LLC now owns 24,844 shares of the financial services provider’s stock worth $382,000 after acquiring an additional 941 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Horizon Bancorp (IN) by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider’s stock worth $388,000 after acquiring an additional 1,057 shares during the last quarter. Finally, Wedge Capital Management L L P NC boosted its stake in shares of Horizon Bancorp (IN) by 2.4% during the 4th quarter. Wedge Capital Management L L P NC now owns 50,097 shares of the financial services provider’s stock worth $850,000 after purchasing an additional 1,193 shares during the period. 64.51% of the stock is owned by hedge funds and other 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.