Horizon Bancorp (IN) (NASDAQ:HBNC) Issues Earnings Results, Misses Expectations By $0.16 EPS

Key Points

• Horizon Bancorp (IN) reported an EPS of $0.30, which is $0.16 below analysts' estimates of $0.46 for the quarter.
• The company declared a quarterly dividend of $0.16, resulting in a 4.0% dividend yield on an annualized basis.
• Currently, Horizon Bancorp's stock holds a consensus rating of "Moderate Buy" with an average target price of $19.67.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) released its quarterly earnings data on Wednesday. The financial services provider reported $0.30 EPS for the quarter, missing analysts' consensus estimates of $0.46 by ($0.16), Zacks reports. Horizon Bancorp (IN) had a net margin of 13.84% and a return on equity of 10.21%.

Horizon Bancorp (IN) Stock Performance

Shares of NASDAQ HBNC traded up $0.23 during midday trading on Wednesday, hitting $15.96. 333,832 shares of the company's stock were exchanged, compared to its average volume of 234,732. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $703.84 million, a PE ratio of 13.64 and a beta of 0.81. Horizon Bancorp has a 12 month low of $12.70 and a 12 month high of $19.18. The company's 50 day moving average price is $16.12 and its 200 day moving average price is $15.40.

Horizon Bancorp (IN) Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 17th. Stockholders of record on Friday, October 3rd were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend was Friday, October 3rd. Horizon Bancorp (IN)'s dividend payout ratio (DPR) is presently 54.70%.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Horizon Bancorp (IN) in a research note on Wednesday, October 8th. Stephens raised their price objective on Horizon Bancorp (IN) from $19.00 to $22.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 2nd. Keefe, Bruyette & Woods raised Horizon Bancorp (IN) from a "market perform" rating to an "outperform" rating and raised their price objective for the stock from $18.00 to $19.00 in a research note on Tuesday, August 26th. Wall Street Zen downgraded Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, Piper Sandler increased their target price on Horizon Bancorp (IN) from $17.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $19.67.

Hedge Funds Weigh In On Horizon Bancorp (IN)

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bridgeway Capital Management LLC increased its holdings in shares of Horizon Bancorp (IN) by 3.5% in the second quarter. Bridgeway Capital Management LLC now owns 272,272 shares of the financial services provider's stock valued at $4,188,000 after purchasing an additional 9,170 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Horizon Bancorp (IN) by 1.2% in the second quarter. AQR Capital Management LLC now owns 240,811 shares of the financial services provider's stock valued at $3,704,000 after purchasing an additional 2,932 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of Horizon Bancorp (IN) by 28.5% in the first quarter. Empowered Funds LLC now owns 150,435 shares of the financial services provider's stock valued at $2,269,000 after purchasing an additional 33,355 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Horizon Bancorp (IN) by 16.9% during the second quarter. Ameriprise Financial Inc. now owns 124,820 shares of the financial services provider's stock worth $1,920,000 after acquiring an additional 18,075 shares during the period. Finally, Bank of America Corp DE boosted its holdings in shares of Horizon Bancorp (IN) by 13.9% during the second quarter. Bank of America Corp DE now owns 99,368 shares of the financial services provider's stock worth $1,528,000 after acquiring an additional 12,157 shares during the period. 64.51% of the stock is currently owned by institutional investors and hedge funds.

About Horizon Bancorp (IN)

Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that engages in the provision of commercial and retail banking services. The company offers checking, saving, money market, certificate of deposits, individual retirement accounts, and time deposits, as well as non-interest- and interest-bearing demand deposits.

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