Horizon Bancorp (IN) (NASDAQ:HBNC) Issues Earnings Results

Horizon Bancorp (IN) (NASDAQ:HBNC) issued its quarterly earnings results on Wednesday. The financial services provider reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.02), FiscalAI reports. Horizon Bancorp (IN) had a negative net margin of 36.38% and a positive return on equity of 13.52%. The business had revenue of $75.50 million for the quarter, compared to analysts’ expectations of $76.56 million.

Horizon Bancorp (IN) Trading Up 1.0%

Shares of NASDAQ HBNC traded up $0.19 during trading hours on Friday, hitting $20.24. The company’s stock had a trading volume of 248,411 shares, compared to its average volume of 450,318. The business has a 50-day simple moving average of $19.30 and a 200-day simple moving average of $18.04. The stock has a market cap of $1.04 billion, a price-to-earnings ratio of -6.41 and a beta of 0.82. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.90 and a current ratio of 0.91. Horizon Bancorp has a 12 month low of $14.84 and a 12 month high of $20.66.

Horizon Bancorp (IN) Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, July 3rd were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Thursday, July 2nd. Horizon Bancorp (IN)’s dividend payout ratio is currently -20.13%.

Analyst Upgrades and Downgrades

HBNC has been the topic of a number of analyst reports. Wall Street Zen cut shares of Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a report on Monday. Weiss Ratings lowered shares of Horizon Bancorp (IN) from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday. Piper Sandler reaffirmed a “neutral” rating and set a $23.00 price objective on shares of Horizon Bancorp (IN) in a report on Friday. Zacks Research raised Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Finally, Stephens restated an “overweight” rating and issued a $21.00 target price on shares of Horizon Bancorp (IN) in a research report on Wednesday, July 1st. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $21.67.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of HBNC. Tower Research Capital LLC TRC grew its position in Horizon Bancorp (IN) by 160.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider’s stock valued at $101,000 after purchasing an additional 4,024 shares during the last quarter. Rossby Financial LCC bought a new position in Horizon Bancorp (IN) in the fourth quarter valued at about $124,000. Raymond James Financial Inc. bought a new position in Horizon Bancorp (IN) in the second quarter worth approximately $134,000. Quadrant Capital Group LLC purchased a new stake in Horizon Bancorp (IN) in the 3rd quarter worth approximately $140,000. Finally, Mercer Global Advisors Inc. ADV purchased a new stake in Horizon Bancorp (IN) in the 3rd quarter worth $204,000. 64.51% of the stock is currently 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.