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

Key Points

• Analysts have a consensus “Hold” rating on Horizon Bancorp, with three holds and two buys. The average 12-month price target is $22.33, compared with the stock’s reported price of $19.55.
• Horizon Bancorp’s latest quarterly results slightly missed expectations, with EPS of $0.49 versus $0.51 expected and revenue of $75.5 million versus $76.56 million. Analysts project full-year EPS of $2.07.
• The company pays a quarterly dividend of $0.16 per share, equating to an annualized $0.64 payout and a 3.3% yield; institutional investors own 64.51% of the outstanding stock.

Shares of Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) have been assigned an average recommendation of "Hold" from the five analysts that are covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $22.3333.

Several analysts have issued reports on the company. Keefe, Bruyette & Woods upped their price objective on Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company an "outperform" rating in a research note on Friday, July 24th. Wall Street Zen upgraded Horizon Bancorp (IN) from a "hold" rating to a "buy" rating in a report on Sunday, August 16th. Piper Sandler reissued a "neutral" rating and set a $23.00 price target (up from $21.00) on shares of Horizon Bancorp (IN) in a research report on Friday, July 24th. Stephens restated an "overweight" rating and set a $21.00 price objective on shares of Horizon Bancorp (IN) in a research note on Wednesday, July 1st. Finally, Weiss Ratings cut Horizon Bancorp (IN) from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, August 20th.

Insider Activity

In other news, EVP Kathie A. Deruiter sold 8,000 shares of the firm'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 approximately $1,016,485.74. This trade represents a 13.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.19% of the company's stock.

Institutional Investors Weigh In On Horizon Bancorp (IN)

Several institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. acquired a new position in Horizon Bancorp (IN) in the second quarter valued at approximately $143,890,000. Wellington Management Group LLP acquired a new stake in shares of Horizon Bancorp (IN) during the 3rd quarter worth approximately $24,842,000. California State Teachers Retirement System raised its position in shares of Horizon Bancorp (IN) by 2,438.1% during the 2nd quarter. California State Teachers Retirement System now owns 1,219,679 shares of the financial services provider's stock worth $24,369,000 after purchasing an additional 1,171,624 shares during the period. The Manufacturers Life Insurance Company bought a new stake in shares of Horizon Bancorp (IN) in the 2nd quarter worth approximately $21,797,000. Finally, FJ Capital Management LLC lifted its holdings in shares of Horizon Bancorp (IN) by 309.5% in the 4th quarter. FJ Capital Management LLC now owns 1,083,840 shares of the financial services provider's stock worth $18,382,000 after purchasing an additional 819,189 shares during the last quarter. Institutional investors and hedge funds own 64.51% of the company's stock.

Horizon Bancorp (IN) Price Performance

HBNC opened at $19.55 on Wednesday. The company has a market capitalization of $1.00 billion, a P/E ratio of -6.19 and a beta of 0.82. The company has a 50-day moving average of $20.05 and a 200-day moving average of $18.50. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.92 and a current ratio of 0.92. Horizon Bancorp has a 1-year low of $14.97 and a 1-year high of $21.04.

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

Horizon Bancorp (IN) Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 17th. Shareholders 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 3.3%. The ex-dividend date of this dividend was Thursday, July 2nd. Horizon Bancorp (IN)'s dividend payout ratio is -20.25%.

About Horizon Bancorp (IN)

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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