Horizon Bancorp (IN) (HBNC) – What Are Brokerages Thinking About This Stock?

Horizon Bancorp (IN) (NASDAQ:HBNC) has received an average recommendation of “Moderate Buy” from the five research firms that are currently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $22.67.

A number of research analysts recently commented on HBNC shares. Keefe, Bruyette & Woods raised their price target 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. Wall Street Zen raised shares of Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a research report on Sunday, August 16th. Weiss Ratings raised Horizon Bancorp (IN) from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, October 6th. Piper Sandler raised Horizon Bancorp (IN) from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $23.00 to $24.00 in a report on Friday, October 2nd. Finally, Stephens reiterated an “overweight” rating and issued a $21.00 price target on shares of Horizon Bancorp (IN) in a research report on Wednesday, July 1st.

Insider Activity

In related news, EVP Kathie DeRuiter sold 8,000 shares of the company’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $20.19, for a total transaction of $161,520.00. Following the sale, the executive vice president owned 50,346 shares in the company, valued at $1,016,485.74. This represents a 13.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.19% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Horizon Bancorp (IN)

Several large investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in Horizon Bancorp (IN) in the second quarter valued at approximately $143,890,000. Jennison Associates LLC grew its holdings in 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 worth $26,608,000 after purchasing an additional 363,433 shares during the period. The Manufacturers Life Insurance Company acquired a new stake in shares of Horizon Bancorp (IN) in the 2nd quarter valued at about $21,797,000. Bank of New York Mellon Corp acquired a new stake in shares of Horizon Bancorp (IN) in the 2nd quarter valued at about $5,784,000. Finally, Elizabeth Park Capital Advisors Ltd. grew its stake in shares of Horizon Bancorp (IN) by 235.0% in the 4th quarter. Elizabeth Park Capital Advisors Ltd. now owns 256,669 shares of the financial services provider’s stock valued at $4,353,000 after buying an additional 180,047 shares during the period. Institutional investors and hedge funds own 64.51% of the company’s stock.

Horizon Bancorp (IN) Stock Down 0.5%

NASDAQ HBNC opened at $19.60 on Thursday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.21. Horizon Bancorp has a 1-year low of $15.35 and a 1-year high of $21.04. The company has a 50 day moving average of $19.52 and a 200-day moving average of $19.21. The company has a market cap of $1.01 billion, a price-to-earnings ratio of -6.20 and a beta of 0.84.

Horizon Bancorp (IN) (NASDAQ:HBNC) last issued its quarterly earnings results on Wednesday, October 21st. The financial services provider reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.02. The business had revenue of $77.09 million for the quarter, compared to the consensus estimate of $77.99 million. Horizon Bancorp (IN) had a positive return on equity of 13.31% and a negative net margin of 36.38%. On average, equities research analysts expect that Horizon Bancorp will post 2.07 earnings per share for the current fiscal year.

Horizon Bancorp (IN) Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 16th. Stockholders of record on Friday, October 2nd were given a $0.16 dividend. The ex-dividend date of this dividend was Friday, October 2nd. This represents a $0.64 annualized dividend and a dividend yield of 3.3%. Horizon Bancorp (IN)’s dividend payout ratio (DPR) is -20.25%.

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 banking and financial services to individuals, families, businesses and public-sector organizations.

Horizon Bank offers deposit accounts, consumer and commercial lending, residential mortgage services, cash-management and treasury-management solutions, online and mobile banking, and other customary banking products. Its lending activities include commercial real estate, business, residential real estate and consumer loans.

Founded in 1873, Horizon has developed as a community banking organization serving customers through branches and other delivery channels in northern and central Indiana and southwestern Michigan.