Horizon Bancorp (IN) (NASDAQ:HBNC) Hits New 12-Month High - What's Next?

Key Points

• Horizon Bancorp (NASDAQ: HBNC) hit a new 52-week high, trading as high as $20.51 after rising about 3.6% during the session.
• Analyst sentiment is mixed but generally cautious: the stock currently has a Hold consensus rating, with a consensus price target of $21.00.
• The company recently posted quarterly EPS of $0.51, beating expectations, and also announced a $0.16 quarterly dividend payable on July 17, implying a 3.1% annualized yield.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $20.51 and last traded at $20.49, with a volume of 206134 shares changing hands. The stock had previously closed at $19.86.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on HBNC shares. Stephens reissued an "overweight" rating and set a $21.00 price target on shares of Horizon Bancorp (IN) in a research note on Wednesday, July 1st. Weiss Ratings raised Horizon Bancorp (IN) from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, July 6th. Zacks Research raised Horizon Bancorp (IN) from a "strong sell" rating to a "hold" rating in a report on Friday, March 27th. Piper Sandler reiterated a "neutral" rating and set a $21.00 target price (down from $22.00) on shares of Horizon Bancorp (IN) in a research report on Monday, April 27th. Finally, Wall Street Zen raised Horizon Bancorp (IN) from a "hold" rating to a "buy" rating in a report on Sunday. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $21.00.

Horizon Bancorp (IN) Trading Up 3.6%

The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.90 and a current ratio of 0.91. The business has a fifty day simple moving average of $19.04 and a 200 day simple moving average of $17.90. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of -6.47 and a beta of 0.82.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last released its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.48 by $0.03. The company had revenue of $73.48 million during the quarter, compared to analysts' expectations of $76.11 million. Horizon Bancorp (IN) had a positive return on equity of 12.41% and a negative net margin of 37.28%. As a group, equities analysts anticipate that Horizon Bancorp will post 2.09 EPS for the current year.

Horizon Bancorp (IN) Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, July 3rd will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Thursday, July 2nd. Horizon Bancorp (IN)'s dividend payout ratio is -20.13%.

Institutional Investors Weigh In On Horizon Bancorp (IN)

A number of hedge funds and other institutional investors have recently modified their holdings of HBNC. Bayview Asset Management LLC lifted its holdings in shares of Horizon Bancorp (IN) by 0.7% during the 4th quarter. Bayview Asset Management LLC now owns 95,462 shares of the financial services provider's stock valued at $1,619,000 after acquiring an additional 645 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Horizon Bancorp (IN) by 65.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 660 shares in the last quarter. Rafferty Asset Management LLC raised its position in Horizon Bancorp (IN) by 3.9% in the second quarter. Rafferty Asset Management LLC now owns 24,844 shares of the financial services provider's stock valued at $382,000 after purchasing an additional 941 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Horizon Bancorp (IN) by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider's stock valued at $388,000 after purchasing an additional 1,057 shares during the period. Finally, Wedge Capital Management L L P NC lifted its stake in shares of Horizon Bancorp (IN) by 2.4% during the fourth quarter. Wedge Capital Management L L P NC now owns 50,097 shares of the financial services provider's stock worth $850,000 after purchasing an additional 1,193 shares in the last quarter. 64.51% of the stock is currently owned by hedge funds and other institutional investors.

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.

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