Horizon Bancorp (IN) (NASDAQ:HBNC) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Key Points

• Horizon Bancorp reported quarterly EPS of $0.56, beating analysts’ consensus estimate of $0.54 by $0.02.
• The company maintains a quarterly dividend of $0.16 per share, equivalent to $0.64 annually and a 3.3% yield.
• Analyst sentiment is favorable, with a “Moderate Buy” consensus rating and an average price target of $22.67 versus the reported share price of $19.60.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) posted its quarterly earnings results on Wednesday. The financial services provider reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.02, Zacks reports. Horizon Bancorp (IN) had a positive return on equity of 13.31% and a negative net margin of 36.38%.

Horizon Bancorp (IN) Stock Performance

Horizon Bancorp (IN) stock traded down $0.10 during midday trading on Wednesday, reaching $19.60. 475,383 shares of the company traded hands, compared to its average volume of 488,674. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of -6.20 and a beta of 0.84. The business has a 50 day moving average of $19.54 and a two-hundred day moving average of $19.19. Horizon Bancorp has a 12 month low of $15.35 and a 12 month high of $21.04. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.92 and a quick ratio of 0.92.

Horizon Bancorp (IN) Announces Dividend

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

Insider Buying and Selling

In related news, EVP Kathie DeRuiter sold 8,000 shares of Horizon Bancorp (IN) stock in a transaction on Monday, July 27th. The stock was sold at an average price of $20.19, for a total value of $161,520.00. Following the completion of the sale, the executive vice president owned 50,346 shares of the company's stock, valued at $1,016,485.74. The trade was a 13.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.19% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on HBNC. Weiss Ratings upgraded shares of Horizon Bancorp (IN) from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, October 6th. Keefe, Bruyette & Woods increased their price target on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company an "outperform" rating in a report on Friday, July 24th. Piper Sandler raised shares of Horizon Bancorp (IN) from a "neutral" rating to an "overweight" rating and raised their price target for the company from $23.00 to $24.00 in a research report on Friday, October 2nd. Wall Street Zen upgraded shares of Horizon Bancorp (IN) from a "hold" rating to a "buy" rating in a report on Sunday, August 16th. Finally, Stephens reaffirmed an "overweight" rating and issued a $21.00 price objective on shares of Horizon Bancorp (IN) in a research report on Wednesday, July 1st. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.67.

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.

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