Horizon Bancorp (IN) (NASDAQ:HBNC) Receives Average Recommendation of "Hold" from Analysts

Key Points

• Analyst consensus is “Hold”: Three of five analysts rate Horizon Bancorp as a hold, while two recommend buying. The average 12-month price target is $22.33, above the reported $19.48 share price.
• Quarterly results slightly missed expectations: Horizon reported earnings of $0.49 per share versus the $0.51 consensus estimate, while revenue totaled $75.5 million compared with expectations of $76.56 million.
• Shareholders will receive a quarterly dividend: The company declared a $0.16-per-share dividend, equivalent to $0.64 annually and a 3.3% yield, payable October 16 to investors of record October 2.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) has been assigned an average rating of "Hold" from the five ratings firms that are presently covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $22.3333.

Several analysts recently commented on the company. Stephens reaffirmed an "overweight" rating and issued a $21.00 price target on shares of Horizon Bancorp (IN) in a research note on Wednesday, July 1st. Weiss Ratings lowered Horizon Bancorp (IN) from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday. Piper Sandler reiterated a "neutral" rating and set a $23.00 price objective (up from $21.00) on shares of Horizon Bancorp (IN) in a research note on Friday, July 24th. Wall Street Zen raised Horizon Bancorp (IN) from a "hold" rating to a "buy" rating in a report on Sunday, August 16th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company an "outperform" rating in a research note on Friday, July 24th.

Horizon Bancorp (IN) Stock Performance

NASDAQ HBNC opened at $19.48 on Friday. Horizon Bancorp has a twelve month low of $14.97 and a twelve month high of $21.04. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.21. The stock has a market cap of $1.00 billion, a P/E ratio of -6.16 and a beta of 0.81. The company's 50-day simple moving average is $20.02 and its 200 day simple moving average is $18.71.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 EPS for the quarter, missing analysts' consensus estimates of $0.51 by ($0.02). Horizon Bancorp (IN) had a positive return on equity of 13.31% and a negative net margin of 36.38%.The business had revenue of $75.50 million for the quarter, compared to the consensus estimate of $76.56 million. As a group, research analysts forecast that Horizon Bancorp will post 2.07 earnings per share for the current fiscal year.

Horizon Bancorp (IN) Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Investors of record on Friday, October 2nd will be given a dividend of $0.16 per share. The ex-dividend date is Friday, October 2nd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.3%. Horizon Bancorp (IN)'s dividend payout ratio (DPR) is -20.25%.

Insider Transactions at Horizon Bancorp (IN)

In other Horizon Bancorp (IN) news, EVP Kathie DeRuiter sold 8,000 shares of the business's stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $20.19, for a total value of $161,520.00. Following the transaction, the executive vice president directly owned 50,346 shares in the company, valued at $1,016,485.74. The trade was a 13.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.19% of the stock is owned by corporate insiders.

Institutional Trading of Horizon Bancorp (IN)

Several hedge funds have recently modified their holdings of the company. Bank of America Corp DE boosted its holdings in shares of Horizon Bancorp (IN) by 83.8% in the 1st quarter. Bank of America Corp DE now owns 141,340 shares of the financial services provider's stock worth $2,342,000 after acquiring an additional 64,437 shares in the last quarter. Stieven Capital Advisors L.P. increased its holdings in Horizon Bancorp (IN) by 18.4% during the 4th quarter. Stieven Capital Advisors L.P. now owns 444,000 shares of the financial services provider's stock valued at $7,530,000 after purchasing an additional 69,000 shares in the last quarter. Oxford Financial Group LTD. LLC acquired a new stake in Horizon Bancorp (IN) during the 2nd quarter valued at $1,655,000. Hsbc Holdings PLC acquired a new stake in Horizon Bancorp (IN) during the 2nd quarter valued at $1,095,000. Finally, Sei Investments Co. raised its position in Horizon Bancorp (IN) by 175.2% in the 1st quarter. Sei Investments Co. now owns 90,926 shares of the financial services provider's stock valued at $1,507,000 after purchasing an additional 57,892 shares during the last quarter. Institutional investors and hedge funds own 64.51% of the company's stock.

About Horizon Bancorp (IN)

Horizon Bancorp, Inc is a bank holding company headquartered in Michigan City, Indiana. Through its principal subsidiary, Horizon Bank, the company provides a range of banking and financial services to individuals, families, businesses and municipal customers.

Horizon Bank offers deposit accounts, consumer and commercial lending, residential mortgage loans, credit and debit cards, online and mobile banking, cash-management services and other treasury-management solutions. Its business banking activities include commercial real estate financing, commercial and industrial loans, small-business services and agricultural lending in selected markets.

Founded in 1873, Horizon has a long history of serving communities in the Midwest.

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